Frasers Logistics & Commercial Trust (BUOU) Q1 2026 TU earnings summary

Executive summary

• Portfolio occupancy rate improved to 96.2% as of 31 December 2025, with a WALE of 4.9 years and strong rental reversions, supported by e-commerce, population growth, and supply chain modernization.

• L&I assets comprise 75.1% of portfolio value, with 99.7% occupancy and strong rental reversions; commercial assets have 89.0% occupancy.

• ESG credentials improved, with over 90% of portfolio green certified and 19.7 MW solar capacity installed.

Financial highlights

• Aggregate leverage stood at 34.8%, with S$592 million debt headroom and cost of borrowing at 3.1%.

• Interest coverage ratio was 4.1x, and 68.6% of borrowings are at fixed rates.

• Portfolio value reached S$6.9 billion, with L&I assets at S$5.2 billion and commercial at S$1.7 billion.

Outlook and guidance

• Focus remains on best-in-class, ESG-compliant assets in established logistics and industrial hubs with supply constraints.

• No significant revaluation changes expected in L&I portfolio over the next 12 months.

• Macroeconomic headwinds include inflation, gradual interest rate adjustments, and FOREX volatility.