COVID slashes $0.2m from FLCT’s distributable income

The pandemic, however, had no material impact on the REIT’s portfolio.

The pandemic slashed approximately $0.2m from Frasers Logistics & Commercial Trust’s (FLCT) distributable income for the first quarter of the financial year 2022 (Q1 FY22), which ended on 31 December 2021.

In terms of portfolio, FLCT said only the retail segment of the commercial portfolio, which comprises only 1.7% of the trust’s overall income, are being continuously challenged by the pandemic.

Overall, the REIT said COVID-19 had “no material impact” on their portfolio to date which comprises 102 properties across five countries, valued at $7.3b and has a weighted average lease expiry of 4.7 years.

The occupancy rate stands at 95.9% whilst aggregate leverage is 34.3%.

“FLCT’s resilient portfolio, strong balance sheet, and financial flexibility well-positions the REIT to face the current challenging global environment,” the REIT said.

As of 31 December 2021, FLCT’s logistics and industrial portfolio had 69,274 square metres of leasing and maintained 100% occupancy. Its commercial portfolio, on the other hand, had a 91% occupancy.

Meanwhile, the REIT also entered into one acquisition and two divestments during the quarter.

On 30 November 2021, FLCT announced that it will acquire a prime warehouse development in the UK, with a committed lease term of 15 years for a total consideration on a completed basis of $51.46m (£28.3m).

Days after on 2 December, FLCT also announced the divestment of a leasehold property in Port Melbourne for $40.75m (A$42.5m). The divestment of Cross Street Exchange in Singapore for $810.8m occurred the following month.

1 SGD = £0.55; A$1.04