COVID-19 has ‘no material impact' on portfolio to-date: FLCT

Near- to mid-term impact on retail components of the Singapore portfolio is expected.

The manager of Frasers Logistics & Commercial Trust (FLCT) said in a bourse filing that the COVID-19 pandemic had no material impact on its portfolio.

It added that the pandemic’s impact on the trust’s distributable income for Q1 FY2021 was approximately $0.7m, mainly including granted rental waivers and COVID-related provisions, which have not been material for the real estate investment trust (REIT).

However, a near- to mid-term impact on the retail components of the Singapore portfolio is expected.

FLCT's portfolio performance was "stable" in Q1 FY2021. New leases and renewals amounted to 63,546 sq m. of space or 2.9% of the REIT’s lettable area. It also recorded a portfolio rental revision of -6.9% during the same period.

Meanwhile, its occupancy rate is at 97.2%, with the weighted average lease expiry at 4.8 years.

The manager also said FLCT has a well spread-out lease expiry profile, with 5.5% of gross rental income due for renewal in FY2021.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit