Frasers Logistics and Industrial Trust has reported a DPU of 1.84 Singapore cents for its maiden reporting period that spanned 20 June to 30 September, exceeding the forecast made during its IPO of 1.79 cents by 2.8%.

Gross revenue for the period came in 0.8% higher than expected at AUD43.1 million (USD33 million), although net property income came in within expectations at AUD32.7 million.

Correspondingly distributable income for the period was AUD26.4 million, 2.3% higher than the AUD25.8 million that was forecasted.

The Australia-focused industrial REIT attributed the results mainly to the leasing of a vacant tenancy at Lot 5 Kangaroo Avenue from April 2016, and the acquisition of two call option properties that were made one month ahead of forecast.

The REIT’s occupancy rate as at 30 September 2016 improved to 99.2% from 98.3% at listing, with a weighted average lease expiry (WALE) of 6.6 years by gross rental income.

Its aggregate leverage remains at 28.2%, and it has in October 2016 established a SGD1 billion (USD720 million) multicurrency debt issuance programme as a financing option for possible acquisitions.

“With prudent management, [the REIT’s]portfolio enjoys a long WALE with no concentration risk of lease expiry in any specific year, contributing to income stability in the long term”, said Robert Wallace, CEO of Frasers Logistics and Industrial Trust’s manager.

“We aim for sustainable DPU growth for our unitholders, and the 11 [right of first refusal]properties and development pipeline in Australia from the sponsor provides clear growth visibility”, he added.

Units of Frasers Logistics and Industrial Trust finished the trading day about 0.5% lower from its previous close on the Singapore Exchange to end at SGD0.96.