This felt through rental waivers and allowance for doubtful receivables, mainly from its retail segment which accounts for 1.6% of its portfolio.
In contrast, FLCT, back in May, reported distributable income of some $130.4 million for 1HFY2021, up 71.1% y-o-y.
FLCT, which owns a portfolio of 103 mainly logistics properties worth $6.8 billion, is upbeat about its prospects.
“Structural changes driven by the growth of e-commerce activities and ‘hub-and-spoke’ trend are expected to drive demand for logistics and suburban office spaces, respectively.”
FLCT adds that its portfolio comprises a high-quality and well-diversified tenant base that counts governments, MNCs, conglomerates and listed companies among them.
During the 3Q, FLCT reported an occupancy rate 96.3%, and weighted average lease expiry (WALE) of 4.9 years.
Upcoming expiries for FY2021 constitute three industrial and 18 commercial leases. These constitute less than 0.3% of its Gross Rental Income (GRI).
Meanwhile portfolio rental revision was at +0.8% for 3QFY21.
Units in FLCT closed down a cent or 0.65% at $1.52, before its business update.
Cover image: FLCT
