Frasers Commercial Trust's China Square (Photo: REITsWeek)

Data from Frasers Logistics & Commercial Trust’s latest results have been updated in the Singapore REITs table.

Frasers Logistics & Commercial Trust (FLCT) has reported distribution per unit (DPU) of 3.65 cents for its 2H FY2020, up 5.5% from 3.46 the corresponding period of 2019.

Together with a DPU of 3.47 cents reported for 1HFY20, FLCT’s total distribution for the year amounted to 7.12 cents, an increase of 1.7% from 7.00 Singapore cents a year ago.

The REIT reported revenue of SGD213.3 million and adjusted net property income of SGD161.4 million for 2HFY20, representing an increase of 94.6% and 80.6% respectively year-on-year.

These increases were contributed by the merger with its office-focused sister REIT, and new income from acquisitions in FY2019 and FY2020.

This was however offset by absence of income from SGD5.7 million in rental waivers granted and provisions for COVID-19-related doubtful debt, mainly qualifying SME tenants.

As at 30 September 2020, the FLCT portfolio had an occupancy rate of 97.5%, and a weighted average lease expiry (WALE) of 4.9 years.

The REIT was last done on the SGX at SGD1.35, which implies a distribution yield of about 5.2% according to data compiled on the Singapore REITs table.

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By Shariffa Al-Habshee

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