Good morning, everybody, welcome to Frasers Logistics & Commercial Trust's first half FY 2024 results webcast. On today's call, we have Anthea, our CEO, Tricia, our CFO, and Jay, our head of portfolio management with us. As usual, we'll start off with our presentation, followed by our Q&A session. For the Q&A session, kindly keep your questions to two questions per turn. Let's start with our presentation. Good morning, everyone. I am Anthea, thank you for joining our first half FY 2024 financial results webcast. In the first half of our financial year, FLCT has demonstrated resilient operating performance, supported by our strong L&I portfolio fundamentals. FLCT achieved positive portfolio rental reversions of 3.8% on the incoming rent versus outgoing rent basis, a positive 14.2% on the average of preceding lease versus average of new or renewed lease basis. During the same three-month period, approximately 18,000 sq m of space was leased across the whole portfolio. Portfolio occupancy remains stable at 94.3%, while the L&I segment continues to enjoy full occupancy for another consecutive quarter. For our balance sheet, FLCT continues to maintain a healthy capital position with an aggregate leverage of 32.7%, the lowest gearing amongst the top 10 largest SREITs. Moving on to the page on well-diversified portfolio. With the completion of the acquisition of 89.9% interest in four German properties in end March, the completion of Ellesmere Port in last December, FLCT's portfolio comprises a total of 112 properties with a total portfolio value at SGD 6.8 billion. Approximately 71% of the portfolio by value comprises L&I assets. On the next slide seven. Just a quick recap on our recent acquisition of 89.9% interest in four properties in Germany at EUR 189.5 million, representing a discount of 5.3% and 1.1% to two independent valuations. It's fully funded by debt. The four assets are stabilized, income-producing logistic assets in key logistics markets in Germany. Assets are fully leased to quality tenants such as Schenker, Dachser, Hermes Germany, which are all existing tenants within our FLCT portfolio, as well as new tenants in the logistics distribution, consumer and retail product sectors. The transaction, which was completed in end March, is in line with our investment strategy to increase our L&I portfolio weightage in the existing market that FLCT has a presence in. The transaction further demonstrate FLCT's ability to tap on our sponsor's pipeline, the deal size enables the manager to execute the transaction in a timely manner to secure additional income stream from the L&I sector. With this, I will hand the time over to Tricia, who will walk you through the financial performance. Thanks, Anthea. For the first half FY 2024, we saw year-on-year increases in our top-line revenue and NPI, These were mainly due to the positive rent reversions and rental escalations. Contributions from completion of Ellesmere Port in December 2023, and also the full six months contribution from Connexion II and Worcester versus the comparative period. These were partially offset by higher vacancies for the commercial assets, and we saw higher property operating expenses, mainly due to higher non-recoverable land taxes in Australia and also higher utilities and R&M expenses. Finance costs were also higher, mainly due to increase in interest rate and actual borrowings drawn for CapEx funds through developments and acquisitions. In the first half 2024, the distributable income was further impacted by higher tax expenses for Australia and U.K. assets with changes in the tax regulations and tax rates. The distributable income of SGD 130.7 million in first half FY 2024 includes SGD 13.5 million capital distribution of the adjustment gains, and this factors in the manager taking 100% of his funds in units. On the next slide on the balance sheet. The value of investment properties increased by 4.3% to SGD 6.9 billion, largely attributable to the acquisition of interest in four logistics properties in Germany, and the completion of Ellesmere Port in December 2023. The first half of FY 2024 also saw the completion of the acquisition of land and progressive incurrence of development costs for our fund through development in Maastricht, Netherlands. Borrowings increased mainly as a result of the debt-funded acquisitions and the development that I mentioned earlier. Our NAV per unit as at 31st March 2024, it is SGD 1.16. We continue to be rated triple B plus with a stable outlook by S&P. Moving on to the next slide. Looking at the debt maturity chart, the debt that is maturing in June and August this financial year 2024, facilities have already been put in place, and we have commenced discussion with banks on debts that are maturing in FY 2025. Aggregate leverage was 32.7%, and this still leaves us with a relatively big debt headroom of SGD 851 million before 40% gearing is reached. We continue to place emphasis on maintaining a healthy gearing level in this uncertain business environment. Close to 76% of our borrowings are hedged to fixed rates. We continue to see an increase in our borrowings cost in the current high interest rate environment. The trailing 12 months cost of borrowings has edged up 0.1 percentage point to 2.5% from the last quarter. We have also provided our trailing three months cost of debt for the first Q FY 2024, which was at 2.6%. Our weighted debt maturity remains two years. The next slide I will not cover, but I will just hand over to Jay to walk through our portfolio highlights. Thanks, Tricia. Good morning, everyone. Starting with the occupancy review, as Anthea mentioned, we've maintained a healthy overall portfolio occupancy of 94.3% as at the end of March. This is underpinned by the favorable supply-demand environment and resilient underlying property fundamentals. The L&I portfolio, which contributes approximately 71% of portfolio value, continued to achieve full occupancy. The commercial portfolio occupancy stands at 85% as at 31 March, largely attributed to lower occupancy at Alexandra Technopark following the surrender of space from Google in February and lower occupancy at Central Park, where we have reduced our exposure to WeWork. During the quarter, WeWork handed back two floors but retained five floors for its remaining 7-year lease until August 31. Improved occupancy was seen at 357 Collins Street in Melbourne with new leases signed during the quarter. This brings the occupancy of the building up to 85.7% from 80.3% last quarter. There was also a slight increase in occupancy at both Blythe Valley and Farnborough in the U.K. Looking at the leasing summary for the second quarter of FY 2024, 13 lease transactions were executed, which covers a total lettable area of 18,000 square meters. On the back of active leasing momentum and a healthy demand, the portfolio average rental reversion was a positive 3.8% on an incoming versus outgoing rent basis and a positive 14.2% on an average versus average rental basis. For the first half of FY 2024, there was total leasing of approximately 143,000 square meters, which represents about 5% of the total portfolio lettable area. The overall positive rental reversion for the first half was 10% on an ingoing versus outgoing basis and 18.3% on an average versus average basis. Looking now at the lease expiry profile. The weighted average lease expiry was five years for the L&I portfolio, 3.1 years for the commercial portfolio, which results in a total portfolio WALE of 4.3 years. The lease expiry profile shows a well spread out profile with no more than 20% of GRI expiring in a single year. Just to note that 83.6% of leases include step-up rent structures such as periodic fixed rent increments, CPI or indexation adjustments. The FY 2025 commercial expiries includes the Commonwealth of Australia at Caroline Chisholm Centre, where lease extension discussions are progressing. Google at ATP, which is also captured within the FY 2025 expiries, will be exiting the building at the end of their lease in December 2024. The FY 2025 expiry for Google represents the remaining 218,000 square feet of office space. Looking on to the next slide, the top 10 tenants. They account for 23% of our portfolio GRI, with no single tenant accounting for more than 5% of portfolio GRI, reflecting a low concentration risk. The top 10 includes a mix of commercial and L&I tenants comprising well-known brands and are spread across the regions and sectors. Five of the tenants occupy multiple assets within the portfolio. There are a few changes in the top 11 tenants this quarter. There's been an increased weightage for Hermes due to our recent acquisition of the four German logistics properties, as well as the inclusion of Peugeot Motors, which is the sole tenant at Ellesmere Port, which reached PC. The next slide covers the tenant composition. 65% of the portfolio income is generated from L&I tenants, while approximately 50% of the portfolio tenant base is concentrated within the higher performing and growing 3PL distribution, and consumer retail sectors. Just a quick update on the project at Maastricht. It's progressing well since construction commenced in December last year. During the quarter, you'll see in the photos that the groundworks were completed, and the installation of the steel frame is now well advanced. During the construction period, the vendor provides a coupon rate of 6% on funding drawdowns, and the asset will be fully leased on completion. Practical completion is expected to be in the first quarter of FY 2025, and the project has been designed to meet a BREEAM very good certification. I'll hand back to Anthea. Thanks, Jay. FLCT remains committed in advancing our sustainability efforts, good progress has been made on several fronts. The ongoing facade enhancements to Central Park in Perth is close to completion, almost all of the materials will be recycled from the project. This includes all 7,700 former aluminum panels, 130 tons of polyethylene cloth, and 250 tons of temporary steel structures. We expect the facade enhancement works and the night illumination to raise Central Park's value proposition to both existing and potential occupiers. In the U.K., our latest development, Ellesmere Port, has achieved an outstanding BREEAM certification, which is the highest BREEAM rating and a first for FLCT. Across our portfolio, the solar panels installed in our properties produce more than 11 megawatts of power at peak, this includes the installation of solar panels at the recently completed Ellesmere Port. FLCT has also signed a 20-year power purchase agreement with the SP Group, which includes the installation of 347 solar panels by the end of this year that will generate solar energy at Alexandra Technopark. To enhance our ESG disclosures and transparency, FLCT recently published its first ESG data book, which includes ESG disclosures from financial year 2021 to financial year 2023, additional Scope 3 disclosures, and the assurance statement provided by an independent external assurer. Together with its accompanying basis of preparation document, it sets out the foundation of our carbon accounting methodology, scope, and assumptions. Aligned with our group's net zero common goal by 2050, FLCT remains committed in advancing our sustainability efforts, these efforts affirm our commitment and progress. Looking ahead, I would like to highlight a few industry trends. First, there is an increased importance on logistics locations. As the volume of goods grow, delivery timing gets tighter, closer proximity to key transportation infrastructure and consumers will enable efficiencies and enhance competitiveness. As such, logistics assets with strong connectivity to transportation networks will facilitate the efficient movement of goods, reduce transit times, and transportation costs, which is the highest cost component in the logistics companies. There's also an increased focus on ESG. Logistics companies are not only recognizing the importance of sustainability, but are also taking actions to integrate it into their operations and meet enhanced regulatory requirements. Modern properties with robust sustainability credentials will support the corporate's transition to a low carbon future and create space that promotes wellbeing and community engagement to attract talent. Under digitalization and AI, the convergence of digitalization and AI is reshaping the logistics landscape with transformative trends. Smart warehousing solutions powered by AI streamline inventory management and order fulfillment processes, enhancing operational efficiencies. Robotics also automate repetitive tasks, freeing up human resources for strategic activities in the sector of rising labor costs. While demand-driven logistics leverage AI-driven forecasting to optimize inventory levels and respond to changing market demands swiftly. Amid the geopolitical tension and the shifting economic landscape, logistics operators are also proactively bolstering their supply chains with strategies aimed at mitigating risk and enhancing resilience. This includes maintaining higher inventory levels and embracing just-in-case operations to safeguard against disruptions. Lastly, in an environment of elevated construction costs, we are also observing that newly completed logistics assets will require higher rental rates to offset the increased development expenses. Additionally, the higher development costs act as a deterrent for speculative developments, as developers would be more cautious about investing in new projects without any pre-commitments in place. With that, I will end our presentation here.
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