FLCT reports higher FY2024 revenue but higher costs lowers DPU to 6.8 cents
The Edge Singapore
2024-11-05
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As at Sept 30, FLCT’s aggregate leverage was 33.0%
Frasers Logistics & Commercial Trust has reported 2HFY2024 ended Sept distribution per unit of 3.32 cents, down 5.7% y-o-y. This brings full-year DPU to 6.8 cents, down 3.4% over the preceding FY2023. The 2HFY2024 distribution will be paid on Dec 17.
FLCT increased its full-year revenue by 6.2% y-o-y to $446.7 million led by contributions from recently acquired assets in UK and Germany.
However, the gain was offset by higher financing costs. Additional taxes in Australia further crimped distributable income to $255.5 million for FY2024, down 2.6% from FY2023.
In FY2024, FLCT managed to achieve an average rental reversion of an increase of 12.8% on an incoming rent vs outgoing rent basis, and an increase of 23.6% for the average rent of the new lease as compared to the average rent of the preceding lease.
As at Sept 30, it maintained a high portfolio occupancy of 94.5% and a weighted average lease expiry of 4.2 years. Its total portfolio of 112 properties across five countries was valued at $6.8 billion, with a net asset value per unit of $1.13.
Anthea Lee, CEO of the FLCT's manager calls FY2024 a year where it demonstrated resilience in the face of ongoing challenges.
"Our core logistics and industrial portfolio continued to show strength and these assets consistently outperformed, delivering robust rental reversions and maintaining their position as a key driver of FLCT’s overall performance.
"Looking ahead, we remain committed to increasing FLCT’s logistics and industrial exposure, while maintaining prudent capital management," says Lee, referring to FLCT's recent acquisitions in Germany and the forward funded projects, as well as the acquisition of a prime logistics property in Singapore announced in October 2024.
"FLCT’s low aggregate leverage also positions us well to capitalise on strategic growth opportunities while maintaining financial flexibility," she adds.
As at Sept 30, FLCT’s aggregate leverage was 33.0%, with a weighted average debt maturity of 2.4 years and an interest coverage ratio of 5.0 times.
Nearly three quarters, or 73.3% of its borrowings are at a fixed rate as at Sept 30 and its cost of borrowings for FY2024 was 2.8% per annum.
In its outlook commentary, FLCT observes global low economic growth and an evolving interest rate environment.
"While there are signs of potential easing in monetary policy, the REIT Manager continues to maintain a prudent capital management approach and employ appropriate hedging strategies to mitigate forex and interest rate risks," says FLCT.
FLCT units closed at $1.06 on Nov 5, down 0.93%.
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