FLT's net property income jumped 8.9% to $35.15m in Q1

It completed its Beaulieu and Stanley Black & Decker facilities in late 2017.

Frasers Logistics and Industrial Trust (FLT) is on a roll as its net property income rose 8.9% YoY to $35.15m (A$33.39m) in Q1.

According to its financial statement, four of the seven Australian industrial properties it acquired and the Beaulieu and Stanley Black & Decker facilities, which had achieved practical completion on October and November 2017 respectively, contributed adjusted NPI of $2m (A$1.9m).

Q1 also recorded the full quarter's contribution from the Martin Brower call option property which was acquired on 30 November 2016.

Finance costs jumped from $0.74m (A$0.7m) to $5.05m (A$4.8m) after it had to borrow $78.96m (A$75m) for the acquisition of the Australian industrial properties.

Revenue also went up by 6.9% YoY to $44.67m (A$42.43m).

Distributable income gained 3.9% to $27.21m (A$25.85m), whilst distribution per unit (DPU) went up by 3.4% from 1.74 cents to 1.8 cents. 

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