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Latest Forum Topics / Frasers L&C Tr    Last:0.99 --  Post Reply
Frasers Logistic & Industrial Trust IPO
HuatAh7898
Elite
21-Jul-2025 21:40     
 
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 Alert Admin 		3Q results will be announced on 31 July next Friday will it be good?
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HuatAh7898
Elite
19-Jul-2025 12:13     
 
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 Alert Admin 		most importantly, it must not reduce it' s earnings 
Otherwise, selling pressures will come out in full force 
this point need to take note
 
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Alignment
Elite
19-Jul-2025 09:15     
 
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 Alert Admin 		The SREITs diversifying out of Singapore into Australia made a mistake. They went into a market they understood less well, and a market that was not as strong as perhaps they thought it was. The result was diluting the strength of being Singaporean. 

 
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Joelton
Supreme
17-Jul-2025 10:56     
 
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 Alert Admin
FLCT to divest commercial building in Australia for A$192.1 million, exiting Melbourne CBD office market
The trust&rsquo s manager says the sector continues to suffer from challenging conditions
 
[SINGAPORE] Frasers Logistics & Commercial Trust : BUOU +0.59% (FLCT) will divest an office building in Melbourne&rsquo s Central Business District (CDB) for A$192.1 million (S$161.4 million), as it seeks to exit the Australian city&rsquo s office market and focus on logistics and industrial properties.
 
The divestment consideration represents a 0.6 per cent premium over an independent valuation of A$191 million as at Jun 1, 2025, the manager of FLCT said in a bourse filing on Wednesday (Jul 16). The amount will be paid in cash.
 
The sum is also based on a sale price of A$195.3 million, after deducting outstanding tenant lease incentive liabilities, the manager added. 
 
The purchaser of the 25-storey freehold office building, located at 357 Collins Street, is an unrelated third party. The sale will be conducted through Collins Street Landholding Trust, a sub-trust of FLCT.
 
FLCT&rsquo s manager noted that the asset valuation has remained at around A$191 million since September 2024, &ldquo reflecting challenging market conditions in the Melbourne CBD office sector&rdquo .
 
It said that the divestment marks a strategic exit from the sector, which &ldquo continues to suffer from remote work culture&rdquo and an elevated vacancy level of 18.6 per cent. Subdued tenant demand has also led to rising incentives. 
 
After the divestment, FLCT&rsquo s portfolio weighting towards logistics and industrial assets is expected to increase to 74.2 per cent from 72.4 per cent, &ldquo in line with FLCT&rsquo s strategic objective of achieving higher allocation to high-quality&rdquo properties within that segment, the manager said.
 
It added that the divestment &ndash expected to be completed by Sep 30 &ndash will raise FLCT&rsquo s overall portfolio occupancy rate to 95.2 per cent from 93.9 per cent, and enhance the weighted average lease expiry profile to 4.8 years from 4.6 years.
 
Anthea Lee, chief executive officer of FLCT&rsquo s manager, noted that the move &ldquo represents another strategic step in our ongoing portfolio reconstitution, which allows us to extract value from a commercial property and re-weight our portfolio towards logistics and industrial properties&rdquo . 
 
Reits and tech lead net institutional inflows Frencken chair and DHLT CEO raise their stakes
&ldquo The proceeds from the sale will also provide FLCT with enhanced financial flexibility to pursue opportunities in the logistics and industrial space,&rdquo she added. 
 
The manager estimates net proceeds of S$159.3 million, after a projected divestment cost of S$2.1 million. The amount will be used to fund acquisition opportunities, repay existing debt, and for general corporate and working capital requirements, the manager added.
 
It also noted that if the proceeds are fully used to repay debt, FLCT&rsquo s aggregate leverage would be lowered by 1.5 percentage points to 34.6 per cent from 36.1 per cent on a pro forma basis. The trust&rsquo s debt headroom will also rise to around S$2.1 billion post-divestment.
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antifragile
Senior
16-Jul-2025 22:18     
 
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 Alert Admin 		Bought the office at AUD 237m, sold it at AUD 192m. FX also loss.

👎
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chengwh1
Elite
09-May-2025 21:39     
 
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 Alert Admin 		Thank you, superstartup,...... I browsed thru some materials and presentation slides, nothing around for us to do an intelligent guess on when will the loan interest rate peak. But there is one more ' new' problem. Mgmt is beginning to take their fees in cash. They used to take 100% of their fees in units in FY24.

superstartup      ( Date: 09-May-2025 17:44) Posted:

I believe the exact details are not publicly available.

However, a few brokerage firms had stated along the following :  " Management guided that its average funding cost is likely to rise to mid-3% post refinancing the remaining S$395m of debt maturing in 4QFY25F."

I suppose the guidance was provided at the usual result / analysts  briefing as I don' t seem to read about it from the company announcement. But I stand to be corrected.

chengwh1      ( Date: 09-May-2025 16:09) Posted:

All their earlier loan packages need to be refinanced to the current rate first, then only will their distributable income (DI) starts to stabilize and not experience anymore year-on-year drops. DI stabilizing will cause dpu payout to stabilize too. How do we find out when will the last loan packages at the earlier lower rates be refinanced


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superstartup
Supreme
09-May-2025 17:44     
 
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 Alert Admin 		I believe the exact details are not publicly available.

However, a few brokerage firms had stated along the following :  " Management guided that its average funding cost is likely to rise to mid-3% post refinancing the remaining S$395m of debt maturing in 4QFY25F."

I suppose the guidance was provided at the usual result / analysts  briefing as I don' t seem to read about it from the company announcement. But I stand to be corrected.

chengwh1      ( Date: 09-May-2025 16:09) Posted:

All their earlier loan packages need to be refinanced to the current rate first, then only will their distributable income (DI) starts to stabilize and not experience anymore year-on-year drops. DI stabilizing will cause dpu payout to stabilize too. How do we find out when will the last loan packages at the earlier lower rates be refinanced ?

superstartup      ( Date: 09-May-2025 12:37) Posted:

This reit has one of the lowest cost of debt over the last 2 to 3 years.
As their loans were properly hedged at the right timing then.
Hence the rising interest rate environment did not hit them as hard as other reits over the last few years in term of cost of debt.
However, the high interest rate environment persists, and with the hedging running out (expired), the cost of refinancing shoot up.
Even as of now, their cost of Debt is still relatively low which is " not good" as this year financing will be done at much higher rate now.

Another impact is China. Those avoiding China usually avoid this reit too, as Australia economy relied on China a lot. 


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chengwh1
Elite
09-May-2025 16:09     
 
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 Alert Admin 		All their earlier loan packages need to be refinanced to the current rate first, then only will their distributable income (DI) starts to stabilize and not experience anymore year-on-year drops. DI stabilizing will cause dpu payout to stabilize too. How do we find out when will the last loan packages at the earlier lower rates be refinanced ?

superstartup      ( Date: 09-May-2025 12:37) Posted:

This reit has one of the lowest cost of debt over the last 2 to 3 years.
As their loans were properly hedged at the right timing then.
Hence the rising interest rate environment did not hit them as hard as other reits over the last few years in term of cost of debt.
However, the high interest rate environment persists, and with the hedging running out (expired), the cost of refinancing shoot up.
Even as of now, their cost of Debt is still relatively low which is " not good" as this year financing will be done at much higher rate now.

Another impact is China. Those avoiding China usually avoid this reit too, as Australia economy relied on China a lot. 

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halleluyah
Supreme
09-May-2025 12:45     
 
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 Alert Admin 		the occupancy fr the commercial is vry low only 85.5%....aussie dollar also super weak, close to historical low......guess will further downside in the next reporting......dyodd

superstartup      ( Date: 09-May-2025 12:37) Posted:

This reit has one of the lowest cost of debt over the last 2 to 3 years.
As their loans were properly hedged at the right timing then.
Hence the rising interest rate environment did not hit them as hard as other reits over the last few years in term of cost of debt.
However, the high interest rate environment persists, and with the hedging running out (expired), the cost of refinancing shoot up.
Even as of now, their cost of Debt is still relatively low which is " not good" as this year financing will be done at much higher rate now.

Another impact is China. Those avoiding China usually avoid this reit too, as Australia economy relied on China a lot. 

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superstartup
Supreme
09-May-2025 12:37     
 
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 Alert Admin 		This reit has one of the lowest cost of debt over the last 2 to 3 years.
As their loans were properly hedged at the right timing then.
Hence the rising interest rate environment did not hit them as hard as other reits over the last few years in term of cost of debt.
However, the high interest rate environment persists, and with the hedging running out (expired), the cost of refinancing shoot up.
Even as of now, their cost of Debt is still relatively low which is " not good" as this year financing will be done at much higher rate now.

Another impact is China. Those avoiding China usually avoid this reit too, as Australia economy relied on China a lot. 
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Sgvale
Supreme
09-May-2025 12:10     
 
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 Alert Admin 		Wow... so low now.
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chengwh1
Elite
08-May-2025 21:35     
 
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 Alert Admin 		I had substantial hldgs here too,... my hldg price was a good $1, but even this price is not good enough today. The rental collection (revenue) & npi (adjusted) are good, they are growing year-on-year. So,... the properties seems to be right, but what did you notice, bro ? 

My opinion says the drop in dpu has always been abt the increasing loan expenses for this REIT. The following statement from the Press Release is referred :-
Distributable income for 1HFY25 was correspondingly lower at S$113.0 million, from S$130.7 million in 1HFY24 after taking into account the higher finance costs, higher tax expense and 56.9% of 1HFY25 management fees paid in the form of cash.

And to aggravate the situation, they are now taking more of their fees in cash. When a REIT Mgr starts taking her fees in cash, it will ' lessen' the dpu payout. There willl be justifications, no doubt, to taking fees in cash but not in units, but the net effect is a lower dividend payout to unitholders. So,.. we have to ask : when will the high interest rates start to get neutralised ?

jebuscries      ( Date: 07-May-2025 14:56) Posted:

Looks like DPU will continue to come under pressure. Without the capital distribution, the DPU would have fallen below 3 cents. 
FLCT has made a number of questionable acquisitions since 2022. SH ought to make Manager accountable. Taking on debt in an high int rate environment buying assets of suspect quality (UK biz parks really?).   
FLCT used to have an enviable gearing lower than 30%. In 2022, its DPU was 7.6 cents. Today, DPU is falling below 6 cents, despite FLCT gearing level rising from mid-20% to now approaching 40%, 
Shareholders gotta ask whether the current Managers are worth the millions paid to them yearly.
 

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jebuscries
Member
07-May-2025 14:56     
 
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 Alert Admin 		Looks like DPU will continue to come under pressure. Without the capital distribution, the DPU would have fallen below 3 cents. 
FLCT has made a number of questionable acquisitions since 2022. SH ought to make Manager accountable. Taking on debt in an high int rate environment buying assets of suspect quality (UK biz parks really?).   
FLCT used to have an enviable gearing lower than 30%. In 2022, its DPU was 7.6 cents. Today, DPU is falling below 6 cents, despite FLCT gearing level rising from mid-20% to now approaching 40%, 
Shareholders gotta ask whether the current Managers are worth the millions paid to them yearly.
 
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john_ric
Supreme
07-May-2025 13:18     
 
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 Alert Admin 		market over reacted. will go back to 0.92.
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guiren
Veteran
07-May-2025 11:05     
 
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 Alert Admin 		Thank you halleluyah.

halleluyah      ( Date: 07-May-2025 10:43) Posted:

1H DPU drop 13.8%......

guiren      ( Date: 07-May-2025 10:13) Posted:

Why dropped so much ?? Can enlightened
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halleluyah
Supreme
07-May-2025 10:43     
 
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 Alert Admin 		1H DPU drop 13.8%......

guiren      ( Date: 07-May-2025 10:13) Posted:

Why dropped so much ?? Can enlightened?

infoshare      ( Date: 29-Apr-2025 16:21) Posted:


https://sbr.com.sg/commercial-property/news/flct-maintains-943-occupancy-positive-rent-reversions-in-q1-2025

FLCT maintains 94.3% occupancy with positive rent reversions in Q1 2025



FLCT reported 175,000 sq m of active leases and renewals in Q1 2025.

Frasers Logistics & Commercial Trust (FLCT)  has maintained a portfolio occupancy of 94.3% in Q1 2025, with 175,000 sq m of active leases and renewals, achieving overall positive rent reversions.

The occupancy rate for its Logistics & Industrial portfolio stood at 99.6%, whilst its Commercial portfolio was at 85.5%.

FLCT' s portfolio currently comprises 114 properties across five developed countries, with a total value of $6.8b.

Its top 10 tenants, which contribute 25.3% of the portfolio' s gross rental income, include the Commonwealth of Australia, Hermes, Germany, CEVA Logistics, Google, Rio Tinto, BMW, FDM Warehousing, DSV, Commonwealth Bank of Australia, and Techtronic.


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guiren
Veteran
07-May-2025 10:13     
 
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 Alert Admin 		Why dropped so much ?? Can enlightened?

infoshare      ( Date: 29-Apr-2025 16:21) Posted:


https://sbr.com.sg/commercial-property/news/flct-maintains-943-occupancy-positive-rent-reversions-in-q1-2025

FLCT maintains 94.3% occupancy with positive rent reversions in Q1 2025



FLCT reported 175,000 sq m of active leases and renewals in Q1 2025.

Frasers Logistics & Commercial Trust (FLCT)  has maintained a portfolio occupancy of 94.3% in Q1 2025, with 175,000 sq m of active leases and renewals, achieving overall positive rent reversions.

The occupancy rate for its Logistics & Industrial portfolio stood at 99.6%, whilst its Commercial portfolio was at 85.5%.

FLCT' s portfolio currently comprises 114 properties across five developed countries, with a total value of $6.8b.

Its top 10 tenants, which contribute 25.3% of the portfolio' s gross rental income, include the Commonwealth of Australia, Hermes, Germany, CEVA Logistics, Google, Rio Tinto, BMW, FDM Warehousing, DSV, Commonwealth Bank of Australia, and Techtronic.

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infoshare
Senior
29-Apr-2025 16:21     
 
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https://sbr.com.sg/commercial-property/news/flct-maintains-943-occupancy-positive-rent-reversions-in-q1-2025

FLCT maintains 94.3% occupancy with positive rent reversions in Q1 2025



FLCT reported 175,000 sq m of active leases and renewals in Q1 2025.

Frasers Logistics & Commercial Trust (FLCT)  has maintained a portfolio occupancy of 94.3% in Q1 2025, with 175,000 sq m of active leases and renewals, achieving overall positive rent reversions.

The occupancy rate for its Logistics & Industrial portfolio stood at 99.6%, whilst its Commercial portfolio was at 85.5%.

FLCT' s portfolio currently comprises 114 properties across five developed countries, with a total value of $6.8b.

Its top 10 tenants, which contribute 25.3% of the portfolio' s gross rental income, include the Commonwealth of Australia, Hermes, Germany, CEVA Logistics, Google, Rio Tinto, BMW, FDM Warehousing, DSV, Commonwealth Bank of Australia, and Techtronic.
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yxtteiluj
Member
27-Mar-2025 10:26     
 
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 Alert Admin
https://www.businesstimes.com.sg/companies-markets/s-reits-surge-banks-decline-see-beginnings-rebound

" Trade tensions in global markets were evident in the performance of global banks in recent weeks. The Singapore trio of DBS, OCBC and UOB averaged declines of 1.4 per cent. At the same time, recent US inflation data came in below expectations, with concerns about the weakening growth outlook in the US.

Despite the recent broad market downturn, Singapore real estate investment trusts (S-Reits) rebounded strongly with the iEdge S-Reit Index gaining close to 5 per cent over the past two weeks.

Larger market-capitalisation S-Reits have also led the sector& rsquo s recent gains. Within the Straits Times Index (STI), the seven S-Reits averaged 5.6 per cent gains over the past two weeks."

looks like reits got opportunities this year! saw this event reits symposium coming up, not sure if anyone going to see see look look? can register early bird here https://shareinve.st/1tsm
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angmohlin
Veteran
14-Feb-2025 16:29     
 
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 Alert Admin

Will Frasers L& C Trust lose their STI component status since they have dropped 27.7% from 19 Sep 24? Till then, their price shall drop further to disaster price level.
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