Back when I was reviewing Frasers Logistics and Industrial Trust’s (FLT) Q2 2017 result, I notice the big difference between its dividend per unit in that quarter versus the same dividend per unit in Q2 2016.

Back then the DPU declared was S$1.81 cents. If it is paid in Australian cents, it would be A$1.77 cents. In Q2 2016, the DPU for SGD and AUD was S$1.75 and A$1.75 respectively.

FLT hedge their currency only 6 months and the hedge rate was A$1 to S$1.0647. In 2016, it was A$1 to S$1.

Thus, currency depreciation or volatility, can affect the DPU paid out.

There is also another difference between the result in Q2 2017 and 2016. The management fees paid out in units for Q2 2017 is lower, while in Q2 2016, FLT paid out its management fee fully in units.

I wonder whether, in …