Right. Morning, everyone. I hope you guys can hear me loud and clear. Thank you for joining FLCT's 3Q FY 2024 business update analyst briefing. I'm CK, the investor relations for FLCT, and today I am joined by members of the FLCT management team. I trust they are all familiar faces, including our CEO, Ms. Anthea Lee. Our CFO on my left, Ms. Tricia Yeo. Our Head of Portfolio Management, Mr. James Fong, and our Deputy Head of Investments, Mr. Jacob Toh. As per usual, today's session will start with a pitch turn of our business update presentation filed last evening, followed by a Q&A session. We are adopting a Q&A format for today's briefing, so you may not be able to use the open chat function that you see there. It might be grayed out. For any queries, I recommend that you either use the raise hand function, which some of you have already done, I will unmute you in sequence to ask your questions later on. Feel free to punch it into a Q&A box, or you could also email it to me or send it via text. I think I've said a lot. Without any further ado, let's begin. May I please invite Anthea to kick off today's session. Anthea, over to you. Thank you, CK. Hi. Good morning, everyone. Thank you so much for joining our third quarter FY 2024 business update webcast. In this quarter, FLCT continues to deliver a robust operating performance anchored by good leasing momentum. Portfolio rental reversions came in at a positive 14.8% on an average versus average basis, and 35.1% on the average versus average basis. The occupancy is higher at 95%, supported by the 90,000 sq m of space leased and/or renewed. On the capital management front, FLCT continues to maintain a healthy capital position with an aggregate leverage of 33.2%, remaining the lowest gear amongst the 10 largest S-REITs. I think this slide, many of us are very familiar with. Just in brief, our portfolio stands at 112 properties, of which the L&I accounts for over 70% of the portfolio composition by value. The portfolio will lease for more than two years. I will now hand over to Tricia, who will walk you through the capital management slide. Thanks, Anthea. Morning, all. Anthea has mentioned that our aggregate leverage as of 30th June 2024 is standing at 33.2%. This continues to leave us with ample headroom before 40% gearing ratio is reached. We do have a headroom of SGD 793 million before that 40%. 72.6% of our borrowings are currently hedged at fixed rates. This amount came off by 3.3% from our previous quarter. The trailing 12 months cost of borrowings have risen by about 0.1 percentage point to 2.6% from the last quarter. We have also provided our trailing three months cost of debt for 3Q FY 2024, which stands at 2.8%, also slightly up from the last quarter. Our weighted average debt maturity remains at about two years, and 57% of our borrowings comprises of green or sustainability-linked financing. On the debt maturity and refinancing front, we have SGD 400 million that is due for the rest of the financial year. Facilities are already in place for these borrowings. We are also commencing refinancing for the debts that's coming due the first half FY 2025. I'll hand over to James who'll cover off the portfolio updates. Thanks, Tricia. Hi, everyone. Let's start with the leasing summary for Q3. We leased a total of 90,000 sq m. It's been a pretty big quarter on the leasing front. This brings year-to-date leasing to around 233,000 sq m, or over 80% of the portfolio area. In Q3, we secured 22 deals in total. As mentioned, the overall reversion position was a 25% uplift on an average versus average basis. We look at each segment. For L&I, there was six deals secured. That achieved a 40.7% average versus average reversion, with some really strong results achieved in New South Wales and Victoria. Commercial has seen some positive leasing activity in most of our buildings. 16 deals all up. The overall position was a negative 1.9% reversion, again, on an average versus average basis. Looking at the occupancy review, what that then results in is a total portfolio occupancy rate which has improved to 95%. Commercial has improved up to 87.6%. Logistics has dropped slightly to 99.4%. You can see here that we have one additional vacancy in L&I, which is the ex-Goodyear facility at Carole Park in Queensland. Looking at the individual commercial assets, you'll see some positive uplift in occupancy at Alexandra Technopark. We were at 78% last quarter. We're now at just under 86%. In terms of the Google space, we've leased 25% of the first tranche. We've already pre-committed 13% of the second tranche. 357 has seen a slight increase as well. This is on the back of two retailers who have been secured. We've also made an adjustment to the land tax, which we received this quarter as well. Slight adjustment to the GRI. Banbury in the U.K. has seen some strong leasing over the quarter and quite a good uptick from 75% up to 84%. That's on the back of a number of deals at Building 110, which now brings that building to fully occupied, as well as at Building 150, where we completed a refurbishment of that building. Maxis, the slight increase is due to a market rent review and a new service charge year kicking in. At Alaya, we have recorded a slight decrease. This is on the back of a downsize of one tenant and another tenant exiting the building. Looking at our lease expiry profile, it's reasonably well spread out with no more than 20% of expiry in any single year. You'll see that FY 2025 still includes the Commonwealth of Australia. We continue our negotiations for a lease renewal. 84% of the portfolio is embedded with CPI-linked indexations and fixed escalations. The weighted average for the segment currently stands at 4.8 years for L&I, which is pretty healthy, and just over three years for small commercial. Our tenant base, there's actually been no change to our top 10 tenants this quarter. Six of our top 10 tenants are within the L&I portfolio, and five of the top 10 occupy multiple assets within the portfolio to provide further diversification. We secured a lease replacement for Techtronic Industries in New South Wales. That led to that positive rental reversion that we talked about earlier and zero downtime on that building. As mentioned, ATP, we secured 25% of the first tranche of Google's phase III second tranche. Moving on to the tenant sector division. You'll see that 55% of our GRI is contributed to by the L&I tenants, of which 48% is linked with the 3PL distribution consumer and retail sectors, which have proved to be very resilient over the last few years. We also note here that 83% of our GRI is contributed to by government-linked and new economy sectors. The final slide gives an update on our project at Maastricht in the Netherlands. You'll see from the images that the construction is progressing very well. We're currently on track to complete within the timeline in the first half of FY 2025. The asset, you'll remember, is fully leased on a 10-year term. We are tracking well to achieve a very good certification. I'll hand back to Anthea. Thanks, Jay. Frasers Property remains focused on our sustainability initiatives, achieving notable advancements across multiple fronts. The portfolio also retains strong sustainability credentials. We have achieved a 5-star GRESB rating since 2017 and are the highest Green Star rated industrial portfolio in Australia. As at 30th of June, 75% of our portfolio by GFA has green certifications. On the last slide for today's update, just sharing some of the key observations and key trends and developments affecting our operating environment. In general, we have observed a sustained demand for quality and core properties. In the current market, where transportation costs are the highest cost component for any 3PL operators, occupiers continue to gravitate towards prime locations. Properties with strong sustainability credentials are also more future-proof as the world continues its transition to a low-carbon future. Geopolitical considerations remain key, leading towards economic resilience over efficiency. This in turn supports maintaining higher inventory levels and just-in-case operations. Two key mega trends that will influence the wider economy and L&I are digitalization and AI, and these should be closely watched. The interest rate environment remains elevated. Gradual monetary easing as inflation and recession risk subside is expected to boost investment market confidence. Lastly, potential shifts in foreign trade, monetary and fiscal policy might also support the strength of the foreign exchange rates. With this, I've come to the end of the presentation. I will hand the time back to CK.
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