Finance costs also rose y-o-y due to the higher interest rates and additional borrowings drawn for capital expenditure
Distributable income dipped by 0.1% y-o-y to $130.7 million.
As at March 31, portfolio occupancy stood at 94.3% with 100% occupancy maintained for FLCT’s logistics and industrial arm. FLCT’s commercial portfolio stood at 85.0%. Weighted average lease expiry (WALE) stood at 4.3 years.
As at the same period, aggregate leverage stood at 32.7%; the REIT’s interest coverage ratio stood at 5.9 times.
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Net asset value (NAV) per unit stood at $1.16, down from $1.17 as at Sept 30, 2023.
“FLCT continued to record resilient operating performance across its portfolio supported by sound underlying portfolio fundamentals. Despite macroeconomic uncertainties and market volatility, we have maintained a high portfolio occupancy of 94.3% with overall positive rental reversions across asset classes,” says Anthea Lee, CEO of the manager.
“With our healthy capital position, we will maintain our focus on seeking opportunities for investing in logistics & industrial assets,” she adds. “We remain confident that with our healthy business fundamentals and portfolio management capabilities, FLCT will continue to deliver value for all stakeholders.”
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The DPU will be paid out on June 18.
Units in FLCT closed at $1.01 on May 6.
