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The impact of the pandemic on FLCT’s distributable income for the first quarter of FY2021 stood at around $0.7 million, which mainly include granted rental waivers as well as COVID-19 provisions.
The COVID-19 pandemic had no material impact on the portfolio of Frasers Logistics & Commercial Trust (FLCT) to-date, reported Singapore Business Review.
In an SGX filing, the trust’s manager revealed that the impact of the pandemic on FLCT’s distributable income for the first quarter of FY2021 stood at around $0.7 million, which mainly include granted rental waivers as well as COVID-19 provisions.
While they have not been material for FLCT, a near- to mid-term impact is expected on the retail components of the Singapore portfolio.
For Q1 FY2021, portfolio performance of FLCT was “stable”, with new leases and renewals accounting for 2.9% of the REIT’s lettable area at 63,546 sq m.
A portfolio rental revision of -6.9% was also posted during the same period.
FLCT registered an occupancy rate of 97.2% and a weighted average lease expiry of 4.8 years.
The REIT’s lease expiry profile is well spread-out, with 5.5% of its gross rental income set for renewal in FY2021, said the manager.
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