FLCT NPI up 12.3% to $181.27m in H2

The company also posted a 6.3% DPU increase.

Frasers Logistics & Commercial Trust (FLCT) recorded an adjusted net property income of $181.27m in the second half (H2) of 2021. This is a 12.3% year-on-year (YoY) increase from the $161.36m recorded in H2 2020.

The group’s distribution per unit was up by 6.3% to 3.88 cents for H2 2021; distributable income, up by 11.8% to $139.65m. FLCT’s total distribution amounted to 7.68 cents, a 7.9% YoY increase from 7.12 cents a year ago.

FLCT’s portfolio was valued at around $7.3b as of 30 September 2021. This signifies an uplift of 9% or $603 from the carrying value. 

60 leasing transactions across its logistics and commercial portfolio, representing a lettable area of 226,840 square metres, of which 151,975 square meters were completed during the fourth quarter of 2021. Overall, total leasing activity in FY 2021 was at 93 transactions for 352,972 square metres or 13.3% total portfolio lettable area. 

An occupancy rate of 96.2%, as well as a weighted average lease expiry of 4.8 years, was also observed. A total of 103 properties across five countries, which is valued at around $7.3b was seen as of 30 September. The increase is mainly due to the acquisition of six freehold properties in Germany, the Netherlands, and the UK. Because of this, NAV per unit increased as well by 12.7% YoY to $1.24.

"Amidst the uncertainties brought about by the COVID-19 Delta variant in our operating markets, we are pleased to deliver a strong performance for FY2021, with a full-year DPU of 7.68 Singapore cents and a healthy portfolio occupancy rate of 96.2% supported by active leasing efforts. Our quality portfolio continued to demonstrate resiliency, with our core logistics and industrial properties contributing significantly to our valuation uplift of 9.0% or S$603.9 million for the FLCT portfolio,” said FLCT CEO Robert Wallace.