ALOG’s net income jumps 16.6% YoY to $104.9m

The increase was attributed to the completion of its Australian portfolio acquisition.

ARA LOGOS Logistics Trust’s (ALOG) net property income (NPI) jumped 16.6% year-on-year to $104.9m in the financial year (FY) 2021.

In FY2020, ALOG recorded an NPI of $90m.

In a bourse filing, ALOG’s manager, ARA LOGOS Logistics Trust Management Limited said the REIT’s increased NPI was due to the completion of its $404m Australian portfolio acquisition in April 2021 and “stronger overall portfolio performance.”

ALOG’s steady performance, however, was partially offset by the divestments of Kidman Park in Australia and ALOG Changi DistriCentre 2 in Singapore.

The REIT’s gross revenue and distributable income likewise grew in FY2021 by 15.2% to $135.2m and 19.6% to $70.4m, respectively.

ALOG’s distribution per unit for FY2021, however, declined to 5.034 cents from 5.250 cents in FY2020.

In 2022, the ALOG’s manager said the REIT’s portfolio will continue to “remain resilient.”

“Supported by a healthy balance sheet and financial flexibility, ALOG is also well-positioned for future growth,” the manager added.

As of 31 December 2021, ALOG already has 30 high-quality logistics warehouse properties in Singapore and Australia. Its committed occupancy was at 99% with 203,956 square metres of leases successfully secured and renewed during the year, achieving a positive rental reversion rate of 3.1%.

ALOG’s portfolio weighted average lease expiry by gross rental income is at 4.4 years.