Frasers Logistics and Commercial Trust (FLCT) plans a DPU of 3.77 cents for its 2HFY2022 ended Sept, down 2.8% y-o-y. This brings its full year distribution to 7.62 cents from 7.68 cents.
Adjusted net property income for 2HFY2022 was down 10.6% y-o-y to $162.1 million, while revenue was down 9.7% y-o-y to $214.5 million, mainly because FLCT had sold off one of its properties Cross Street Exchange on March 31.
FLCT says it enjoys healthy leasing momentum and that it has a strong occupancy rate of 96.4% and a weighted average lease expiry of 4.5 years.
FLCT owns 105 properties across five countries valued at $6.7 billion as at Sept 30 2022, giving it a NAV per unit of $1.30, up rose 4.8% from a year ago.
Robert Wallace, CEO of the REIT’s manager, says that higher inflation and tightening monetary policies are expected to persist over the near-term and will pose challenges.
“We are of the view that FLCT is well-positioned to weather uncertainties and capture opportunities, underpinned by the strength of a high-quality property portfolio which is strategically located in developed countries, and a healthy balance sheet with gearing at just 27.4%,” he adds.
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FLCT units closed Nov 9 at $1.11 up 1.83% for the day.
