Frasers Logistics & Industrial Trust (FLIT) is a Singapore-listed REIT that holds logistics and industrial assets in Australia, and more recently, Europe, after a blockbuster acquisition deal of 21 properties in Germany and Netherlands. It has a portfolio of 82 properties worth approximately A$2.8 billion.

It conducted a private placement and rights issue in Apr 2018 to fund its expansion drive into Europe.

With its 3Q FY18 results just announced, we take a closer at its earnings to see if it’s performing up to investors’ expectation.

Revenue, Net Property Income and Distributable Income

Source: Frasers Logistics & Industrial Trust 2Q Results Presentation

FLIT’s gross revenue grew 22.6% to $49.3 million year-on-year (yoy), boosted by its acquisition of Germany and Netherlands properties.

Net Property Income (NPI) increased 27.4% to $39.2 million yoy. Do note that the European properties’ contribution to NPI only spans the period between ...