FLCT's FY2024 Income up 2.7% YoY; DPU Down 3.4%

Revenue for the period also rose 6.2%.

Frasers Logistics & Commercial Trust's (FLCT) adjusted net property income rose 2.7% year-on-year (YoY) to $320.0m in FY2024 from $311.4m a year ago.

Revenue for the period also rose 6.2% YoY to $446.7m from $420.8m in FY2023.

The increases were driven by full-year contributions from Worcester and Connexion II, a maiden contribution from Ellesmere Port in the UK, and contributions from the acquisition of interests in four German logistics properties in March.

Meanwhile, these gains were partially offset by higher vacancies in Alexandra Technopark and 357 Collins Street, as well as increased property operating expenses, mainly due to non-recoverable land taxes in Australia.

In addition, distribution per unit (DPU) for the period slipped 3.4% to $0.680 from $0.740 a year ago.

In terms of occupancy rate, FLCT maintained 94.5% as of 30 September 2024, with logistics and industrial occupancy at 98.8% and commercial at 87.5%.

Currently, FLCT's portfolio consists of 112 properties across five countries valued at $6.8b as of 30 September.

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FLCT's FY2024 Income up 2.7% YoY; DPU Down 3.4%

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