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08:47 PM EDT, 05/06/2024 (MT Newswires) -- Frasers Logistics & Commercial Trust (SGX:BUOU) posted a distribution per unit of SG$0.0348 in the fiscal first half ended March 31, down from SG$0.0352 a year earlier.
Distributable income came in at SG$130.7 million, slightly lower than the SG$130.8 million recorded in the prior year, according to a Tuesday filing with the Singapore Exchange.
Adjusted net property income grew 1.8% year over year to SG$158.7 million from SG$155.9 million, the filing said. Revenue rose 3.9% to SG$216 million from about SG$208 million.
The real estate investment trust declared dividends totaling SG$0.0348 per unit to be paid on June 18 to unitholders on record as of May 15, a separate filing showed.
Distributable income came in at SG$130.7 million, slightly lower than the SG$130.8 million recorded in the prior year, according to a Tuesday filing with the Singapore Exchange.
Adjusted net property income grew 1.8% year over year to SG$158.7 million from SG$155.9 million, the filing said. Revenue rose 3.9% to SG$216 million from about SG$208 million.
The real estate investment trust declared dividends totaling SG$0.0348 per unit to be paid on June 18 to unitholders on record as of May 15, a separate filing showed.
Price now is $1.01.
52 Week High/Low : 1.360 - 1.000
Okay,... tks bro,... time to average-down then,....
Alignment ( Date: 18-Mar-2024 22:23) Posted:
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Not a company specific issue. Most companies negatively impacted by high interest rates weak for past few days because of US sentiment of higher for longer.
Hmm,... price has been retreating the past few days after the acqusition was ann' d. The acq is dpu- & nav- accretive. No EFRs raised,... just used bank facility and gearing still low at 32%. Looks like all good. Why is mkt not happy ?
Should be a good move - this company is undergeared. It should be buying more assets and accreting DPU, which this transaction does.
A bit surprising though that the company does not disclose estimated DPU accretion figures. That would be market standard. They should do that especially given this is a related party transaction, and Fraser Property in contrast is overleveraged. Raises concerns about conflicts of interest if market standards of disclosure are not met.
A bit surprising though that the company does not disclose estimated DPU accretion figures. That would be market standard. They should do that especially given this is a related party transaction, and Fraser Property in contrast is overleveraged. Raises concerns about conflicts of interest if market standards of disclosure are not met.
FLCT to acquire 89.9% interest in 4 logistics assets in Germany from sponsor for 118.7 million euros
FRASERS Logistics and Commercial Trust (FLCT : BUOU 0%) is acquiring an 89.9 per cent interest in four logistics assets in Germany from its sponsor, Frasers Property : TQ5 0%.
On Friday (Mar 15), FLCT said the agreed property purchase price of 129.5 million euros (S$173.1 million) represents a discount of 5.3 per cent to the assets&rsquo appraised value by Colliers, and a 1.1 per cent discount to the value as appraised by CBRE.
The acquisition is expected to be distribution per unit and net asset value accretive to the real estate investment trust (Reit).
After adjusting for Frasers Property&rsquo s equity interests in the companies that hold the properties and accounting for inter-company loans, the purchase consideration comes in at around 118.7 million euros.
FLCT intends to fund the transaction, which is expected to complete by end-March, through external debt financing.
Upon completion of the acquisition, FLCT&rsquo s portfolio occupancy would increase to 95.9 per cent as at end-2023, while its logistics and industrial portfolio would remain at full occupancy.
Its overall portfolio weighted average lease expiry (Wale) would be unchanged at 4.4 years.
Frasers Property said in its own announcement on the same day that it planned to use net proceeds from the sale for working capital purposes, including repaying and servicing borrowings.
It added that the divestment was in line with its capital recycling strategy, which would enable Frasers Property to both optimise capital productivity and support the growth of its Reits.
The properties in Germany comprise four buildings with a total gross net lettable area amounting to 72,422 square metres as at end-2023.
Noting the assets&rsquo Wale of 6.1 years and consumer price-linked indexation incorporated in the leases, FLCT&rsquo s manager said the Reit would benefit from rent escalation by acquiring the properties.
Three of the assets &ndash located in Egelsbach, Saarwellingen and Uberherrn &ndash are freehold and are within the &ldquo Blue Banana&rdquo region in Europe, which has a population of around 110 million.
Another leasehold asset in Hamburg is situated close to the Port of Hamburg.
Anthea Lee, chief executive of FLCT&rsquo s manager, said the acquisition of these properties comes as the Reit increases its proportion of logistics and industrial assets in its portfolio.
&ldquo The proposed acquisition demonstrates FLCT&rsquo s ability to tap on our sponsor&rsquo s pipeline and this deal size enables the manager to execute the transaction in a timely manner to secure additional income streams from the logistics and industrial sector,&rdquo she said.
Institution Net Sell for the week of 19 Feb is $14.4 million
Institution Net Sell for the week of 26 Feb is $ 20.5 million
No wonder share price drop.
Institution Net Sell for the week of 26 Feb is $ 20.5 million
No wonder share price drop.
They have a unique problem in the SREIT space which is their b/s is too conservative.
Weaking of AUD can' t help either.
Weaking of AUD can' t help either.
Any thoughts on why this keeps going down?
goin to break the 1 buck soon
At this share price, and given their gearing, they should be doing share buybacks.
No wonder. Gearing only 30%! There is no need for MTN. FLCT also achieve positive rental reversion of 11.6%. No asset in China made a lot of different at the moment. Hopeful that there is no drop in DPU when it is due. One of my longest reit holding and one of the best, on par with MLT.
HVRRVH ( Date: 11-Sep-2023 11:04) Posted:
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FLCT maintains portfolio occupancy at 95.8%
Tue, Jan 30, 2024 ? 10:15 PM GMT+08 ? 1 min read
https://www.theedgesingapore.com/news/reits/flct-maintains-portfolio-occupancy-958
Tue, Jan 30, 2024 ? 10:15 PM GMT+08 ? 1 min read
https://www.theedgesingapore.com/news/reits/flct-maintains-portfolio-occupancy-958
Not sure what planet this analyst is on. Cap rate cycle considerations are hardly specific to this company.
His comments in general are backward looking - he seems to have missed the turning of the higher for longer narrative.
His comments in general are backward looking - he seems to have missed the turning of the higher for longer narrative.
Citi lowers FLCT' s TP to $1.24, cuts FY2024 and FY2025 DPU estimates by 8.4%
Citi Research analyst Brandon Lee has kept &ldquo buy&rdquo on Frasers Logistics & Commercial Trust BUOU -1.82% (FLCT) with a lower target price of $1.24 from $1.48 previously.
To reflect revised foreign exchange assumptions, lower occupancies mainly in UK business parks and higher debt cost, Lee has cut his FY2024 and FY2025 distribution per unit (DPU) estimates by 8.4% to 6.88 cents and 7.16 cents respectively. The analyst has also introduced FY2026 DPU estimate of 7.55 cents.
Lee also highlights several risks specific to the trust that could affect the achievement of Citi&rsquo s target price. First is the cap rate cycle &mdash with industrial cap rates now lower than pre-financial crisis levels and foreign capital consisting of a significant portion of transactional activity, a key risk for the sector is diminishing relative attractiveness of industrial yields.
There are also concentration risks. FLCT&rsquo s top tenants account for about a quarter of its gross rental income. With the top 10 tenants each accounting for between 1% to 5% of its gross rents, the fallout of any one would have a more noticeable impact on FLCT&rsquo s distributions.
Additionally, while FLCT has fully-fledged its distributable income, unfavourable exchange rate movements beyond that horizon could adversely affect the actualised value to investors. Lastly, lack of clear synergies with its office and business park acquisitions could result in higher trading yields, Lee notes.
lol bot back just now at 1.08
not too bad the profits
not too bad the profits
algos prevented me from getting this at 108
monday will resume q ing at 108 again
monday will resume q ing at 108 again
1.08 faster come ley
hopefully tomorrow can buy it at 1.08 and below to make few k on my tech short. lol