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Frasers Logistic & Industrial Trust IPO
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Joelton
Supreme |
06-May-2026 09:32
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Frasers Logistics & Commercial Trust H1 DPU drops 1.7% to S$0.0295 Distributable income for the period falls 1% to S$111.9 million [SINGAPORE] Frasers Logistics & Commercial Trust (FLCT) : BUOU +4.12% reported a 1.7 per cent drop in its distribution per unit (DPU) to S$0.0295 for its first half ended Mar 31, 2026, from S$0.03 the year before. Distributable income for the period declined 1 per cent year on year to S$111.9 million from S$113 million. The decline in DPU was due to a lower capital distribution of S$6.6 million in H1 2026 compared with S$19.5 million in H1 2025. The distribution will be paid out on Jun 22. In a statement on Tuesday (May 5), the manager reported that revenue for H1 was up 2.8 per cent at S$238.9 million from S$232.3 million in the year-ago period. Net property income (NPI) grew 4.1 per cent on the year to S$174.1 million from S$167.4 million. Excluding straight lining adjustments for rental income and adding lease payments of right-of-use assets, its adjusted NPI grew 3.6 per cent to S$167 million from S$161.3 million. The real estate investment trust&rsquo s (Reit) manager attributed the higher revenue and adjusted NPI to positive rental reversions of 8.8 per cent on an incoming versus outgoing rent basis, and annual rent increments in the Australian and European logistics and industrial segments. Performance was also boosted by a full six-month contribution from 2 Tuas South Link 1 and favourable exchange rate movements. These gains were partially offset by the divestment of 357 Collins Street in September 2025, higher vacancies at Alexandra Technopark and Farnborough Business Park, and increased non-recoverable land taxes in Australia, the manager said. Anthea Lee, CEO of the manager, noted that the portfolio demonstrated resiliency despite &ldquo geoeconomic confrontations, elevated interest rates and currency headwinds&rdquo , with the logistics and industrial portfolio serving as a crucial performance driver. FLCT recently completed a 43 million euro (S$64.1 million) acquisition of a freehold logistics property at Diamantweg 26 in the Netherlands, which is 100 per cent occupied with a weighted average lease to expiry (Wale) of 9.5 years. As at Mar 31, 2026, the group&rsquo s portfolio occupancy stood at 96.1 per cent with a Wale of 4.9 years. Aggregate leverage remained healthy at 33.7 per cent with an interest coverage ratio of 4.4 times. In Australia, the manager expects the industrial sector to remain resilient due to a slow supply pipeline, structurally favourable demand drivers, and the sector&rsquo s defensive income profile, despite cautious occupier decision-making driven by rising inflation and a softer macroeconomic outlook. The office market continues to face challenges with elevated vacancy rates, though premium-grade assets in Perth are outperforming secondary stock due to tenant flight-to-quality. For the European and UK markets, healthy demand is anticipated for German and Dutch logistics assets, supported by a shrinking development pipeline and structural demand tailwinds including defence spending and e-commerce expansion. However, UK out-of-town office locations remain challenging with elevated vacancy rates, while the European investment market remains muted due to global economic uncertainty. In Singapore, the manager noted that demand for prime logistics warehouse space remains healthy with high occupancy of 95.8 per cent, while the business park market remains muted as occupiers right-size and consolidate operations. &ldquo The Reit manager expects global growth to generally weaken in 2026,&rdquo the statement read. &ldquo The longer the Middle East conflict persists, the greater the downside risks, potentially tipping the global economy into recession.&rdquo &ldquo Asset valuations may face pressure as bond yields remain elevated however, the structural case for prime logistics and industrial assets remains compelling, underpinned by long-term tailwinds such as e-commerce growth, supply chain resilience, nearshoring and the energy transition,&rdquo the manager said. &ldquo To date, FLCT has seen no material impact on operations, occupancy or leasing commitments from the current geopolitical and trade environment,&rdquo it added. Units of FLCT closed S$0.01 or 1 per cent higher at S$0.97 on Monday. |
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Joelton
Supreme |
06-May-2026 09:32
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FLCT reports 1HFY2026 DPU of 2.95 cents, 1.7% lower y-o-y Frasers Logistics & Commercial Trust (FLCT) (SGX:BUOU) has reported a distribution per unit (DPU) of 2.95 cents for 1HFY2026 ended March 31, down 1.7% y-o-y. Revenue and adjusted net property income (NPI) increased by 2.8% and 3.6% y-o-y to $238.9 million and $167.0 million. The increases were attributed to positive rental reversion and annual increment from rent review for both Australia and European Union logistics & industrial segments and full contribution from 2 Tuas South Link 1. However, these were partially offset by the divestment of 357 Collins Street last September, higher vacancies in Alexandra TechnoPark (ATP) and Farnborough Business Park (FBP), and higher non-recoverable land taxes for Victoria and Queensland, Australia. Total distributable income for 1HFY2026 was down 1.0% y-o-y to $111.9 million and 75% of 1HFY2026&rsquo s management fees were taken in units. On the portfolio front, FLCT saw healthy leasing momentum with approximately 155,967 square metres leased across 14 leasing transactions. Portfolio average rental reversion was positive at 8.8% on an incoming rent versus outgoing rent basis and average rent of new lease compared to the average rent of the preceding lease was positive at 22.0%. In particular, its logistics & industrial portfolio saw positive rental reversions of 9.4% and 23.2% on an incoming rent vs. outgoing rent basis and on an average rent vs. average rent basis respectively. Portfolio occupancy rate was at 96.1% as at March 31, with logistics & industrial portfolio and commercial portfolio at 99.8% and 88.4% respectively. Portfolio weighted average lease expiry (WALE) is 4.9 years. FLCT&rsquo s aggregate leverage remained at 33.7% with weighted average debt maturity of 2.8 years and interest coverage ratio of 4.4 times. Cost of borrowing stood at 3.2% per annum on a trailing 12-month basis and 75% of its borrowings are on fixed rate. Portfolio valuation went up by 1.6% to $7.1 billion as at March 31, compared to $7 billion as at Sept 30, 2025. The higher valuation was due to forex gain from strong AUD, partially offset by weaker EUR and GBP against SGD. Net asset value per unit was $1.12 as at March 31. &ldquo Amid this backdrop, our logistics and industrials portfolio showed strength by delivering robust rental reversions and maintaining its position as a crucial driver of FLCT&rsquo s overall performance. Our acquisition in the Netherlands in April reflects our ability to act on high-quality opportunities with financial discipline and underscores our confidence in FLCT' s balance sheet strength to support continued, measured growth,&rdquo says Anthea Lee, CEO of the manager. As at 9.45am, Units in FLCT are trading 2.5 cents higher, or 2.58% up at 99.5 cents. |
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PiRPiR
Master |
05-May-2026 13:12
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11:40 PM EDT, 05/04/2026 (MT Newswires) -- Frasers Logistics & Commercial Trust's (SGX:BUOU) distribution per unit or DPU fell 1.7% during the fiscal first half ended March 31 to SG$0.0295 from SG$0.03 a year earlier, according to a Tuesday filing with the Singapore Exchange.
Distributable income fell by 1% to SG$111.9 million from SG$113.0 million. Adjusted net property income rose 3.6% to SG$167 million from SG$161.3 million in the year-ago period. Revenue was up 2.8% year over year to SG$238.9 million from SG$232.3 million. Overall portfolio occupancy stood at 96.1%, backed a weighted average lease expiry of 4.9 years. |
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PiRPiR
Master |
05-May-2026 13:06
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Frasers L&C Tr
1.010 +0.040 +4.12% |
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PiRPiR
Master |
05-May-2026 11:42
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Frasers Logistics & Commercial Trust Reports 1HFY26 DPU of 2.95 Singapore Cents
Key Highlights Average portfolio rental reversions of +8.8% (incoming rent vs. outgoing rent basis) and +22.0% (average rent vs. average rent basis) achieved for the period from January to March 2026 Overall portfolio occupancy of 96.1% with a WALE of 4.9 years Healthy aggregate leverage of 33.7% as at 31 March 2026, with interest coverage ratio of 4.4 times Results Summary S$'000 1HFY26 1HFY25 Variance (%) 238.908 232.326 2.8 RevenueAdjusted Net Property Income1 166.995 161,256 3.6 Distributable Income 111.895 113.004 (1.0) DPU (Singapore cents) 2.95 3.00 (1.7) SINGAPORE. 5 MAY 2026 Frasers Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust ("FLCT" and the manager of FLCT, the "REIT Manager"), today announced FLCT's results for the six- month period ended 31 March 2026 ("1HFY26"). 1HFY26 FINANCIAL PERFORMANCE AND DISTRIBUTION FLCT reported revenue of S$238.9 million and Adjusted Net Property Income of S$167.0 million for 1HFY26, representing increases of 2.8% and 3.6% respectively, from S$232.3 million and S$161.3 million in the first half of FY2025 ("1HFY25"). The year-on-year increases were mainly due to positive rental reversions and annual increment from rent review from AU L&l and EU L&l segments, full contribution from 2 Tuas South Link 1 as acquisition was completed in November 2024, effects of higher average exchange rate (of AUD, EUR and GBP against the SGD) in 1HFY26 relative to 1HFY25. The increase was partially offset by the divestment of 357 Collins Street in September 2025, higher vacancies in ATP and FBP, and higher non-recoverable land taxes for Victoria and Queensland, Australia. 75.0% of 1HFY26 management fees were taken in units (1HFY25: 43.1%). The distribution per unit ("DPU") for 1HFY26 was 2.95 Singapore cents, representing an annualised distribution yield of 6.6%2. The 1HFY26 DPU will be paid on 22 June 20263. |
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PiRPiR
Master |
05-May-2026 11:33
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Distribution of 2.95 Singapore cents per unit in FLCT ("Unit"), for the period from 1 October 2025 to 31 March 2026 (the "Distribution"), | ||
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Alignment
Elite |
17-Apr-2026 11:58
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Good move - FLCT should be buying a few good opportunities given it is underleveraged | ||
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Joelton
Supreme |
17-Apr-2026 10:45
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FLCT acquires Dutch logistics facility for 43 million euros The purchase is expected to be accretive to the trust&rsquo s distribution per unit [SINGAPORE] The manager of Frasers Logistics & Commercial Trust : BUOU +1.57% (FLCT) announced on Thursday (Apr 16) that it has completed the acquisition of a freehold logistics property in Hapert, the Netherlands, for a gross purchase price of 43 million euros (S$64.4 million). The transaction was finalised on Wednesday through a sale-and-purchase agreement with the vendor, VDG Property Development 10. The purchase price reflects a 3.3 per cent discount to the independent valuation of 44.45 million euros conducted in February. The acquisition is expected to be accretive to FLCT&rsquo s distribution per unit, the manager said. It also brings the trust&rsquo s total portfolio to 114 properties with an estimated value of S$7 billion. The move shifts FLCT&rsquo s logistics and industrial portfolio weighting from 75.1 per cent to 75.3 per cent, and increases its geographical exposure in the Netherlands from 5.5 per cent to 6.4 per cent. &ldquo Notwithstanding macroeconomic uncertainties, the Dutch logistics market is expected to remain stable, underpinned by constrained supply and long-term demand drivers such as supply chain diversification and near-shoring,&rdquo the manager added. The facility, located at Diamantweg 26, was completed in October 2025 and features 25,603 square metres of logistics space. It has an Energy Performance Certificate rating of A+++. It is fully leased to DSV Air & Sea Nederland, a subsidiary of the global transport and logistics provider DSV, and has a weighted average lease to expiry of 9.5 years as at the acquisition date. Located 1.4 kilometres from the A67 motorway, the site is also connected to major cities including Eindhoven, Venlo and Antwerp. Units of FLCT ended at S$0.97 on Thursday before the announcement, S$0.015 or 1.6 per cent higher. |
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JurongW
Elite |
02-Apr-2026 18:07
Yells: "Earnings give weight, Chart give wings" |
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Frasers Logistics & Commercial Trust (" FLCT" ), will be announcing the financial results of FLCT for the first half year from 1 October 2025 to 31 March 2026, before the commencement of trading on Tuesday, 5 May |
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Joelton
Supreme |
04-Feb-2026 11:27
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FLCT logs positive rental reversions in Q1, boosted by logistics and industrial segment However, its commercial side recorded negative rental reversions [SINGAPORE] The manager of Frasers Logistics & Commercial Trust : BUOU 0% (FLCT) recorded positive rental reversions of 10.7 per cent on an incoming versus outgoing basis, in the first quarter ended Dec 31. On an average versus average basis, the trust booked positive rental reversions of 29.8 per cent, said FLCT in its business update on Tuesday (Feb 3). The overall positive reversions were driven mainly by its logistics and industrial segment, which logged a 13.4 per cent increase on an incoming versus outgoing basis, and 36.4 per cent on an average basis. Meanwhile, FLCT&rsquo s commercial segment saw negative rental reversions of 3.3 per cent on an incoming versus outgoing basis, and negative 1.6 per cent on an average basis, largely due to the performance of its Singapore asset. The manager noted that the secured leases for Alexandra Technopark in Singapore stood at about 83 per cent, up from 58 per cent as at Sep 30, 2025. Excluding committed leases that have yet to commence, occupancy stood at 74.5 per cent. All committed leases will commence no later than Q3 FY2026, said the manager. In Q1, the trust leased 186,683 square metres of space across its portfolio, with a portfolio occupancy rate of 96.2 per cent. FLCT&rsquo s entire portfolio of 113 logistics and industrial, as well as commercial properties, has a portfolio value of S$6.9 billion. The weighted average lease expiry of its portfolio stands at 4.9 years overall 4.7 years for logistics and industrial properties and 5.2 years for commercial properties. In terms of capital management, FLCT said that it has S$251 million of undrawn committed facilities currently available to meet upcoming debt obligations of S$60 million due in Q2 FY2026. It has an aggregate leverage of 34.8 per cent, with an interest coverage ratio of 4.1 times. Looking ahead, FLCT sees growing demand for logistics assets driven by e-commerce growth and population expansion. Demand is also supported by near-shoring and re-shoring activities, as businesses adopt inventory management and geographically diversified distribution networks to mitigate disruption risks, it added. That said, business uncertainties include inflation, gradual interest rate adjustments, growth concerns and foreign exchange volatility. FLCT said that it will continue to focus on high-specification properties across multiple developed markets, structuring leases to meet tenant requirements and incorporating inflation protection where possible. The counter ended Tuesday flat at S$1.01, before the announcement. |
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Alignment
Elite |
23-Jan-2026 11:29
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Agree. Stoneweg is a much better option. Cheaper relatively speaking based on the assets, and with a management team that is looking to drive value creation for shareholders far more aggressively. A slam dunk. |
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infoshare
Senior |
23-Jan-2026 11:25
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the leadership team seems not doing sufficient to steer the REITS in the right direction resting and expecting the outcome to be different with the same strategy can only yield under performing results. |
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Alignment
Elite |
19-Jan-2026 18:54
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The reality is that, running the business as is, the share price currently is probably roughly in the fair value zone. Perhaps up to S$1.1 which is the book value. For further upside they need to redevelop the existing assets. But how best to do it? |
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infoshare
Senior |
19-Jan-2026 12:28
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DPU is in decline....too many years of under performance, seems there are issue is with commercial assets would the CEO consider new strategy to rebalance the assets to weight more on industrial and logistics and reduce commercial assets ? Would Divesting ~50% of Australian Assets Unlock Value for FLCT?Assessment: potentially Yes &mdash with the right execution: Benefits
Risks & Considerations
Conclusion: Divesting ~50% of Australian holdings, particularly non-core commercial properties, can unlock value if proceeds are redeployed into strong performing logistics/industrial assets and balance sheet optimisation. |
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Alignment
Elite |
01-Jan-2026 10:30
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Any chance of the same happening as for FHT? | ||
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Delvyss
Elite |
26-Nov-2025 10:13
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JPMorgan upgrades Frasers Logistics & Commercial Trust stock rating on DPU recovery outlookhttps://www.investing.com/news/analyst-ratings/jpmorgan-upgrades-frasers-logistics--commercial-trust-stock-rating-on-dpu-recovery-outlook-93CH-4357915 |
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Alignment
Elite |
26-Nov-2025 10:11
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It' s undeperformed the SGX for some time now, but not sure it has underperformed most other REITS. Higher interest rates is not something REITs can do much about. You would hope to see steady gains as this reverses. And this has been one of the more conservative ones debt wise so avoided all the dilutive rights issues, so the share price recovery potential is higher.
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infoshare
Senior |
24-Nov-2025 15:10
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under performance for many years more of the same strategies not leading to any better outcome possible to merge with other REITS? |
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Delvyss
Elite |
14-Nov-2025 09:53
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Frasers Logistics & Commercial Trust - Quick View (SGD 1.05) https://www.dbs.com.sg/treasures/aics/templatedata/article/equity/data/en/DBSV/012014/FLT_SP.xml |
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Delvyss
Elite |
12-Nov-2025 13:00
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Frasers Logistics & Commercial Trust: < FY25 Results> Earnings turnaround in the coming yearhttps://www.dbs.com.sg/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/112025/FLT_SP_11102025.xml |
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