On 2 November 2023, Frasers Logistics & Commercial Trust (“FLCT”) have announced their full year result for FY2023. DPU continues to decrease as net property income has fallen as well, mainly due to the exchange rate movements.
Noted there was also a net fair value loss arising from revaluation of the Group’s investment properties based on valuations performed by independent valuers as at 30 September 2023. Whilst this has no DPU impact, it has caused gearing to increase. FLCT gearing is not high to begin with as compared to other REITs. However is a good example of potential breaches should it occur.
Website: Financial Statements And Related Announcement::Full Yearly Results
Background
FLCT is a real estate investment trust (“REIT”) with a portfolio comprising logistic, industrial and commercial properties diversified across five developed countries – Australia, Germany, Singapore, the United Kingdom (“UK”) and the Netherlands.
FLCT
...
