DBS Investment Research has maintained a ‘Buy’ rating on Frasers Logistics & Industrial Trust after the REIT reported a distribution per unit (DPU) of 1.77 Singapore cents for its financial quarter ended 30 September 2017.
This figure has outperformed the REIT’s own forecast for the period made during its initial public offering (IPO) by 8.6%.
The REIT also achieved gross revenue of AUD42.2 million for the period, which is 4.8% above forecast of AUD40.3 million, while adjusted net property income of AUD32.3 million, is 4.7% above forecast.
Correspondingly, distributable income was 12.1% above forecast at AUD26.5 million, backed by contributions from the four properties acquired in August 2017, said the REIT.
DBS is of the opinion that the industrial REIT is in good stead to make further acquisitions.