The increases were partly offset by higher vacancies in Alexandra Technopark and 357 Collins Street, higher non-recoverable land taxes in Australia, the effects of lower average rates of the Australian dollar (AUD) and Euro against the Singapore dollar (SGD), as well as higher finance costs.
Finance costs during the six-month period rose mainly due to higher interest rates and additional borrowings drawn for funds through developments and acquisitions.
As a result, 1HFY2025 distributable income fell by 13.5% y-o-y to $113 million.
As at March 31, FLCT’s occupancy rate stood at 93.9%, while its weighted average lease expiry (WALE) stood at 4.6 years. For the 2QFY2025, logistics and industrial saw rental reversions of 8.7% on an “outgoing versus incoming” basis.
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FLCT’s aggregate leverage stood at 36.1% as at the same period.
As at March 31, FLCT has 114 properties valued at $6.8 billion.
Units in FLCT closed at 90.5 cents on May 6.
