(Image source: Frasers Logistics and Industrial Trust prospectus)
Looking at the profit and loss statement, I'll be using the pro forma financial statements provided in the prospectus. The distributable income looks so-so, with around $0.05 per unit (I'll use a A$1 = S$1 exchange rate, while the prospectus uses a A$1 = S$0.99 exchange rate), translating to a ~18 P/E ratio, not particularly low for a REIT. Also, some of its income is from tax related and other adjustments and I couldn't find any information on it in the notes as to why ......Another REIT is going IPO, this times, it's an Australian pure-play REIT with logistics and industrial properties, Frasers Logistics and Industrial Trust. With the Australian dollar at a fairly favourable exchange rate to the Sing dollar now, or at least compared to the past, it might be a good chance to invest in Australian assets.