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In and of itself it is simply an admin matter. The company does not have any of these bonds in issue and hence there is no point incurring any admin costs by keeping the programme open.
Bigger picture, bonds are not the most efficient source of funding right now (because their cost has gone up) so that' s a reason why there are no bonds in issue. The fact their cost has gone up is bad news, but it is also old news so the announcment isnt telling us anything we don' t know already.
Bigger picture, bonds are not the most efficient source of funding right now (because their cost has gone up) so that' s a reason why there are no bonds in issue. The fact their cost has gone up is bad news, but it is also old news so the announcment isnt telling us anything we don' t know already.
Should be good or neutral. It seems that they do not required funding from the MTN so they terminate it. Either that or they have or are currently establishing alternative sources of funding.
ipolaris ( Date: 11-Sep-2023 09:31) Posted:
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What is the impact of this notice on 8/9, anyone?
TERMINATION OF THE S$1,000,000,000 MULTICURRENCY MEDIUM TERM NOTE
TERMINATION OF THE S$1,000,000,000 MULTICURRENCY MEDIUM TERM NOTE
From DBS
Frasers Logistics & Commercial Trust
3Q23 Business Update &ndash Robust leasing momentum with strong positive rental reversions
- Portfolio occupancy rate increased to 96.2% and positive rental reversions of +23.1% in 3QFY23
- Key positives: i) continued strong double-digit positive rental reversions, ii) improvement in portfolio occupancy rate, iii) low gearing and low borrowing costs, iv) ample debt headroom and emerging opportunities to acquire accretively
- What we are watching: i) FX volatility that could impact earnings in AUD, EUR, and GBP in the next two years, ii) portfolio valuations in 4Q23 as some cap rates expansion could be expected, iii) backfilling of the space in Alexandra Technopark that Google will be vacating
- Maintain BUY with TP of S$1.55 attractive forward yield of c.5.9% and healthy gearing of 28.6%
superstartup ( Date: 01-Aug-2023 13:13) Posted:
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Frasers Logistics and Commercial Trust reports positive rental reversions for Q3
FRASERS Logistics and Commercial Trust&rsquo s (FLCT) portfolio rental reversion in Q3 FY2023 ended Jun 30 stood at 21.4 per cent on an average versus average basis.
About 67,600 square metres were leased and renewed within the quarter, announced the real estate investment trust (Reit) in a filing on Tuesday (Aug 1).
Both logistics and industrial, and commercial portfolios saw increases in rental reversions with the logistics and industrial portfolio reporting a 24.3 per cent increase, driven by properties in Victoria, Australia.
For the commercial portfolio, rental reversions stood at 14.1 per cent, driven by properties in south-east United Kingdom, but offset by properties in Western Australia.
The weighted average lease expiry (Wale) stands at 4.4 years as at Jun 30, with the average Wale of the top 10 tenants at 3.9 years.
The top 10 tenants currently account for 25.2 per cent of gross rental income contribution.
The occupancy rate for FLCT&rsquo s portfolio stands at 96.2 per cent as at Jun 30, with the logistics and industrial portfolio reporting full occupancy.
The commercial portfolio currently has 90.6 per cent occupancy, with only the Caroline Chisholm Centre and 545 Blackburn Road properties in Australia reporting full occupancy.
Maxis Business Park in the UK has the lowest occupancy rate at 80.3 per cent.
All commercial properties have improved their occupancy rate save for Central Park in Australia and Blythe Valley Park in the UK, which have remained at 97.9 per cent and 83 per cent, respectively.
FLCT currently has an aggregate leverage of 28.6 per cent as at Jun 30, with the average weighted debt maturity at 2.2 years.
The Reit says that it has sufficient internal funds and facilities to refinance or repay the debt maturing in FY2023.
&ldquo Every potential 50-basis-point increase in interest rates on variable rate borrowings is estimated to impact distribution per unit by 0.07 Singapore cents,&rdquo said FLCT.
FLCT expects forex volatility and a stronger Singapore dollar to impact distributable income and net asset value.
The elevated interest rate environment is also expected to persist and may impact distribution per unit.
But the Reit expects rental growth for its logistics and industrial properties due to low vacancies, restricted supply and population growth for the Australian market.
Lunchtime, RBA maintain current interest rate. No rate increase
The gearing levels and interest rates are really pretty low. This could be a premium during such high rate cycles. The drop in DPU was due to the sale of the SG commercial property. Understandable.
DPU drop but price goes up today. It has perform marvellously since entered STI.Waiting for it to go below $1.1 3 months back but no chance but it' s ok, as it is one of my best performing reits with yield on cost of 7.16%.
CEO is resigning for family reasons. Earn enough already I think with the awarded shares. I don' t think the share price movement today is the reaction to the news but rather, broad market weakness as the reits earning season is largely over and most reits had XDs. Nevertheless, put it back on ' potential buy' list again and keeping a watch on its price. So far, the price is still very high compare to 6-month low of 1.09.
Other than pounds, SGD continues its weakness against Aud and Eur. Price surge a fair bit today, should revisit 1.4x range in due course. Happily vested.
HVRRVH ( Date: 13-Nov-2022 10:14) Posted:
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FLCT posts over 239,500 sq m of leasing in Q1 overall occupancy rate at 95.9%
FRASERS Logistics & Commercial Trust recorded over 239,500 square metres (sq m) of leasing across its portfolio for its first quarter ended Dec 31, 2022, the real estate investment trust&rsquo s (Reit) manager said in a Wednesday (Feb 1) business update.
The Reit maintained a 100 per cent occupancy for its logistics and industrial (L& I) portfolio, while its commercial portfolio recorded an 89.8 per cent occupancy rate. Overall occupancy came in at 95.9 per cent.
Aggregate leverage stood at 27.9 per cent as at end-December, up 0.5 percentage points from end-September meanwhile, its cost of borrowings stood at 1.7 per cent for the quarter, up 0.1 percentage points from end-September. The Reit has an average weighted debt maturity of 2.7 years, with total gross borrowings at close to S$2 billion as at end-December.
Its manager noted that the Reit has sufficient internal funds and facilities to refinance the debt maturing in FY2023. It added that it has commenced discussions with banks on refinancing options pertaining to the FY2024 borrowings, which are maturing in June and August 2024.
Amid &ldquo active leasing momentum&rdquo in Q1 FY 2023, FLCT&rsquo s lease expiries had fallen to 4.7 per cent, from 10 per cent as at end-September. The Reit has six industrial and 34 commercial leases due for renewal in FY 2023. Its top 10 tenants had an average weighted average lease expiry (Wale) of 4.3 years, and accounted for only 25.4 per cent of gross rental income (GRI) contribution, representing &ldquo reduced concentration risk&rdquo , its manager said.
Looking ahead, FLCT&rsquo s manager noted headwinds such as forex volatility and that the negative movement in Australian dollar, euro and British pound against the Singapore dollar would have &ldquo an adverse impact on net asset value and distributable income&rdquo given FLCT&rsquo s portfolio composition.
Geopolitical tensions among nations and political uncertainties will continue to weigh on the global market outlook, as well as the rising cost of energy and rising interest rates, it added.
However, the growth of e-commerce could be a bright spot for the Reit. Citing data from market research firm eMarketer, its manager noted that global retail e-commerce will grow at a four-year compound annual growth rate of 9.3 per cent from US$5.7 trillion in 2022 to US$8.1 trillion in 2026, driving demand for quality warehousing.
Price stable for a while. Somehow still feel interest rate hike not fully priced in.
ruready ( Date: 24-Nov-2022 20:49) Posted:
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Hungry to buy low again below 1.10
Sell at 1.21
Thai one is goos for mid term
Follow the range
SGD has started to weaken and if this continues, FLCT will benefit greatly with its major assets in Australia, Europe and UK. This is one of the better young reits that is still growing. So far, they only have private placements, twice, on 30 Jul 19 and 24 May 21 at $1.173 and $1.399 pu respectively. On hindsight, it was good that they didn' t offer to retail as the price is now below the 2nd placement price. What is the odd that those who participated successfully in the placements have sold out when price peaked at above $1.4? Some may have done so but I think in time to come, FLCT should revisit $1.4x and continue to grow when macro economy environment start to get better.
Not sure if it is by sheer luck or good foresight or a combination of both that they managed to maintain overall borrowing rates at 1.6%
$159m loans will be due next year, would be interesting to see how they handle this
Another $540m loans to be due in 2024, hopefully the interest rates would have gone down or starting to go down by then
So far. they have handled the loans and interest very well indeed, no doubt about it
However, using the proceeds from CSE sale to top up the reduce in DPU is not a long term solution
They will have to look into acquisitions soon
While having low gearing and a lot of headroom is clearly an advantage, but in current situation, any loans taken to fund the acquisition can be quite costly due to the continually rising interest rates
Although they have ample cash reserves, I believe they would go for rights issue or private placement instead of bank loan, if the acquisition target costs more than their cash reserves.
Just sharing my thoughts lol.
$159m loans will be due next year, would be interesting to see how they handle this
Another $540m loans to be due in 2024, hopefully the interest rates would have gone down or starting to go down by then
So far. they have handled the loans and interest very well indeed, no doubt about it
However, using the proceeds from CSE sale to top up the reduce in DPU is not a long term solution
They will have to look into acquisitions soon
While having low gearing and a lot of headroom is clearly an advantage, but in current situation, any loans taken to fund the acquisition can be quite costly due to the continually rising interest rates
Although they have ample cash reserves, I believe they would go for rights issue or private placement instead of bank loan, if the acquisition target costs more than their cash reserves.
Just sharing my thoughts lol.
paul1688 ( Date: 12-Nov-2022 12:03) Posted:
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Asian could be more honourable than Ang Moh.
Wangderful10 ( Date: 10-Nov-2022 22:20) Posted:
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It may be a worth listening to the result video presentation commentary from Singvesting Diary. If I may paraphrase, basically FLCT revenue reduces in conjunction with the sale (no income) of CSE. Management top up DPU from capital reduction but does not compensate for FX and interest costs. A prudent balance and all things considered Manager did a good job (so far) managing these effects. Valuation of properties increased, debt ratio very low at 27%, cash rich, long WALE so expectation is no negative surprise on DPU in coming years. While Reit has only one property in Singapore, one view is its properties in Europe and Australia coming off the worst effect of FX, management handled interest and FX well hence outlook can actually be positive going forward.
While obviously all analysis of performances can be subjective while focussed on objective data, I am quite comfortable with FLCT.
Remarks : Sharing. Not investment advice. Pls DYODD.
While obviously all analysis of performances can be subjective while focussed on objective data, I am quite comfortable with FLCT.
Remarks : Sharing. Not investment advice. Pls DYODD.
Frasers Logistics & Commercial Trust posts lower H2 DPU
DESPITE no year-on-year change to its distributable income for the second half-year ended Sep 30, Frasers Logistics & Commercial Trust (FLCT) posted a lower distribution per unit (DPU) of 3.77 Singapore cents for the period, a 2.8 per cent fall from 3.88 cents.
The real estate investment trust recorded a distributable income of S$139.6 million for H2, largely unchanged from a year ago. The DPU of 3.77 cents brings total DPU for FY2022 to 7.62 cents, 0.8 per cent lower than the 7.68 cents for FY2021.
FLCT&rsquo s adjusted net property income fell 10.6 per cent to S$162.1 million from S$181.3 million, while its revenue decreased by 9.7 per cent to S$214.5 million from S$237.6 million.
The divestment of Cross Street Exchange, coupled with weaker exchange rates, resulted in lower adjusted net property income and half-year revenue, said the trust&rsquo s manager on Thursday (Nov 10). These were partially offset by contributions from acquisitions made in FY2021 and FY2022.
The distribution will be paid out on Dec 15, after books closure on Nov 18.
The trust&rsquo s weighted average lease expiry stood at 4.5 years, with a portfolio occupancy rate of 96.4 per cent.
I am a S-Reit investor. To me, the single most important criterion to decide which S-Reit to buy/ hold is the " Sponsor" .
Sponsors of S-Reits come in different profiles: TH, Thailand companies/ businessmen, China companies/ businessmen, Indonesia companies/ businessmen, Ang Mo companies/ businessmen, etc.
So, when you scrunutinise these sponsors, it is extremely obvious that which one is the best (some factors to consider: credibility. honesty, deep pocket, track record, wisdom, etc). Indeed, you can just ask yourself one simple question: which one do I trust the most?
Therefore, which S-Reit (s) to buy or hold in a volatile and uncertain market is actually quite easy to derive.
My two-cents' worth. DYODD.
Sponsors of S-Reits come in different profiles: TH, Thailand companies/ businessmen, China companies/ businessmen, Indonesia companies/ businessmen, Ang Mo companies/ businessmen, etc.
So, when you scrunutinise these sponsors, it is extremely obvious that which one is the best (some factors to consider: credibility. honesty, deep pocket, track record, wisdom, etc). Indeed, you can just ask yourself one simple question: which one do I trust the most?
Therefore, which S-Reit (s) to buy or hold in a volatile and uncertain market is actually quite easy to derive.
My two-cents' worth. DYODD.
dpu slight less than 2021.
any clues about fraser L& C reit goint forward? Its property porforlio are mainly foreign properties in europe and Aust where recession is a possibility.
any clues about fraser L& C reit goint forward? Its property porforlio are mainly foreign properties in europe and Aust where recession is a possibility.