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ARA LOGOS Logistics Trust reports 2HFY2021 DPU of 2.464 cents, down 15.8% y-o-y

·2-min read

On Jan 22, ESR-REIT revised its offer for ALOG.

ARA LOGOS Logistics Trust has reported a distribution per unit of 2.464 cents for its 2HFY2021, down 15.8% y-o-y, because of a larger unit base. For the whole of FY2021, DPU was 5.034 cents, down 4.1%.

Net property income for the same six-month ended Dec 2021 period was up 16.1% y-o-y to $53.5 million. Revenue, meanwhile, was up 15.1% y-o-y to $68.7 million, lifted by contributions from newly-acquired assets.

Karen Lee, CEO of ALOG’s manager, says that the REIT has continued to deliver a “stable and resilient performance” for FY2021, despite the ongoing pandemic.

“This has continued to reflect the portfolio’s resiliency and further solidifies the foundation for ALOG for its next stage of growth trajectory,” she adds.

On Jan 22, ESR-REIT revised its offer for ALOG. Each ALOG unit will receive a cash consideration of 9.7 cents, up 2.1% from the original offer.

In addition, each ALOG unit will receive 1.7729 ESR REIT, up from 1.6765 earlier. Each of the new ESR units will be issued at 49.24 cents, valuing the new ESR unit portion of the offer at 83.6 cents, from 79.1 cents previously.

In total, the new offer for each ALOG unit works out to 93.3 cents, from 88.6 cents previously.

ALOG plans to pay a DPU of 1.135 cents per unit for the period October 1 to Dec 31 2021 on Feb 28, following books closure on Feb 7.

ALOG unitholders shall have the right to receive and retain this distribution in addition to the revised offer from ESR-REIT.

ALOG closed Jan 25 at 88 cents, down 1.69% for the day and down 2.78% year to date.

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