Frasers Logistics and Industrial Trust net profit jumps 22.4% to $30.9m in Q3

It was backed by contributions from completed property acquisitions in 2017.

Frasers Logistics and Industrial Trust (FLT) recorded a 22.4% YoY increase in its net profit to $30.9m (A$30.67m) in Q3 2018 as its gross revenue jumped 22.6% to $49.7m (A$49.32), an announcement revealed.

The firm’s adjusted net property income (NPI) rose 27.4% to $39.6m (A$39.2m) whilst its distribution per unit (DPU) inched up 2.9% to $0.18.

According to FLT, the gains were backed by the additional contributions from four completed property acquisitions in 2017 which include the Beaulieu, Stanley Black and Decker, and Clifford Hallam facilities.

In addition, FLT’s portfolio remained at near full occupancy of 99.3%, with a weighted average lease expiry (WALE) by gross rental income (GRI) of 7.01 years, and minimal lease expiries by GRI of 0.1% and 3.4% respectively.

Also read: Frasers Logistics and Industrial Trust buys 21 European properties for $515.4m

“Leasing activity during the quarter was also buoyant, with 118,279 sq m of leasable space contracted, de-risking our expiry profile further,” FLT CEO Robert Wallace said.

By end of June, FLT’s aggregate leverage was 36.3%, with total borrowings at A$1.08m ($1.09), 81% of which were at fixed interest rates.