FLCT posts 1.1% lower first-half DPU on higher vacancies, expenses

The Straits Times05-07

SINGAPORE - Frasers Logistics and Commercial Trust (FLCT) posted a 1.1 per cent fall in distribution per unit (DPU) to 3.48 cents for its first half ended Mar 31, from 3.52 cents in the corresponding ...

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Frasers Logistics and Commercial Trust (FLCT) posted a 1.1 per cent fall in distribution per unit (DPU) to 3.48 cents for its first half ended Mar 31, from 3.52 cents in the corresponding ...</p>\n\n<a href=\"https://www.straitstimes.com/business/flct-posts-11-lower-first-half-dpu-on-higher-vacancies-expenses\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BUOU.SI","symbol_name":"星狮物流工业信托","start_time":0,"source_url":"https://www.straitstimes.com/business/flct-posts-11-lower-first-half-dpu-on-higher-vacancies-expenses","article_id":"2433968192","we_media_id":null,"thumbnails":[],"rights":{"source":"straits_highlight","url":"https://www.straitstimes.com/business/flct-posts-11-lower-first-half-dpu-on-higher-vacancies-expenses","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2433968192","pubTimestamp":1715050020,"sourceInfo":{"source_id":"straits_highlight","name":"Straits Times"},"weMediaInfo":null,"summary":"SINGAPORE - Frasers Logistics and Commercial Trust  posted a 1.1 per cent fall in distribution per unit  to 3.48 cents for its first half ended Mar 31, from 3.52 cents in the corresponding year-ago period.Revenue rose 3.9 per cent to $216 million for the half year, from $208 million previously.The real estate investment trust  posted a 0.6 per cent increase in H1 net property income  to $158.8 million, from $157.9 million the year before.Excluding straight lining adjustments for rental income and adding lease payments of right-of-use assets, adjusted NPI stood at $158.7 million for the period, up 1.8 per cent from $155.9 million the previous year.On May 7, the Reit manager said the increases in both revenue and NPI came on the back of positive rent reversions and rental escalations, as well as contributions from its UK properties such as Ellesmere Port, Connexion II and Worcester.Capital distribution included rental support that the Reit received from vendors in relation to the acquisi","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BUOU.SI":"星狮物流工业信托","BK6082":"工业房地产投资信托","BK6512":"房地产股","BK6133":"工业房地产信托","CFA.SI":"NikkoAM-STC Asia REIT"},"translate_title":"FLCT公布上半年DPU下降1.1%，原因是职位空缺和费用增加","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BUOU.SI":1,"CFA.SI":0.68},"content_text":"SINGAPORE - Frasers Logistics and Commercial Trust (FLCT) posted a 1.1 per cent fall in distribution per unit (DPU) to 3.48 cents for its first half ended Mar 31, from 3.52 cents in the corresponding year-ago period. \nIt will be paid out on June 18, and represents an annualised distribution yield of 6.9 per cent based on FLCT’s annualised DPU and closing price as at May 6.\nRevenue rose 3.9 per cent to $216 million for the half year, from $208 million previously.\n\n\n\nThe real estate investment trust (Reit) posted a 0.6 per cent increase in H1 net property income (NPI) to $158.8 million, from $157.9 million the year before. \nExcluding straight lining adjustments for rental income and adding lease payments of right-of-use assets, adjusted NPI stood at $158.7 million for the period, up 1.8 per cent from $155.9 million the previous year. \nOn May 7, the Reit manager said the increases in both revenue and NPI came on the back of positive rent reversions and rental escalations, as well as contributions from its UK properties such as Ellesmere Port, Connexion II and Worcester.\n\n\n\n\nThis was, however, offset in part by higher vacancies in FLCT’s commercial assets and higher property operating expenses, mainly due to increased non-recoverable land taxes in Australia, alongside utilities, repair and maintenance expenses.\n\n\nFinance costs for the period were higher as well, due to increased interest rates and additional borrowings drawn for capital expenditure, fund-through developments and acquisitions.\n\nAs a result, distributable income for the first half fell 0.1 per cent to $130.7 million, from $130.8 million previously. \nCapital distribution included rental support that the Reit received from vendors in relation to the acquisition of certain properties in the UK.\n\n\n\n\nFLCT’s portfolio occupancy rate stood at 94.3 per cent as at March 31, with a weighted average lease expiry of 4.3 years.\nThe Reit’s net asset value per unit stood at $1.16 as at March 31. \nDuring the half-year period, FLCT completed its acquisition of 89.9 per cent interest in four logistics assets in Germany.\n\nThe manager said the acquisition increased the proportion of FLCT’s logistics and industrial portfolio to 70.9 per cent as at Mar 31, from 70.3 per cent as at Dec 31, 2023.\n\nFLCT also completed the development of Ellesmere Port, a freehold logistics and industrial development in the UK. This brought its total portfolio size to 112 properties valued at $6.8 billion as at Mar 31, excluding one property under development in Europe and right-of-use assets. \nThe manager noted that FLCT maintained a “healthy capital position” with aggregate leverage at 32.7 per cent for H1, although finance costs remained elevated due to higher interest costs on borrowing.\n\nIt said it will maintain its focus on seeking opportunities for investing in logistics and industrial assets to improve portfolio resilience.\n\nUnits of FLCT were trading down one cent, or 1 per cent, at $1 as of 10.33am on May 7. THE BUSINESS TIMES\n\n\n\n\n\nMore On This Topic\n\n \n\nFLCT to acquire 89.9% interest in 4 logistics  assets in Germany from sponsor for $189 million  \n\n\n\n \n\nFLCT second-half DPU down 6.6% on lower income, higher expenses","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2433968192"}