Frasers Logistics & Commercial Trust posts 96.2% occupancy, 29.8% rental reversion and S$592m debt headroom in 1QFY26 update
Summary:
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FLCT reported a portfolio occupancy of 96.2% as at 31 December 2025, with its 113 properties valued at S$6.9 billion and a portfolio WALE of 4.9 years across logistics, industrial and commercial assets in five developed markets.
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Leasing remained strong with 186,683 sqm of space leased in 1QFY26 and portfolio rental reversions of 10.7% on incoming vs outgoing basis and 29.8% on average vs average basis, driven by 36.4% average rental reversion in the logistics and industrial segment.
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Capital metrics stayed conservative with aggregate leverage at 34.8%, interest coverage ratio at 4.1x and average cost of borrowing at 3.1%, providing S$592 million of debt headroom to a 40% leverage level and S$2.1 billion to a 50% level.
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Approximately 68.6% of borrowings are on fixed rates with an average weighted debt maturity of 2.8 years, and every potential 50 bps increase in interest rates on variable debt is estimated to reduce DPU by 0.10 Singapore cents per annum.
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Management highlighted continued ESG progress with 19.7 MW of installed solar capacity and over 90% of portfolio GFA green-certified or pursuing certification, alongside resilient demand trends in core logistics markets and a well-spread lease expiry profile (WALB 4.5 years, 83.2% of leases featuring CPI or fixed escalations).