ARA LOGOS Logistics Trust's Changi Districentre 2. (Photo: REITsWeek)ARA LOGOS Logistics Trust's Changi Districentre 2. (Photo: REITsWeek)

Data from ARA Logos Logistics Trust's latest results have been updated into the Singapore REITs table.

ARA Logos Logistics Trust reported higher revenue and distribution numbers for its 3Q 2020 on 26 October, despite the COVID-19 pandemic.

On the same day, the REIT also announced the acquisition of five logistics properties in Brisbane, Australia, and investments into two property funds that collectively hold five properties across New South Wales and Victoria.

ARA Logos Logistics Trust’s gross revenue and net property income for 3Q 2020 saw increases of 6.5% and 8.3% to SGD29.5 million and SGD22.9 million respectively year-on-year.

This was due to higher contribution from the overall portfolio and commencement of new leases for certain properties in 3Q.

Accordingly, distribution per unit (DPU) also grew 11.3% year-on-year to 1.461 cents from 1.313 cents in 3Q FY19.

On a like-for-like basis, excluding capital and one-off distributions, DPU would have been 17.9% higher year-on-year.

According to the REIT, its newly-announced acquisitions are strategically located in key economic hubs along Australia’s Eastern Seaboard cities.

The acquisitions will not only allow further diversification of income, but also grow ARA Logos Logistics Trust’s presence in Australia, it added.

The acquisition consideration for the five properties is approximately SGD225.9 million, while the funds investment is approximately SGD178.5 million.

The acquisitions will be financed with a mix of proceeds from a private placement, a preferential offering, and loans - further details of which will be announced at a later date.

For 3Q FY20, the REIT will pay a distribution of 1.461 cents per unit on 27 November 2020 and books closure date is on 5 November 2020.

ARA Logos Logistics Trust was last done on the Singapore Exchange at SGD0.61, which implies a distribution yield of 9.5% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.