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This was boosted by contributions from new acquisitions in Europe and Australia. Frasers Logistics and Industrial Trust (FLT) ended the year with a bang after its net property income (NPI) rose 23.2% YoY to $186.7m (A$199.35m) for the full-year of 2019, compared to $151.45m (A$161.79m) for FY 2018, according to its SGX filing. Revenue also climbed 23% YoY to $225.37m (A$240.76m) in FY2019 from $183.25m (A$195.77m) in FY2018.
For Q4 2019, FLT’s NPI was $47.26m (A$50.49m), a 0.6% increase from $46.98m (A$50.18m) in Q4 2018. Revenue edged up 1.9% YoY to $57.68m (A$61.62m) in Q4 compared to $56.58m (A$60.44m) over the same period last year.
Distributable income rose 26.6% YoY to $140.26m for FY 2019, but distribution per unit (DPU) dropped 2.6% YoY to $0.07 compared to $0.0719 the previous year.
FLT attributed the increase in full-year income to contributions from its acquisitions in Europe and Australia, partially offset by divestments of the South Park Drive and the Sandstone Place.
Last July, FLT proposed the acquisition of interests in 12 logistics properties in Germany and Australia for a total consideration of approximately $474.79m (A$507.2m). As at 30 September, the acquisition of three Australian properties and seven out of the nine German properties had been completed.
Real estate related news stories from Singapore
- GIC, Charter Hall JV acquires A-grade office building in Sydney
- Chart of the Day: Private condo prices up 3.1% in January-September
- Property agencies join forces in bid for survival
- New Bridge Rd shophouse up for sale at $19.5m; seller to build out rear extension
- Younger and older HDB resale flats see smaller price decline in Q3: OrangeTee
Asian property news round up
- China’s Huazhu Hotels Buys German Hospitality Group for $802M
- Saint-Gobain designs offices to improve productivity by 20 per cent
- Soon-to-be built floating mosque in Ancol to become 'new icon’ of Jakarta
- Hanoi property market in severe shortage of high-end apartments
- Property fees slashed for 14 months
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