FLCT's distributable income dips 1% to $111.9m in H1 FY2026

Revenue and NPI rose, supported by rental growth and acquisitions.

Frasers Logistics & Commercial Trust (FLCT) reported distributable income of $111.89m for the six months ended 31 March (H1 FY2026), down 1.0% from $113.0m a year earlier.

The manager said distributable income was influenced by rental performance, contributions from acquisitions, foreign exchange effects, and the impact of a prior divestment.

Distribution per unit (DPU) was 2.95 cents, compared with 3.00 cents in the same period in FY2025 with the payout scheduled for 22 June.

Revenue rose 2.8% year on year (YoY) to $238.91m, whilst adjusted net property income increased 3.6% to $166.99m.

For the January-to-March quarter, FLCT recorded average rental reversions of +8.8% on an incoming versus outgoing rent basis, and +22.0% on an average rent comparison basis.

Portfolio occupancy stood at 96.1% as at 31 March, with weighted average lease expiry (WALE) at 4.9 years.

Aggregate leverage was 33.7% and interest coverage ratio was 4.4 times at end-March.

Anthea Lee, Chief Executive Officer of the REIT manager, said in the results statement that logistics and industrial assets continued to support portfolio performance through rental reversions and occupancy levels.

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Frasers Logistics & Commercial Trust

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