Frasers Logistics & Commercial Trust (BUOU) Q3 2026 earnings summary

Executive summary

• Portfolio comprised 114 properties across five developed countries, valued at S$7.1 billion as of 30 June 2026, with a total lettable area of 2.8 million sqm and a 96.1% occupancy rate.

• Weighted average lease expiry (WALE) stood at 4.9 years, with 85.6% of leases embedded with CPI-linked indexation or fixed escalations.

• Top 10 tenants accounted for 26.4% of gross rental income (GRI), with no single tenant contributing more than 5%.

Financial highlights

• Aggregate leverage was 35.4% as of 30 June 2026, with S$547 million debt headroom to 40% leverage.

• Cost of borrowing was 3.2% on a trailing 12-month basis.

• Interest coverage ratio was 4.6x, and 69.3% of borrowings were at fixed rates.

Outlook and guidance

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

• Strategy includes maintaining a diversified portfolio, structuring leases with inflation protection, and leveraging local teams for market insights.

• Actively seeking opportunities from macroeconomic uncertainty and market dislocation.