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.
Frasers Logistics & Commercial Trust (FLCT) has reported a distribution per unit (DPU) of 3 cents, 13.8% lower y-o-y.
Revenue rose by 7.5% y-o-y to $232.3 million, while adjusted net property income (NPI) rose by 1.6% y-o-y to $161.3 million. Both increases were mainly due to contributions from Ellesmere Port upon its practical completion in December 2023 and Maastricht Property in the Netherlands, which achieved practical completion in October 2024. The acquisition of interests in the four German logistics properties in March 2024 as well as contributions from the acquisition of 2 Tuas South Link 1 in November 2024 also helped.
