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Frasers Logistics & Industrial Trust - Potential Revenue Growth From Major Acquisitions

Key Highlights:

  • Frasers Logistics & Industrial Trust (SGX: BUOU)'s 3Q19 DPU grew 2.2%

  • The annualised yield and price to book ratio are 5.5% and 1.32 respectively

1. Dividends

Net property income was up 1.9% to $50.2m. This was largely contributed by the new acquisitions in Germany, Netherlands and Australia. However, the additional income was partially offset by the income loss from two divested Australian properties.

The annualised yield is 5.5%. The DPU has remained flat over the past 3 years.

2. Portfolio

Portfolio occupancy remains full at 100%. Rcently, the REIT has secured a 5-year lease with Amazon for its property at 60 Paltridge Road, Perth Airport. The portfolio leverage is currently at the healthy side of 33.4%. The interest cost is at 2.2%, with 60% of the loans are on fixed rates.

It is currently trading at a price to book ratio of 1.32.

3. Growth Catalyst

It has recently completed the AEI at 468 Boundary Road, Derrimut, Victoria. We should see rental contribution from the property in the next quarter report.

Besides, Frasers Logistics and Industrial Trust has done major acquisitions this year. It completed the acquisition of three Australian properties and seven German properties. The management will continue to build its portfolio in the major industrial markets.

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