Thanks, everyone. Good morning. Thank you for joining us today at FLCT's first half 2025 financial results briefing. Again, I know it's a busy period. I'll keep the introductions very short. Introducing our management team. First, you have Anthea, our CEO, in the middle, flanked by Ng Wah Keong, our Chief Financial Officer. We have Jay to the left of me, Head of Portfolio Management, and Jacob, who heads up our investment function. We also have two colleagues from finance, Poi Ling and Natalie, joining us today. As usual, this presentation will start with a page turn of the results presentation and followed by a facilitated Q&A. Feel free to raise your hands to ask a question or drop me a text, and I'll be happy to ask it for you. Where possible, I know you all have a lot of questions, do try to keep it to a maximum of two for each turn. Okay? Maybe I'll hand the time over to Anthea to run through the presentation. Anthea, over to you. Thanks. Okay. Good morning, everyone. Thanks for joining FLCT's first half of 2025 results. A little snapshot on the first half of 2025. First on distributions. Our DPU for the first half of 2025 is SGD 0.03. Distributable income of SGD 113 million, and this translates to an annualized DPU of 6.7% based on the closing price of, well, SGD 0.89 as at 6th of May. On the portfolio management front, for leases committed over the three-year period from January to March this year, our L&I portfolio achieved positive rental reversions of 8.7% on an outgoing versus incoming basis, and probably 33% on the average versus average basis. On capital management front, our gearing for this quarter is 36.1% with trailing 12-month borrowing costs at an ICR both at 3%, and 4.5 times respectively. I will now hand the time over to Ng Wah Keong to go through the financials in detail. Thanks, Anthea. For first half FY 2025, we observed an increase in revenue and adjusted NPI, primarily due to the full contribution from Chaos Singapore and 4 Germany logistic properties from December 2023 and March 2024 respectively, as well as contribution from Maastricht and Tuas South Link from October and November 2024. This was partially offset by higher vacancy in ATP, 357 Collins Street, as well as the effect of lower average exchange rates of AUD and EUR against SGD in first half FY 2025 relative to first half FY 2024. We also experienced higher non-recoverable land taxes for Victoria and Queensland from January and July 2024 respectively. Our finance cost increased by 35% due to the higher interest rates and additional borrowings drawn for fund through developments and acquisitions. While our revenue grew by 7.5% and adjusted NPI by 1.6%, the higher finance cost and unfavorable Forex have impacted our distributable income, which decreased by 13.5% to SGD 113 million as compared to first half FY 2024 with DPU at SGD 0.03, incorporating approximately SGD 18 million in capital distribution. Moving on to our balance sheet highlights. The value of our investment properties increased slightly by 0.3% as of 31st March 2025. The increase is mainly due to the completions of acquisition of Tuas South Link on 5th November 2024, capital expenditure incurred, stronger EUR and GBP against the SGD, which was partially offset by the net translation loss from a weaker AUD. The NAV per unit is SGD 1.08, representing a 4.4% year-on-year decrease, primarily caused by the net Forex translation loss mentioned earlier. Moving on to the key capital management metrics. Our consistent and prudent capital management strategy resulted in another set of fairly stable capital management metrics as of 31st March 2025, namely trailing three-month average cost of borrowing of 3%, aggregate leverage of 36.1%. This provides a headroom of SGD 447 million before the 40% gearing limit is reached. Subsequent to the refinancing executed in the first half FY 2025, we have SGD 395 million remaining due for leasing in second half FY 2025, and have currently over SGD 690 million of facilities available. We also continue to hold a BBB+ credit rating with stable outlook by Fitch. Our DPU of SGD 0.03 per unit for the first half of FY 2025 will be distributed on 18th June 2025. I will hand over the next segment of the presentation to Jay, who will run through FLCT portfolio progress for the first half of FY 2025. Morning, everyone, and thanks,. We'll start with the leasing summary. We signed seven L&I leases during the period, and as mentioned by Anthea earlier, registered an overall positive rent reversion of 8.7% on an income versus outgo in rent phases, 33% on average versus average rent phases. Contributed mainly by deals secured in Australia as well as the German markets. On the commercial portfolio, notwithstanding a challenging leasing environment, I'm happy to share that we were able to execute 17 new leases during the period across the portfolio. This brings total leasing activity for the first half of 2025 to over 319,000 sq m, which involve 46 deals with a healthy overall average versus average reversion of 29%. Looking at the occupancy review, our overall portfolio occupancy rate currently stands at 93.9%. Breaking it down by category, our L&I properties boast a healthy occupancy rate of 99.6%, while our commercial properties have an occupancy rate of 84.1%. On the L&I front, I'm happy to share that the Australian portfolio has returned to 100% occupancy. Turning to our commercial properties, ATP saw a dip in committed occupancy to 77.1%, mainly due to the expiry of the remaining Google lease on the 31st of December. For information, the occupancy rate for ATP would be 66.7% if we exclude the committed leases with future lease commencements. Moving on to the next slide, our lease expiry profile highlights our proactive approach to lease renewals and backfilling vacancies. At ATP, we have successfully secured leases for 54% of the Google space. Additionally, we have 25 leases with break options or expire in the second half of FY 2025, representing just 5.2% of our portfolio GRI. Looking at the information on the right of the slide, 86.2% of our portfolio leases include CPI-linked annual escalations, providing a natural hedge against inflation. Onto the top 10 tenants. Our top 10 tenants account for 24.7% of our portfolio GRI, with no single tenant contributing more than 5%. Our tenant base is well diversified across resilient sectors, ensuring income resilience. Seven of our top 10 tenants are from the L&I portfolio, and five of our top 10 tenants occupy multiple buildings across the portfolio with varying lease expiries. Looking at our portfolio tenant composition, it remains very well diversified. We continue to have a positive exposure to the resilient sectors, with 66.9% of GRI contribution from our L&I tenants, with the highest weighting in the 3PL transport and freight segment. Approximately 85.1% is contributed by government-linked core and resilient industries such as the attractive new economy sectors. Onto our ESG highlights. I'm pleased to share that we have continued to progress forward with our ESG commitments. As at the 31st of March, our portfolio's total solar capacity is 15.1 megawatts. Some of our decarbonization initiatives over the quarter included installing 530 kilowatt solar system at Caroline Chisholm Centre in Australia. Green certification for the portfolio has progressed from 87% last quarter to over 90% in the current quarter. During the period, ATP Block B was awarded the BCA Green Mark GoldPLUS award, while one of our buildings at Blythe Valley Park received an enhanced EPC rating from E to B. I'll now hand the time back to Anthea, who will cover the key trends and developments. Thank you, Jay. Let me highlight the key trends affecting our operating environment. In the L&I sector, we see demand driven by strategic location preferences as companies navigate tariffs impacts and accommodate reshoring initiatives. Supply chain resilience continue to be paramount, with higher inventory levels and nearshoring driving warehouse demand. Though market uncertainties may cause logistic providers to exercise caution in their real estate plans and delay expansion decisions. Demographics remain favorable, particularly in Australia, supporting continued L&I demand. E-commerce growth shows potential to drive selective demand for modern logistic solutions, despite some headwinds from uncertain conditions affecting online retailers. The interest rate environment remains uncertain due to inflation and growth concerns, with Forex volatility continuing through FY2025, potentially keeping inflation elevated despite economic slowdown. Finally, grid infrastructure constraints around power and land availability are influencing L&I site selection decisions, with factors like grid-connected locations and construction materials, tariffs constraining development. These trends shape our strategic approach as we navigate the evolving market landscape. I also wish to highlight we're also taking deliberate steps to preserve our debt headroom for long-term growth and value creation, while remaining mindful of the concerns associated with significant DPU fluctuations. It remains our priority to pursue strategic growth opportunities in the resilient L&I segment, while I think concurrently evaluating the divestment of the non-core office assets to optimize our portfolio composition. With this, I end my presentation. I will hand the time over to CK.
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