Happy Lunar New Year to all. Appreciate it's a very busy day with many corporates following their results today. Thank you for taking the time to join our first quarter briefing update today. To kick it off, just quick introductions from the FLCT management team. We have here our CEO, Ms. Anthea Lee. Joining us for the first time, Mr. Ng Wah Keong, our CFO, who I'm sure many of you are already quite familiar with. He is joined today by our finance VPs, Pui Ling and Natalie, who sit to the left of me. Last but not least, we have Mr. James Spong, Head of Portfolio Management. As usual, our briefing will start with a brief page turn of our latest business update presentation, which was filed last evening on SGXNet. Q&A, as always, will take place after the presentation. Do please raise your hand to be put in the queue for questions. The slides will be on screen shortly. I'll hand the time over to Anthea to kick off our presentation. Thank you, CK. Hi, good afternoon, everyone. Happy New Year. Thanks for joining us today. I'll walk through the key highlights for the first quarter. For the three-month period ended 31st December 2024, we have notable positive rent reversions of 31.3% on an incoming versus outgoing basis, or 41.8% on the average versus average rent basis. Our trailing 12-month borrowing costs tick up marginally to 2.9%, with an interest coverage ratio of 4.9 times. On the ESG front, over 87% of our portfolio by GFA is now green certified or pursuing green certification. Collectively, these contribute to our robust portfolio and financial metrics, which we will elaborate further in the coming slides. The total number of properties in our portfolio is 114. In the first quarter, we included both our newly completed fund-through development, Maastricht, in the Netherlands, and the newly acquired 12 South Link project property in our L&I portfolio. This brings us to a total 106 L&I properties, accounting for about 72.4% of FLCT's portfolio breakdown by asset type. With the addition of the Singapore asset, our Singapore exposure has increased to 12.5% of portfolio value. Portfolio WALE is at 4.6 years. Overall portfolio occupancy is at 94.3%. On the capital management front, the aggregate leverage as at 31st December was 36.2%, increased by 3.2 percentage points compared to 33% in our previous financial year. The increase is attributed to a few factors, including the debt-funded acquisition of our newly acquired property at 12 Tuas South Link 1, the distribution payment contributing about 1.3%, and lastly, the softening of the AUD, EUR, and GBP against SGD during this period. For the SGD 709 million due for refinancing this year, as you can see on the leftmost part of the bar, we have currently over SGD 715 million of facilities available. I'll pass the next section of our first quarter update to James. Thanks, Anthea. Anthea. Hello, everyone. For the first quarter of FY 2025, we completed around 175,000 sq m of leasing in total. That involved 22 deals. We closed eight deals in the L&I portfolio during the period, registering an overall positive rental reversion of 21.3%. That is on an ingoing versus outgoing rent basis, and just under 42% on an average versus average rent basis. The strong reversers continue to be anchored by our Australian L&I portfolio. For the commercial portfolio, we had a total of 14 new leases during the period, and despite the challenging office market conditions, this has included the likes of the 12-year lease renewal with our largest tenant, Commonwealth of Australia in Canberra. Over on the next slide, we have our occupancy review. Our portfolio occupancy rate currently stands at 94.3% as at 31 December. Having a look at each sector, for L&I, overall occupancy rose to 99.6%, reflecting sustained healthy demand for the L&I accommodation. On the commercial side, 357 Collins Street saw a dip this quarter to an occupancy rate of 63%, which is largely attributed to the non-renewal of a single tenant, which vacated the property in December. While the overall office sector remains challenging, we have seen an uptick in occupancy at three of our commercial assets at Central Park, Canberra, as well as at Maxis. Moving on to the next slide, which provides an overview of our lease expiry profile and the split between L&I and commercial portfolios. Our expiry profile is well distributed across the next 10 years, with no more than 16% of income expiring in any single year. This strategic spread helps us mitigate our risks and ensures a steady stream of rental income. It is also important to note that in that first stack, for FY 2025, we exclude the Google lease. The remaining lease expiry represents under 7% of our portfolio GRI. We point out here that 83% of our portfolio leases are embedded with CPI lease indexation or fixed escalations. The portfolio WALE currently sits at 4.6 years, with the L&I portfolio at 4.6 years, and commercial just a bit less at 4.5 years. Looking at our tenant base, out of our top 10 tenants, they account for 25.3% of the total portfolio GRI. And we have no single tenant attributing more than 5%. Our tenant base is well diversified across the resilient sectors, ensuring income resilience. Six of our top 10 tenants are from the L&I portfolio. For clarity, Google's remaining lease at Australian Technology Park, it expired on the 31st of December 2024, and they will cease to be a tenant in our portfolio for the next recording quarter, but they are still shown in this stack. Moving on to the tenant composition. We have a well-diversified tenant base, a favorable exposure to the resilient sectors, with 66.3% of GRI contributing from our L&I tenants, with the highest weighting in the 3PL, transport, and freight segments. Approximately 86% is contributed by government-linked core and resilient industries, as well as the attractive new economy sectors. Just taking a brief look at our ESG highlights. I am pleased to update that we continue to make good progress against our ESG commitments. As of 31 December 2024, the total solar capacity from the FLCT portfolio stands at 13.4 MW, whilst over 87% of our portfolio by GFA is either green certified or pursuing green certification. I will now hand the time back to Anthea. Thanks, James. Looking ahead, we observe several key trends and developments shaping our operating environment. The demand for core L&I properties continues to be driven by the preference for ESG accreditation. Supply chain resilience, characterized by higher inventory levels and reshoring, is boosting warehouse demand, as evidenced by the rental growth and the high pick-up rates for L&I properties. Positive population growth, particularly in Australia, support L&I demand, while the ongoing and continuous growth in e-commerce translate into increased demand for modern logistics and warehousing solutions. The uncertain interest rate environment and Forex fluctuations will continue to persist, and have an impact this financial year. I think last point about power and land availability, especially in established hubs, are critical factors for L&I site selection and availability. This is driven by rising energy demand and the competition for grid-connected locations. On this slide on MIT, we would just like to provide a bit of background. The FLCT's Australian Trust operates as a managed investment trust under the Taxation Administration Act 1953, which has specific tax implications and requirements. To safeguard our MIT status, since IPO we have in place a forfeiture mechanism that limits the ownership of the units in FLCT. Any excess units above the threshold will be forfeited and sold. In light of the share swap between Thai Beverage and TCC Assets Limited done here, the manager has elected to receive fees in cash for the second half of financial year 2024. Moving forward, for FLCT to maintain flexibility in paying management fees, partially in the form of units to the manager without triggering the forfeiture mechanism, the sponsor will accordingly sell some of the units received and receivable as management fees in order to stay within the requisite threshold. This affords us the flexibility to take mainly 50%-75% of the management fees in units for this FY. We remain committed to delivering sustainable long-term growth and value for our stakeholders, and we recognize that the FLCT debt headroom is precious, and would like to use the debt headroom in conjunction with the two growth opportunities. In line with our growth focus on L&I, we are also concurrently evaluating the divestment of non-core office assets to further optimize our portfolio
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