To The Moon

$Frasers L&C Tr(BUOU.SI)$ Basic Profile & Key Statistics Main Sector(s): Office, Industrial & Logistics Country(s) with Assets: Australia, Singapore, Germany, England & Netherlands No. of Properties (exclude development/associate/fund): 108 Key Indicators Performance Highlight Gross revenue and NPI declined YoY mainly due to a combination of weaker AUD/SGD exchange rate, lower surrender fee income and lower average occupancies at Maxis Business Park and 357 Collins Street. Distributable income and DPU have declined due to the above as well as higher finance costs, but offset by higher distribution from divestment gain. Rental Reversion FLCT achieved strong portfolio rent reversion for the latest quarter, with 17.8% for incoming vs outgoing and 30.1% for average vs average. Acquisition FLCT acquired a freehold forward funding logistics development at Maastricht, Netherlands. The expected practical completion date for the development is 1 November 2024. Development The development of Ellesmere Port is on track to be completed by Dec 2023. Asset Enhancement Initiative Facade replacement for Central Park is expected to be completed by 4Q 2024. Related Parties Shareholding REIT Sponsor's Shareholding: Below median by 10% or more REIT Manager's Shareholding: Below median by 20% or more Directors of REIT Manager's Shareholding: Above median by 20% or more Lease Profile Occupancy: ± 5% from median WALE: Above median by 10% or more Highest Lease Expiry within 5 Years: Below median by 10% or more; Falls in FY25 Weighted Average Land Lease Expiry: Above median by 20% or more Debt Profile Gearing Ratio: Below median by 20% or more Cost of Debt: Below median by 20% or more Fixed Rate Debt %: ± 10% from median Unsecured Debt %: ± 5% from median WADM: Below median by 10% or more Highest Debt Maturity within 5 Years: Below median by 20% or more; Falls in FY25 Interest Coverage Ratio: Above median by 20% or more Diversification Profile Top Geographical Contribution: Below median by 20% or more Top Property Contribution: Below median by 20% or more Top 5 Properties' Contribution: Below median by 20% or more Top Tenant Contribution: Below median by 20% or more Top 10 Tenants' Contribution: Below median by 20% or more Key Financial Metrics Property Yield: Below median by 10% or more Management Fees over Operating Distributable Income: Above median by 20% or more; $5.35 distribution for every dollar paid Operating Distributable Income on Capital: ± 10% from median Operating Distributable Income Margin: Above median by 10% or more Operating Distribution Proportion: Below median by 10% or more DPU Breakdown TTM DPU Breakdown: 78.4% from Operation 14.7% from Management Fees Paid in Units 0 .7% from Income Support 6.1% from Proceeds from Divestment 0.1% from Release of Retention Trends Uptrend: NAV per Unit, Interest Coverage Ratio Slight Downtrend: Committed Occupancy Downtrend: DPU from Operation, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin Relative Valuation Dividend Yield: Above +1SD for 1y & 5y; Above +2SD for 3y P/NAV: Below -1SD for 1y, 3y & 5y Author's Opinion Compared to the previous half-year, NPI remains similar though there is a slight improvement in gross revenue. Nonetheless, DPU remains the same at 3.52 cents, despite an increase in finance costs and trust expenses, as well as a reduction in rental support. This is primarily attributable to higher distributions from divestment gains. For debt, about 25% of debt will be matured in the coming 12 months, with over 98% of it maturing in 2H FY24. For more information, check out REIT-TIREMENT *Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.