Frasers Logistics and Commercial Trust’s (FLCT) distributions per unit (DPU) in 1HFY2025 for the six months to March 31 declined by 13.8% y-o-y to 3 cents. Revenue and adjusted net property income (NPI) rose to $232.3 million and $161.3 million in 1H2025 respectively, up 7.5% y-o-y and 1.6% y-o-y.

Despite full contributions from Ellesmere Port, the acquisition of interests in four German logistics properties in March 2024, the Maastricht Property in the Netherlands and from the acquisition of 2 Tuas South Link 1 in November 2024, these increases in revenue were offset by higher vacancies in ATP and 357 Collins Street, higher non-recoverable land taxes in Australia and lower average exchange rates (of AUD and EUR against the SGD) in 1HFY2025 compared to HFY2024.

FLCT’s aggregate leverage rose but remained healthy at 36.1%, with a weighted average debt maturity of 2.3 years and interest coverage ratio of 4.5 times. With 69.7% of borrowings at fixed rates, FLCT’s cost of borrowings was 3.0% per annum on a trailing 12-month basis.