- Revenue and adjusted net property income decreased 6.5% and 9.0% respectively to S$420.8 million and S$311.4 million respectively in FY2023 as the Australian dollar weakened against the Singapore dollar. Further, certain commercial assets in the United Kingdom and Australia recorded lower average occupancies. FLCT was also hit by higher energy and utility expenses as well as higher finance costs because of increasing interest rates and additional borrowings drawn down to finance capital expenditure and fund-through developments.
Listed in Singapore, Frasers Logistics & Commercial Trust (FLCT) owns 107 properties across five developed markets: Australia, Germany, Singapore, the United Kingdom, and the Netherlands. FLCT primarily owns freehold logistics and industrial properties, alongside commercial properties situated within central business districts, business parks, and suburban areas. It is one of the top 10 largest REITs in Singapore.
Here are seven things I learned from the 2024 FLCT annual general meeting.
