- Frasers Logistics & Commercial Trust’s 1HFY25 revenue and net property income (NPI) increased 7.5% and 5.4% y-o-y to S$232.3m and S$167.4m respectively. Net finance costs jumped 37.5% y-o-y to S$39.0m and Frasers Logistics & Commercial Trust took a smaller proportion of management fees in units (43.1% versus 100% in 1HFY24).
1HFY25 DPU fell 13.8% and missed ours and the street’s expectations.
- - Read this at SGinvestors.io -
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Portfolio rental reversions still robust at 19.2% in 2QFY25.
- Frasers Logistics & Commercial Trust's dividends achieved another quarter of solid rental reversions. Comparing the average renewal/new signing rents with the preceding lease rents, rental reversions came in at 33.0% for its L&I portfolio but -0.3% for its commercial portfolio in 2QFY25. This culminated in overall portfolio rental reversions of 19.2%.
- The slightly negative rental reversions for Frasers Logistics & Commercial Trust's dividends’s commercial portfolio were due to Singapore (-8.1%), which offset positive rental uplifts in UK (+18.5%), Victoria (+10.0%) and Western Australia (+23.1%).
- The softer rents in Singapore were due to the backfilling of space vacated by Google at Alexandra Technopark (ATP), with ~54% of the vacated space backfilled. New tenants to the property came from industries such as engineering, third-party logistics (3PLs) and transport and freight.
Portfolio occupancy rate inched down 0.4 ppt q-o-q to 93.9%.
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