Basic Profile & Key Statistics

Frasers Logistics & Commercial Trust (FLCT) is a diversified REIT which invests in office, industrial and logistic sector. FLCT owns 100 properties across Australia, Singapore, Germany, England and Netherlands.
Performance Review

As FLCT merger with FCOT is only completed in April this year, comparing performance YoY is less meaningful, besides DPU, which increased by 5.5% YoY.

FY20 rental reversion is at -0.1%, where 2H Rentl reversion is -4.4% for industrial lease and +8.3% for commercial lease.

Lease Profile

Occupancy is high at 97.5%. WALE is long at 4.9 years where the highest lease expiry of 16.6% falls in FY23. Weighted average land lease expiry is long at 89.56 years, this figure is estimated from the latest presentation, by valuation.

Debt Profile

Gearing ratio is moderate at 37.4%. Cost of debt is low at 1.9% with moderate level of unsecured debt at 79%. Fixed rate debt is low at 54.6%. Interest cover ratio is high at 6.4 times. WADE is moderate at 3 years where the highest debt maturity of 26.4% falls in FY25.