Frasers Logistics & Commercial Trust - DBS Research 2023-11-02: Optimising Balance Sheet Through L&I Expansion

• In the last quarter, Frasers Logistics & Commercial Trust (SGX:BUOU) experienced robust leasing activity with consistently positive rental reversions. They successfully concluded approximately 100,000sqm of leases in 4QFY23.
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Rental reversions in 4QFY23 continued to be positive

• Rental reversions in 4QFY23 continued to be positive, with the logistics & industrial (L&I) portfolio witnessing an impressive 33.5% increase in rents, while the commercial portfolio saw a 9.2% uptick in rents.
• On a full-year basis, Frasers Logistics & Commercial Trust reported an overall positive rental reversion of 18.9% for its entire portfolio. This growth was primarily driven by leases signed in Australia, both for L&I and commercial properties, as well as the commercial leases in Singapore.

Stable occupancy rates & minimal lease expiries.

• - Read this at SGinvestors.io -
• While the L&I portfolio remained fully occupied, there was a marginal 0.2ppt decline in overall occupancy, mainly attributable to vacancies at Central Park, 357 Collins Street, Farnborough Business Park, and Maxis Business Park.

Lease renewals for FY24 have already begun.

• Read more at SGinvestors.io.

Dale LAI DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2023-11-02 SGinvestors.io

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