Frasers L&C Tr BUOU

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Financials

Annual report

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18 tables

Statement of total return

22 metrics

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Statement of total return from Annual report
Metric / unit 2025Group2024Group Source
RevenueS$’000 471,486446,674 PDF p. 119
Property operating expensesS$’000 (131,760)(124,700) PDF p. 119
Net property incomeS$’000 339,726321,974 PDF p. 119
Managers’ management feesS$’000 (36,579)(37,594) PDF p. 119
Trustees’ feesS$’000 (877)(845) PDF p. 119
Trust expensesS$’000 (7,116)(4,690) PDF p. 119
Exchange gains (net)S$’000 191117 PDF p. 119
Finance incomeS$’000 1,0811,948 PDF p. 119
Finance costsS$’000 (83,000)(65,658) PDF p. 119
Net finance costsS$’000 (81,919)(63,710) PDF p. 119
Net incomeS$’000 213,426215,252 PDF p. 119
Net change in fair value of derivativesS$’000 (2,077)(122) PDF p. 119
Net change in fair value of investment propertiesS$’000 36,885(40,753) PDF p. 119
Gain on divestment of investment propertiesS$’000 180– PDF p. 119
Total return for the year before taxS$’000 248,414174,377 PDF p. 119
Tax expenseS$’000 (36,013)(23,700) PDF p. 119
Total return for the yearS$’000 212,401150,677 PDF p. 119
Total return attributable to:
UnitholdersS$’000 205,073147,525 PDF p. 119
Non-controlling interestsS$’000 7,3283,152 PDF p. 119
SubtotalS$’000 212,401150,677 PDF p. 119
Earnings per Unit (Singapore cents)
BasicSingapore cents per Unit 5.443.93 PDF p. 119
DilutedSingapore cents per Unit 5.413.92 PDF p. 119
Definitions & sources

Original report: PDF p. 119 ↗

Distribution statement

15 metrics

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Distribution statement from Annual report
Metric / unit 2025Group2024Group Source
Distributable income during the year
Total return for the year attributable to UnitholdersS$’000 205,073147,525 PDF p. 120
Tax related and other adjustments (Note A)S$’000 (10,594)62,812 PDF p. 120
Income available for distribution to UnitholdersS$’000 194,479210,337 PDF p. 120
Capital distribution (Note B)S$’000 30,17545,178 PDF p. 120
Distributable incomeS$’000 224,654255,515 PDF p. 120
Amount available for distribution to Unitholders at beginning of the yearS$’000 124,747131,812 PDF p. 120
Distributable income for the yearS$’000 224,654255,515 PDF p. 120
Amount available for distribution to UnitholdersS$’000 349,401387,327 PDF p. 120
Distributions to Unitholders:
Distribution of 3.52 Singapore cents per Unit for the period from 1 April 2023 to 30 September 2023S$’000; payment amount, per Unit rate printed in label –(131,808) PDF p. 120
Distribution of 3.48 Singapore cents per Unit for the period from 1 October 2023 to 31 March 2024S$’000; payment amount, per Unit rate printed in label –(130,772) PDF p. 120
Distribution of 3.32 Singapore cents per Unit for the period from 1 April 2024 to 30 September 2024S$’000; payment amount, per Unit rate printed in label (124,905)– PDF p. 120
Distribution of 3.00 Singapore cents per Unit for the period from 1 October 2024 to 31 March 2025S$’000; payment amount, per Unit rate printed in label (113,087)– PDF p. 120
SubtotalS$’000 (237,992)(262,580) PDF p. 120
Amount available for distribution to Unitholders at end of the yearS$’000 111,409124,747 PDF p. 120
Distribution per Unit (DPU) (Singapore cents) (1)Singapore cents per Unit 5.956.80 PDF p. 120
Definitions & sources

Original report: PDF p. 120 ↗

(1) The DPU relates to the distributions in respect of the relevant financial year. The distribution for the period from 1 April 2025 to 30 September 2025 (2024: 1 April 2024 to 30 September 2024) will be made subsequent to the financial year end. (a) Reimbursements received from the vendors in relation to outstanding lease incentives at the point of completion of the acquisition of certain properties in Australia, Europe and the United Kingdom (“UK”) in prior years. (b) Rental support received from vendors in relation to the acquisition of 2 Tuas South Link 1 in Singapore. (c) Coupon interest received from vendors in relation to the development of certain properties in the UK and Europe.

Distribution statement — Note A adjustments

13 metrics

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Distribution statement — Note A adjustments from Annual report
Metric / unit 2025Group2024Group Source
Note A; Tax related and other adjustments
Note A Tax related and other adjustments relate to the following items: Straight-lining of rental adjustmentsS$’000 (7,473)3,052 PDF p. 120
Managers’ management fees paid/payable in UnitsS$’000 25,53118,670 PDF p. 120
Exchange gains (net)S$’000 (219)(140) PDF p. 120
Interest expense on lease liabilitiesS$’000 5,6944,091 PDF p. 120
Lease payments of right-of-use assetsS$’000 (6,140)(5,021) PDF p. 120
Net change in fair value of derivativesS$’000 2,077122 PDF p. 120
Net change in fair value of investment propertiesS$’000 (36,885)40,753 PDF p. 120
Fair value loss on financial assets at fair value through profit or loss (“FVTPL”)S$’000 –51 PDF p. 120
Gain on divestment of investment propertiesS$’000 (180)– PDF p. 120
Deferred tax expenseS$’000 5,700193 PDF p. 120
Non-controlling interests’ share of adjustmentsS$’000 2,499732 PDF p. 120
Other adjustmentsS$’000 (1,198)309 PDF p. 120
Net distribution adjustmentsS$’000 (10,594)62,812 PDF p. 120
Definitions & sources

Original report: PDF p. 120 ↗

Distribution statement — Note B capital distribution

5 metrics

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Distribution statement — Note B capital distribution from Annual report
Metric / unit 2025Group2024Group Source
Note B; Capital distribution
Note B Capital distribution relates to the following: Lease incentives(a)S$’000 1,4201,582 PDF p. 120
Rental support(b)S$’000 925– PDF p. 120
Divestment gainsS$’000 27,83041,700 PDF p. 120
Coupon interest(c)S$’000 –1,896 PDF p. 120
SubtotalS$’000 30,17545,178 PDF p. 120
Definitions & sources

Original report: PDF p. 120 ↗

Statements of financial position

29 metrics

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Statements of financial position from Annual report
Metric / unit 2025Group2024Group2025Trust2024Trust Source
Non-current assets
Investment propertiesS$’000 6,993,8986,928,373–– PDF p. 121
Plant and equipmentS$’000 3616–– PDF p. 121
Investment in subsidiariesS$’000 ––3,010,0203,118,110 PDF p. 121
Loans to subsidiariesS$’000 ––1,612,6291,702,722 PDF p. 121
Derivative assetsS$’000 94030,28994028,605 PDF p. 121
SubtotalS$’000 6,994,8746,958,6784,623,5894,849,437 PDF p. 121
Current assets
Cash and cash equivalentsS$’000 299,104133,5718,1025,799 PDF p. 121
Trade and other receivablesS$’000 31,39830,088354,347187,750 PDF p. 121
Loans to subsidiariesS$’000 ––240,781128,566 PDF p. 121
Derivative assetsS$’000 14,98214,54714,90313,233 PDF p. 121
SubtotalS$’000 345,484178,206618,133335,348 PDF p. 121
Total assetsS$’000 7,340,3587,136,8845,241,7225,184,785 PDF p. 121
Current liabilities
Trade and other payablesS$’000 89,74192,670258,102261,701 PDF p. 121
Loans and borrowingsS$’000 475,625557,204380,335383,531 PDF p. 121
Derivative liabilitiesS$’000 15,78613515,786135 PDF p. 121
Current tax liabilitiesS$’000 27,49718,132468468 PDF p. 121
SubtotalS$’000 608,649668,141654,691645,835 PDF p. 121
Non-current liabilities
Trade and other payablesS$’000 12,77510,985–– PDF p. 121
Loans and borrowingsS$’000 2,167,4731,855,5321,642,3521,510,241 PDF p. 121
Derivative liabilitiesS$’000 28,29924,91024,71924,910 PDF p. 121
Deferred tax liabilitiesS$’000 254,778255,220–– PDF p. 121
SubtotalS$’000 2,463,3252,146,6471,667,0711,535,151 PDF p. 121
Total liabilitiesS$’000 3,071,9742,814,7882,321,7622,180,986 PDF p. 121
Net assetsS$’000 4,268,3844,322,0962,919,9603,003,799 PDF p. 121
Represented by:
Unitholders’ fundsS$’000 4,174,5854,269,5372,919,9603,003,799 PDF p. 121
Non-controlling interestsS$’000 93,79952,559–– PDF p. 121
SubtotalS$’000 4,268,3844,322,0962,919,9603,003,799 PDF p. 121
Units in issue and to be issued (’000)’000 Units 3,790,7713,762,2023,790,7713,762,202 PDF p. 121
Net asset value per Unit (S$)S$ per Unit 1.101.130.770.80 PDF p. 121
Definitions & sources

Original report: PDF p. 121 ↗

Statements of movements in Unitholders’ funds — Group 2025

16 metrics

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Statements of movements in Unitholders’ funds — Group 2025 from Annual report
Metric / unit 2025Group; attributable to Unitholders2025Group; non-controlling interests2025Group; total Source
Statements of movements in Unitholders’ funds
At 1 October 2024S$’000 4,269,53752,5594,322,096 PDF p. 122
Operations
Increase in net assets resulting from operationsS$’000 205,0737,328212,401 PDF p. 122
Units issued and to be issued:
Managers’ management fees and divestment fees paid/ payable in UnitsS$’000 25,857–25,857 PDF p. 122
Distributions paid to UnitholdersS$’000 (237,992)–(237,992) PDF p. 122
Dividends paid to non-controlling interestsS$’000 –(5,474)(5,474) PDF p. 122
Net decrease in net assets resulting from transactions with ownersS$’000 (212,135)(5,474)(217,609) PDF p. 122
Hedging reserve
Effective portion of change in fair value of cash flow hedgesS$’000 (19,858)(25)(19,883) PDF p. 122
Net change in fair value of cash flow hedges reclassified to statement of total returnS$’000 (428)–(428) PDF p. 122
Net decrease in net assets resulting from hedging reserveS$’000 (20,286)(25)(20,311) PDF p. 122
Foreign currency translation reserve
Translation differences relating to financial statements of foreign subsidiariesS$’000 (31,263)5,997(25,266) PDF p. 122
Exchange differences on hedge of net investments in foreign operationsS$’000 (57,721)–(57,721) PDF p. 122
Exchange differences on monetary items forming part of net investment in foreign operationsS$’000 22,126–22,126 PDF p. 122
Net (decrease)/increase in net assets resulting from foreign currency translation reserveS$’000 (66,858)5,997(60,861) PDF p. 122
Changes in ownership interests in subsidiaries
Divestment of ownership interests to non-controlling interestsS$’000 (746)33,41432,668 PDF p. 122
Total changes in ownership interests in subsidiariesS$’000 (746)33,41432,668 PDF p. 122
At 30 September 2025S$’000 4,174,58593,7994,268,384 PDF p. 122
Definitions & sources

Original report: PDF p. 122 ↗

Statements of movements in Unitholders’ funds — Group 2024

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Statements of movements in Unitholders’ funds — Group 2024 from Annual report
Metric / unit 2024Group; attributable to Unitholders2024Group; non-controlling interests2024Group; total Source
Statements of movements in Unitholders’ funds
At 1 October 2023S$’000 4,379,70145,3374,425,038 PDF p. 123
Operations
Increase in net assets resulting from operationsS$’000 147,5253,152150,677 PDF p. 123
Units issued and to be issued:
Managers’ management fees and acquisition fees paid/ payable in UnitsS$’000 19,516–19,516 PDF p. 123
Unit issue costsS$’000 (30)–(30) PDF p. 123
Distributions paid to UnitholdersS$’000 (262,580)–(262,580) PDF p. 123
Dividends paid to non-controlling interestsS$’000 –(2,859)(2,859) PDF p. 123
Net decrease in net assets resulting from transactions with ownersS$’000 (243,094)(2,859)(245,953) PDF p. 123
Hedging reserve
Effective portion of change in fair value of cash flow hedgesS$’000 (51,984)(51)(52,035) PDF p. 123
Net change in fair value of cash flow hedges reclassified to statement of total returnS$’000 3,503–3,503 PDF p. 123
Net decrease in net assets resulting from hedging reserveS$’000 (48,481)(51)(48,532) PDF p. 123
Foreign currency translation reserve
Translation differences relating to financial statements of foreign subsidiariesS$’000 36,518(536)35,982 PDF p. 123
Exchange differences on hedge of net investments in foreign operationsS$’000 (3,560)–(3,560) PDF p. 123
Exchange differences on monetary items forming part of net investment in foreign operationsS$’000 928–928 PDF p. 123
Net increase/(decrease) in net assets resulting from foreign currency translation reserveS$’000 33,886(536)33,350 PDF p. 123
Changes in ownership interests in subsidiaries
Acquisition of subsidiaries with non-controlling interestsS$’000 –6,9536,953 PDF p. 123
Additional capital contribution from non-controlling interestsS$’000 –563563 PDF p. 123
Total changes in ownership interests in subsidiariesS$’000 –7,5167,516 PDF p. 123
At 30 September 2024S$’000 4,269,53752,5594,322,096 PDF p. 123
Definitions & sources

Original report: PDF p. 123 ↗

Statements of movements in Unitholders’ funds — Trust 2025 and 2024

10 metrics

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Statements of movements in Unitholders’ funds — Trust 2025 and 2024 from Annual report
Metric / unit 2025Trust2024Trust Source
Statements of movements in Unitholders’ funds
At beginning of the yearS$’000 3,003,7993,142,752 PDF p. 124
Operations
Increase in net assets resulting from operationsS$’000 138,481141,960 PDF p. 124
Units issued and to be issued:
Managers’ management fees, acquisition fees and divestment fees paid/ payable in UnitsS$’000 25,85719,516 PDF p. 124
Unit issue costsS$’000 –(30) PDF p. 124
Distributions paid to UnitholdersS$’000 (237,992)(262,580) PDF p. 124
Net decrease in net assets resulting from transactions with ownersS$’000 (212,135)(243,094) PDF p. 124
Hedging reserve
Effective portion of change in fair value of cash flow hedgesS$’000 (9,757)(41,322) PDF p. 124
Net change in fair value of cash flow hedges reclassified to statement of total returnS$’000 (428)3,503 PDF p. 124
Net decrease in net assets resulting from hedging reserveS$’000 (10,185)(37,819) PDF p. 124
At end of the yearS$’000 2,919,9603,003,799 PDF p. 124
Definitions & sources

Original report: PDF p. 124 ↗

Statement of cash flows

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Statement of cash flows from Annual report
Metric / unit 2025Group2024Group Source
Cash flows from operating activities
Total return before taxS$’000 248,414174,377 PDF p. 125
Adjustments for:
Straight-lining of rental adjustmentsS$’000 (7,473)3,052 PDF p. 125
Effects of recognising lease incentives on a straight-line basis over the lease termS$’000 6,3588,181 PDF p. 125
Managers’ management fees paid/payable in UnitsS$’000 25,53118,670 PDF p. 125
Depreciation of plant and equipmentS$’000 2157 PDF p. 125
Provision for/(Reversal of) doubtful receivablesS$’000 426(173) PDF p. 125
Unrealised exchange gains (net)S$’000 (742)(597) PDF p. 125
Finance incomeS$’000 (1,081)(1,948) PDF p. 125
Finance costsS$’000 83,00065,658 PDF p. 125
Net change in fair value of derivativesS$’000 2,077122 PDF p. 125
Net change in fair value of investment propertiesS$’000 (36,885)40,753 PDF p. 125
Gain on divestment of investment propertiesS$’000 (180)– PDF p. 125
Cash generated from operations before working capital changesS$’000 319,466308,152 PDF p. 125
Changes in working capital:
Trade and other receivablesS$’000 (2,053)2,055 PDF p. 125
Trade and other payablesS$’000 4,94026,639 PDF p. 125
Cash generated from operationsS$’000 322,353336,846 PDF p. 125
Tax paidS$’000 (20,089)(25,474) PDF p. 125
Net cash generated from operating activitiesS$’000 302,264311,372 PDF p. 125
Cash flows from investing activities
Acquisition of subsidiariesS$’000 –(174,787) PDF p. 125
Acquisition of investment properties (including acquisition costs)S$’000 (147,173)(8,352) PDF p. 125
Net proceeds from divestment of investment propertiesS$’000 160,7255,739 PDF p. 125
Capital and other expenditure on investment propertiesS$’000 (50,577)(88,209) PDF p. 125
Interest receivedS$’000 1,0811,948 PDF p. 125
Net cash used in investing activitiesS$’000 (35,944)(263,661) PDF p. 125
Cash flows from financing activities
Interest paidS$’000 (80,101)(62,688) PDF p. 125
Proceeds from loans and borrowingsS$’000 1,149,309895,740 PDF p. 125
Repayment of loans and borrowingsS$’000 (958,418)(631,231) PDF p. 125
Payment of upfront debt-related transaction costsS$’000 (4,099)(2,827) PDF p. 125
Payment of lease liabilitiesS$’000 (446)(930) PDF p. 125
Proceeds from divestment of ownership interests to non-controlling interestsS$’000 32,994– PDF p. 125
Distributions paid to UnitholdersS$’000 (237,992)(262,580) PDF p. 125
Dividends paid to non-controlling interestsS$’000 (5,474)(2,859) PDF p. 125
Net cash used in financing activitiesS$’000 (104,227)(67,375) PDF p. 125
Net increase/(decrease) in cash and cash equivalentsS$’000 162,093(19,664) PDF p. 125
Cash and cash equivalents at beginning of yearS$’000 133,571152,737 PDF p. 125
Effect of exchange rate changes on cash and cash equivalentsS$’000 3,440498 PDF p. 125
Cash and cash equivalents at end of yearS$’000 299,104133,571 PDF p. 125
Definitions & sources

Original report: PDF p. 125 ↗

Significant non-cash transactions 2025 • 19,987,765 Units, amounting to S$18,685,000, were issued to the Managers as satisfaction of the management fees payable to the Managers. • 386,833 Units, amounting to S$326,000, were issued to the Managers as satisfaction of the divestment fees payable to the Managers for the divestment of ownership interests to non-controlling interests. 2024 • 28,072,276 Units, amounting to S$30,835,000, were issued to the Managers as satisfaction of the management fees payable to the Managers. • 804,693 Units, amounting to S$846,000, were issued to the Managers as satisfaction of the acquisition fees payable to the Managers for the acquisition of investment properties.

(1) Relates to the deferred payment received from the completion of divestment of a leasehold property at 2-46 Douglas Street, Port Melbourne, Victoria, Australia on 24 October 2022.

Physical page 126, significant non-cash transaction (2025): 19,987,765 Units, amounting to S$18,685,000, were issued to the Managers as satisfaction of the management fees payable to the Managers.

Physical page 126, significant non-cash transaction (2025): 386,833 Units, amounting to S$326,000, were issued to the Managers as satisfaction of the divestment fees payable to the Managers for the divestment of ownership interests to non-controlling interests.

Physical page 126, significant non-cash transaction (2024): 28,072,276 Units, amounting to S$30,835,000, were issued to the Managers as satisfaction of the management fees payable to the Managers.

Physical page 126, significant non-cash transaction (2024): 804,693 Units, amounting to S$846,000, were issued to the Managers as satisfaction of the acquisition fees payable to the Managers for the acquisition of investment properties.

Five-year financial highlights — Selected balance sheet data and key financial indicators

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Five-year financial highlights — Selected balance sheet data and key financial indicators from Annual report
Metric / unit 2021Group2022Group2023Group2024Group2025Group Source
Selected balance sheet data
Total assets$ million 7,680.27,409.76,937.77,136.97,340.4 PDF p. 9
Total gross borrowings$ million 2,531.61,977.62,037.92,284.52,513.3 PDF p. 9
Unitholders’ funds$ million 4,574.64,838.84,379.74,269.54,174.6 PDF p. 9
Market capitalisation$ million 5,588.24,546.34,006.74,321.53,589.3 PDF p. 9
Key financial indicators
Aggregate leverage% 33.727.430.233.035.7 PDF p. 9
Average weighted debt maturityyears 3.42.72.22.42.8 PDF p. 9
Average cost of borrowings% per annum 1.61.62.22.83.1 PDF p. 9
Definitions & sources

Original report: PDF p. 9 ↗

1 Adjusted NPI comprises the actual NPI excluding straight-lining adjustments for rental income and adding lease payments of right-of-use assets 2 Based on the closing price and number of issued units in FLCT (“Units”) as at the last trading day of the respective financial year. Source: Bloomberg 3 The impact of FRS 116 Leases and non-controlling interests have been excluded for the purpose of computing the aggregate leverage ratio 4 Based on trailing 12 months borrowing cost

Portfolio statement — carrying amounts

124 metrics

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Portfolio statement — carrying amounts from Annual report
Metric / unit 2025Group; carrying amount2024Group; carrying amount Source
Portfolio statement
98-126 South Park Drive, Dandenong SouthS$’000 51,61950,639 PDF p. 127 Label p. 127
21-33 South Park Drive, Dandenong SouthS$’000 39,67441,755 PDF p. 127 Label p. 127
22-26 Bam Wine Court, Dandenong SouthS$’000 30,28931,538 PDF p. 127 Label p. 127
16-32 South Park Drive, Dandenong SouthS$’000 28,15630,295 PDF p. 127 Label p. 127
89-103 South Park Drive, Dandenong SouthS$’000 18,34418,301 PDF p. 127 Label p. 127
17 Pacific Drive and 170-172 Atlantic Drive, KeysboroughS$’000 56,31161,966 PDF p. 127 Label p. 127
150-168 Atlantic Drive, KeysboroughS$’000 53,75251,527 PDF p. 127 Label p. 127
49-75 Pacific Drive, KeysboroughS$’000 46,07345,308 PDF p. 127 Label p. 127
77 Atlantic Drive, KeysboroughS$’000 32,63530,383 PDF p. 127 Label p. 127
78 & 88 Atlantic Drive, KeysboroughS$’000 29,00931,538 PDF p. 127 Label p. 127
111 Indian Drive, KeysboroughS$’000 44,36644,864 PDF p. 127 Label p. 127
29 Indian Drive, KeysboroughS$’000 40,95441,488 PDF p. 127 Label p. 127
17 Hudson Court, KeysboroughS$’000 42,66042,466 PDF p. 127 Label p. 127
8-28 Hudson Court, KeysboroughS$’000 55,45857,080 PDF p. 127 Label p. 127
211A Wellington Road, MulgraveS$’000 28,58228,251 PDF p. 127 Label p. 127
75-79 Canterbury Road, BraesideS$’000 31,56831,449 PDF p. 127 Label p. 127
468 Boundary Road, DerrimutS$’000 40,95442,421 PDF p. 127 Label p. 127
1 Doriemus Drive, TruganinaS$’000 116,035112,827 PDF p. 127 Label p. 127
2-22 Efficient Drive, TruganinaS$’000 72,52274,626 PDF p. 127 Label p. 127
1-13 and 15-27 Sunline Drive, TruganinaS$’000 46,49948,862 PDF p. 127 Label p. 127
Balance carried forwardS$’000 905,460917,584 PDF p. 127
Balance brought forwardS$’000 905,460917,584 PDF p. 128
42 Sunline Drive, TruganinaS$’000 24,95625,319 PDF p. 128 Label p. 128
43 Efficient Drive, TruganinaS$’000 38,18140,866 PDF p. 128 Label p. 128
1 Magnesium Place, TruganinaS$’000 18,77019,767 PDF p. 128 Label p. 128
11 Magnesium Place, TruganinaS$’000 13,65114,659 PDF p. 128 Label p. 128
17 Magnesium Place, TruganinaS$’000 14,93116,213 PDF p. 128 Label p. 128
18-34 Aylesbury Drive, AltonaS$’000 41,80742,865 PDF p. 128 Label p. 128
Balance carried forwardS$’000 1,171,7791,194,550 PDF p. 128
Balance brought forwardS$’000 1,171,7791,194,550 PDF p. 129
4-8 Kangaroo Avenue, Eastern CreekS$’000 121,154123,487 PDF p. 129 Label p. 129
21 Kangaroo Avenue, Eastern CreekS$’000 123,287128,374 PDF p. 129 Label p. 129
17 Kangaroo Avenue, Eastern CreekS$’000 62,28459,345 PDF p. 129 Label p. 129
7 Eucalyptus Place, Eastern CreekS$’000 51,19251,527 PDF p. 129 Label p. 129
2 Hanson Place, Eastern CreekS$’000 108,356110,161 PDF p. 129 Label p. 129
8-8A Reconciliation Rise, PemulwuyS$’000 79,86078,890 PDF p. 129 Label p. 129
6 Reconciliation Rise, PemulwuyS$’000 61,68664,320 PDF p. 129 Label p. 129
8 Distribution Place, Seven HillsS$’000 39,24738,468 PDF p. 129 Label p. 129
99 Station Road, Seven HillsS$’000 38,39434,648 PDF p. 129 Label p. 129
10 Stanton Road, Seven HillsS$’000 20,26421,011 PDF p. 129 Label p. 129
8 Stanton Road, Seven HillsS$’000 33,70135,181 PDF p. 129 Label p. 129
11 Gibbon Road, Winston HillsS$’000 62,28462,410 PDF p. 129 Label p. 129
Balance carried forwardS$’000 2,216,8872,238,171 PDF p. 129
Balance brought forwardS$’000 2,216,8872,238,171 PDF p. 130
350 Earnshaw Road, BanyoS$’000 62,11365,297 PDF p. 130 Label p. 130
286 Queensport Road, North MurarrieS$’000 42,06342,377 PDF p. 130 Label p. 130
57-71 Platinum Street, CrestmeadS$’000 42,23342,643 PDF p. 130 Label p. 130
51 Stradbroke Street, HeathwoodS$’000 30,20331,982 PDF p. 130 Label p. 130
30 Flint Street, InalaS$’000 28,58227,540 PDF p. 130 Label p. 130
99 Shettleston Street, RockleaS$’000 22,18322,432 PDF p. 130 Label p. 130
55-59 Boundary Road, Carole ParkS$’000 23,46320,877 PDF p. 130 Label p. 130
10 Siltstone Place, BerrinbaS$’000 19,19717,235 PDF p. 130 Label p. 130
143 Pearson Road, YatalaS$’000 57,59153,482 PDF p. 130 Label p. 130
166 Pearson Road, YatalaS$’000 43,94043,443 PDF p. 130 Label p. 130
103-131 Wayne Goss Drive, BerrinbaS$’000 39,41837,757 PDF p. 130 Label p. 130
29-51 Wayne Goss Drive, BerrinbaS$’000 31,91030,828 PDF p. 130 Label p. 130
60 Paltridge Road, Perth AirportS$’000 8,6179,906 PDF p. 130 Label p. 130
Balance carried forwardS$’000 2,668,4002,683,970 PDF p. 130
Balance brought forwardS$’000 2,668,4002,683,970 PDF p. 131
Industriepark 309, GottmadingenS$’000 83,70288,287 PDF p. 131 Label p. 131
Otto-Hahn-Straße 10, VaihingenS$’000 91,87683,565 PDF p. 131 Label p. 131
Eiselauer Weg 2, UlmS$’000 52,99165,535 PDF p. 131 Label p. 131
Murrer Straße 1, Freiberg amS$’000 54,18749,938 PDF p. 131
Ambros-Nehren-Straße 1, AchernS$’000 24,21824,468 PDF p. 131 Label p. 131
Bietigheimer Straße 50-52, TammS$’000 122,602113,184 PDF p. 131 Label p. 131
Am Bühlfeld 2-8, HerbrechtingenS$’000 74,16668,540 PDF p. 131 Label p. 131
Buchäckerring 18, Bad RappenauS$’000 62,05860,527 PDF p. 131 Label p. 131
Am Römig 8, FrankenthalS$’000 47,52742,212 PDF p. 131 Label p. 131
Oberes Feld 2, 4, 6, 8, MoosthenningS$’000 126,386115,760 PDF p. 131 Label p. 131
Industriepark 1, MammingS$’000 28,91026,472 PDF p. 131 Label p. 131
Jubatus-Allee 3, EbermannsdorfS$’000 16,34715,168 PDF p. 131 Label p. 131
Dieselstraße 30, GarchingS$’000 53,27950,797 PDF p. 131 Label p. 131
Hermesstraße 5, Graben, AugsburgS$’000 59,03056,377 PDF p. 131 Label p. 131
Am Krainhop 10, IsenbüttelS$’000 22,70426,042 PDF p. 131 Label p. 131
Am Autobahnkreuz 14, RastedeS$’000 24,52027,903 PDF p. 131 Label p. 131
Billbrookdeich 167, HamburgS$’000 96,26589,431 PDF p. 131 Label p. 131
Werner-Von-Siemens-Straße 44, SaarwellingenS$’000 13,47112,592 PDF p. 131 Label p. 131
Hans-Fleißner Straße 46-48, EgelsbachS$’000 76,28568,969 PDF p. 131 Label p. 131
Thomas-Dachser-Straße 3, ÜberherrnS$’000 30,87728,475 PDF p. 131 Label p. 131
Balance carried forwardS$’000 3,959,6323,918,006 PDF p. 131
Balance brought forwardS$’000 3,959,6323,918,006 PDF p. 132
Saalhoffer Straße 211,S$’000 53,73349,939 PDF p. 132 Label p. 132
Elbestraße 1-3, MarlS$’000 24,06622,608 PDF p. 132 Label p. 132
Keffelker Straße 66, BrilonS$’000 17,55817,314 PDF p. 132 Label p. 132
Gustav-Stresemann-Weg 1, MünsterS$’000 20,88821,034 PDF p. 132 Label p. 132
Walter-Gropius-Straße 19, BergheimS$’000 38,74833,197 PDF p. 132 Label p. 132
An den Dieken 94, RatingenS$’000 86,57878,413 PDF p. 132 Label p. 132
Johann-Esche-Straße 2, ChemnitzS$’000 25,73125,756 PDF p. 132 Label p. 132
Am Exer 9, LeipzigS$’000 22,09923,324 PDF p. 132 Label p. 132
Im Birkengrund 5-7, ObertshausenS$’000 56,00350,368 PDF p. 132 Label p. 132
Genfer Allee 6, MainzS$’000 82,79475,122 PDF p. 132 Label p. 132
Fuggerstraße 17, BielefeldS$’000 44,04643,356 PDF p. 132 Label p. 132
Gewerbegebiet Etzin 1, BerlinS$’000 64,78263,532 PDF p. 132 Label p. 132
Balance carried forwardS$’000 4,496,6584,421,969 PDF p. 132
Balance brought forwardS$’000 4,496,6584,421,969 PDF p. 133
Belle van Zuylenstraat 5, TilburgS$’000 27,01824,969 PDF p. 133 Label p. 133
Heierhoevenweg 17, VenloS$’000 57,36545,860 PDF p. 133 Label p. 133
Brede Steeg 1, s-HeerenbergS$’000 117,304109,893 PDF p. 133 Label p. 133
Handelsweg 26, ZeewoldeS$’000 72,12366,251 PDF p. 133 Label p. 133
Innovatielaan 6, De KlompS$’000 34,88832,410 PDF p. 133 Label p. 133
Mandeveld 12, MeppelS$’000 48,13244,143 PDF p. 133 Label p. 133
Connexion, Blythe Valley Business Park, Shirley, SolihullS$’000 72,32064,713 PDF p. 133 Label p. 133
Connexion II, Blythe Valley Business Park, Shirley, SolihullS$’000 41,97041,165 PDF p. 133 Label p. 133
Worcester, West MidlandsS$’000 34,94636,095 PDF p. 133 Label p. 133
Ellesmere, Cheshire, North West EnglandS$’000 118,930116,878 PDF p. 133 Label p. 133
2 Tuas South Link 1S$’000 145,000– PDF p. 133 Label p. 133
Alexandra Technopark 438A/438B/438C Alexandra RoadS$’000 711,000700,000 PDF p. 133 Label p. 133
Balance carried forwardS$’000 6,000,3585,704,346 PDF p. 133
Balance brought forwardS$’000 6,000,3585,704,346 PDF p. 134
Central Park 152-158 St Georges Terrace, Perth, Western Australia, 6000 (“Central Park”)S$’000 319,097324,488 PDF p. 134 Label p. 134
Caroline Chisholm Centre Block 4 Section 13, Tuggeranong, ACT 2900S$’000 209,034210,551 PDF p. 134 Label p. 134
545 Blackburn Road, Mount Waverley, Victoria 3149S$’000 31,73934,648 PDF p. 134 Label p. 134
Farnborough Business Park, Farnborough, Thames ValleyS$’000 221,123231,952 PDF p. 134 Label p. 134
Maxis Business Park, 43 Western Road, BracknellS$’000 62,08870,901 PDF p. 134 Label p. 134
Blythe Valley Business Park, Shirley, SolihullS$’000 150,459159,767 PDF p. 134 Label p. 134
Total completed investment properties and balance carried forwardS$’000 6,993,8986,906,337 PDF p. 134
Balance brought forwardS$’000 6,993,8986,906,337 PDF p. 135
Investment property under development
Engelandlaan 15, Maastricht AirportS$’000 –22,036 PDF p. 135 Label p. 135
Portfolio statement
Total investment property under developmentS$’000 –22,036 PDF p. 135
Total completed investment properties and investment property under developmentS$’000 6,993,8986,928,373 PDF p. 135
Other assets and liabilities (net)S$’000 (2,725,514)(2,606,277) PDF p. 135
Net assets of the GroupS$’000 4,268,3844,322,096 PDF p. 135
Net assets attributable to non-controlling interestsS$’000 (93,799)(52,559) PDF p. 135
Unitholders’ fundsS$’000 4,174,5854,269,537 PDF p. 135
Definitions & sources

Original report: PDF p. 127 ↗ PDF p. 128 ↗ PDF p. 129 ↗ PDF p. 130 ↗ PDF p. 131 ↗ PDF p. 132 ↗ PDF p. 133 ↗ PDF p. 134 ↗ PDF p. 135 ↗

Portfolio statement as at 30 September 2025.

Physical page 135: (e) The property has been reclassified from investment property under development to completed investment properties in 2025.

Portfolio statement — percentage of net assets attributable to Unitholders

124 metrics

Units appear below each metric. Scroll to compare years

Portfolio statement — percentage of net assets attributable to Unitholders from Annual report
Metric / unit 2025Group; percentage of net assets attributable to Unitholders2024Group; percentage of net assets attributable to Unitholders Source
Portfolio statement
98-126 South Park Drive, Dandenong South% 1.21.2 PDF p. 127 Label p. 127
21-33 South Park Drive, Dandenong South% 1.01.1 PDF p. 127 Label p. 127
22-26 Bam Wine Court, Dandenong South% 0.70.7 PDF p. 127 Label p. 127
16-32 South Park Drive, Dandenong South% 0.70.7 PDF p. 127 Label p. 127
89-103 South Park Drive, Dandenong South% 0.40.4 PDF p. 127 Label p. 127
17 Pacific Drive and 170-172 Atlantic Drive, Keysborough% 1.31.5 PDF p. 127 Label p. 127
150-168 Atlantic Drive, Keysborough% 1.31.2 PDF p. 127 Label p. 127
49-75 Pacific Drive, Keysborough% 1.21.1 PDF p. 127 Label p. 127
77 Atlantic Drive, Keysborough% 0.80.7 PDF p. 127 Label p. 127
78 & 88 Atlantic Drive, Keysborough% 0.70.7 PDF p. 127 Label p. 127
111 Indian Drive, Keysborough% 1.11.1 PDF p. 127 Label p. 127
29 Indian Drive, Keysborough% 1.01.0 PDF p. 127 Label p. 127
17 Hudson Court, Keysborough% 1.01.0 PDF p. 127 Label p. 127
8-28 Hudson Court, Keysborough% 1.31.3 PDF p. 127 Label p. 127
211A Wellington Road, Mulgrave% 0.70.7 PDF p. 127 Label p. 127
75-79 Canterbury Road, Braeside% 0.80.7 PDF p. 127 Label p. 127
468 Boundary Road, Derrimut% 1.01.0 PDF p. 127 Label p. 127
1 Doriemus Drive, Truganina% 2.82.6 PDF p. 127 Label p. 127
2-22 Efficient Drive, Truganina% 1.71.7 PDF p. 127 Label p. 127
1-13 and 15-27 Sunline Drive, Truganina% 1.11.1 PDF p. 127 Label p. 127
Balance carried forward% 21.821.5 PDF p. 127
Balance brought forward% 21.821.5 PDF p. 128
42 Sunline Drive, Truganina% 0.60.6 PDF p. 128 Label p. 128
43 Efficient Drive, Truganina% 0.91.0 PDF p. 128 Label p. 128
1 Magnesium Place, Truganina% 0.40.5 PDF p. 128 Label p. 128
11 Magnesium Place, Truganina% 0.30.3 PDF p. 128 Label p. 128
17 Magnesium Place, Truganina% 0.40.4 PDF p. 128 Label p. 128
18-34 Aylesbury Drive, Altona% 1.01.0 PDF p. 128 Label p. 128
Balance carried forward% 28.228.0 PDF p. 128
Balance brought forward% 28.228.0 PDF p. 129
4-8 Kangaroo Avenue, Eastern Creek% 2.92.9 PDF p. 129 Label p. 129
21 Kangaroo Avenue, Eastern Creek% 3.03.0 PDF p. 129 Label p. 129
17 Kangaroo Avenue, Eastern Creek% 1.51.4 PDF p. 129 Label p. 129
7 Eucalyptus Place, Eastern Creek% 1.21.2 PDF p. 129 Label p. 129
2 Hanson Place, Eastern Creek% 2.62.6 PDF p. 129 Label p. 129
8-8A Reconciliation Rise, Pemulwuy% 1.91.8 PDF p. 129 Label p. 129
6 Reconciliation Rise, Pemulwuy% 1.51.5 PDF p. 129 Label p. 129
8 Distribution Place, Seven Hills% 0.90.9 PDF p. 129 Label p. 129
99 Station Road, Seven Hills% 0.90.8 PDF p. 129 Label p. 129
10 Stanton Road, Seven Hills% 0.50.5 PDF p. 129 Label p. 129
8 Stanton Road, Seven Hills% 0.80.8 PDF p. 129 Label p. 129
11 Gibbon Road, Winston Hills% 1.51.5 PDF p. 129 Label p. 129
Balance carried forward% 53.252.4 PDF p. 129
Balance brought forward% 53.252.4 PDF p. 130
350 Earnshaw Road, Banyo% 1.51.5 PDF p. 130 Label p. 130
286 Queensport Road, North Murarrie% 1.01.0 PDF p. 130 Label p. 130
57-71 Platinum Street, Crestmead% 1.01.0 PDF p. 130 Label p. 130
51 Stradbroke Street, Heathwood% 0.70.7 PDF p. 130 Label p. 130
30 Flint Street, Inala% 0.70.6 PDF p. 130 Label p. 130
99 Shettleston Street, Rocklea% 0.50.5 PDF p. 130 Label p. 130
55-59 Boundary Road, Carole Park% 0.60.5 PDF p. 130 Label p. 130
10 Siltstone Place, Berrinba% 0.50.4 PDF p. 130 Label p. 130
143 Pearson Road, Yatala% 1.41.3 PDF p. 130 Label p. 130
166 Pearson Road, Yatala% 1.11.0 PDF p. 130 Label p. 130
103-131 Wayne Goss Drive, Berrinba% 0.90.9 PDF p. 130 Label p. 130
29-51 Wayne Goss Drive, Berrinba% 0.80.7 PDF p. 130 Label p. 130
60 Paltridge Road, Perth Airport% 0.20.2 PDF p. 130 Label p. 130
Balance carried forward% 64.162.7 PDF p. 130
Balance brought forward% 64.162.7 PDF p. 131
Industriepark 309, Gottmadingen% 2.02.1 PDF p. 131 Label p. 131
Otto-Hahn-Straße 10, Vaihingen% 2.22.0 PDF p. 131 Label p. 131
Eiselauer Weg 2, Ulm% 1.31.5 PDF p. 131 Label p. 131
Murrer Straße 1, Freiberg am% 1.31.2 PDF p. 131
Ambros-Nehren-Straße 1, Achern% 0.60.6 PDF p. 131 Label p. 131
Bietigheimer Straße 50-52, Tamm% 2.92.7 PDF p. 131 Label p. 131
Am Bühlfeld 2-8, Herbrechtingen% 1.81.6 PDF p. 131 Label p. 131
Buchäckerring 18, Bad Rappenau% 1.51.4 PDF p. 131 Label p. 131
Am Römig 8, Frankenthal% 1.11.0 PDF p. 131 Label p. 131
Oberes Feld 2, 4, 6, 8, Moosthenning% 3.02.7 PDF p. 131 Label p. 131
Industriepark 1, Mamming% 0.70.6 PDF p. 131 Label p. 131
Jubatus-Allee 3, Ebermannsdorf% 0.40.4 PDF p. 131 Label p. 131
Dieselstraße 30, Garching% 1.31.2 PDF p. 131 Label p. 131
Hermesstraße 5, Graben, Augsburg% 1.41.3 PDF p. 131 Label p. 131
Am Krainhop 10, Isenbüttel% 0.50.6 PDF p. 131 Label p. 131
Am Autobahnkreuz 14, Rastede% 0.60.7 PDF p. 131 Label p. 131
Billbrookdeich 167, Hamburg% 2.32.1 PDF p. 131 Label p. 131
Werner-Von-Siemens-Straße 44, Saarwellingen% 0.30.3 PDF p. 131 Label p. 131
Hans-Fleißner Straße 46-48, Egelsbach% 1.81.6 PDF p. 131 Label p. 131
Thomas-Dachser-Straße 3, Überherrn% 0.80.7 PDF p. 131 Label p. 131
Balance carried forward% 95.091.8 PDF p. 131
Balance brought forward% 95.091.8 PDF p. 132
Saalhoffer Straße 211,% 1.31.2 PDF p. 132 Label p. 132
Elbestraße 1-3, Marl% 0.60.5 PDF p. 132 Label p. 132
Keffelker Straße 66, Brilon% 0.40.4 PDF p. 132 Label p. 132
Gustav-Stresemann-Weg 1, Münster% 0.50.5 PDF p. 132 Label p. 132
Walter-Gropius-Straße 19, Bergheim% 0.90.8 PDF p. 132 Label p. 132
An den Dieken 94, Ratingen% 2.11.8 PDF p. 132 Label p. 132
Johann-Esche-Straße 2, Chemnitz% 0.60.6 PDF p. 132 Label p. 132
Am Exer 9, Leipzig% 0.50.5 PDF p. 132 Label p. 132
Im Birkengrund 5-7, Obertshausen% 1.31.2 PDF p. 132 Label p. 132
Genfer Allee 6, Mainz% 2.01.8 PDF p. 132 Label p. 132
Fuggerstraße 17, Bielefeld% 1.11.0 PDF p. 132 Label p. 132
Gewerbegebiet Etzin 1, Berlin% 1.61.5 PDF p. 132 Label p. 132
Balance carried forward% 107.9103.6 PDF p. 132
Balance brought forward% 107.9103.6 PDF p. 133
Belle van Zuylenstraat 5, Tilburg% 0.60.6 PDF p. 133 Label p. 133
Heierhoevenweg 17, Venlo% 1.41.1 PDF p. 133 Label p. 133
Brede Steeg 1, s-Heerenberg% 2.82.6 PDF p. 133 Label p. 133
Handelsweg 26, Zeewolde% 1.71.6 PDF p. 133 Label p. 133
Innovatielaan 6, De Klomp% 0.80.8 PDF p. 133 Label p. 133
Mandeveld 12, Meppel% 1.21.0 PDF p. 133 Label p. 133
Connexion, Blythe Valley Business Park, Shirley, Solihull% 1.71.5 PDF p. 133 Label p. 133
Connexion II, Blythe Valley Business Park, Shirley, Solihull% 1.01.0 PDF p. 133 Label p. 133
Worcester, West Midlands% 0.80.8 PDF p. 133 Label p. 133
Ellesmere, Cheshire, North West England% 2.82.7 PDF p. 133 Label p. 133
2 Tuas South Link 1% 3.5– PDF p. 133 Label p. 133
Alexandra Technopark 438A/438B/438C Alexandra Road% 17.016.4 PDF p. 133 Label p. 133
Balance carried forward% 143.7133.7 PDF p. 133
Balance brought forward% 143.7133.7 PDF p. 134
Central Park 152-158 St Georges Terrace, Perth, Western Australia, 6000 (“Central Park”)% 7.67.6 PDF p. 134 Label p. 134
Caroline Chisholm Centre Block 4 Section 13, Tuggeranong, ACT 2900% 5.04.9 PDF p. 134 Label p. 134
545 Blackburn Road, Mount Waverley, Victoria 3149% 0.80.8 PDF p. 134 Label p. 134
Farnborough Business Park, Farnborough, Thames Valley% 5.35.4 PDF p. 134 Label p. 134
Maxis Business Park, 43 Western Road, Bracknell% 1.51.7 PDF p. 134 Label p. 134
Blythe Valley Business Park, Shirley, Solihull% 3.63.7 PDF p. 134 Label p. 134
Total completed investment properties and balance carried forward% 167.5161.8 PDF p. 134
Balance brought forward% 167.5161.8 PDF p. 135
Investment property under development
Engelandlaan 15, Maastricht Airport% –0.5 PDF p. 135 Label p. 135
Portfolio statement
Total investment property under development% –0.5 PDF p. 135
Total completed investment properties and investment property under development% 167.5162.3 PDF p. 135
Other assets and liabilities (net)% (65.3)(61.1) PDF p. 135
Net assets of the Group% 102.2101.2 PDF p. 135
Net assets attributable to non-controlling interests% (2.2)(1.2) PDF p. 135
Unitholders’ funds% 100.0100.0 PDF p. 135
Definitions & sources

Original report: PDF p. 127 ↗ PDF p. 128 ↗ PDF p. 129 ↗ PDF p. 130 ↗ PDF p. 131 ↗ PDF p. 132 ↗ PDF p. 133 ↗ PDF p. 134 ↗ PDF p. 135 ↗

Portfolio statement as at 30 September 2025.

Physical page 135: (e) The property has been reclassified from investment property under development to completed investment properties in 2025.

Five-year financial highlights — Revenue

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Five-year financial highlights — Revenue from Annual report
Metric / unit 2021Group; financial highlights2022Group; financial highlights2023Group; financial highlights2024Group; financial highlights2025Group; financial highlights Source
Financial highlights
RevenueSGD million 469.3450.2420.8446.7471.5 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Five-year financial highlights — Adjusted net property income

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Five-year financial highlights — Adjusted net property income from Annual report
Metric / unit 2021Group; financial highlights2022Group; financial highlights2023Group; financial highlights2024Group; financial highlights2025Group; financial highlights Source
Financial highlights
Adjusted net property incomeSGD million 355.2342.1311.4320.0326.1 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Adjusted NPI excludes straight-lining adjustments for rental income and adds lease payments of right-of-use assets (footnote 1 on PDF page 9).

Five-year financial highlights — Distributable income

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Five-year financial highlights — Distributable income from Annual report
Metric / unit 2021Group; financial highlights2022Group; financial highlights2023Group; financial highlights2024Group; financial highlights2025Group; financial highlights Source
Financial highlights
Distributable incomeSGD million 270.1281.8262.3255.5224.7 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Five-year financial highlights — Distribution per Unit

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Five-year financial highlights — Distribution per Unit from Annual report
Metric / unit 2021Group; financial highlights2022Group; financial highlights2023Group; financial highlights2024Group; financial highlights2025Group; financial highlights Source
Financial highlights
Distribution per Unitcents per unit 7.687.627.046.805.95 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Five-year financial highlights — Portfolio value

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Five-year financial highlights — Portfolio value from Annual report
Metric / unit 2021Group; financial highlights2022Group; financial highlights2023Group; financial highlights2024Group; financial highlights2025Group; financial highlights Source
Financial highlights
Portfolio valueSGD million 7,323.96,713.66,444.86,773.26,857.6 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Portfolio value excludes investment properties held for sale, properties under development where relevant, and right-of-use assets (footnote a).

Five-year financial highlights — Net asset value

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Five-year financial highlights — Net asset value from Annual report
Metric / unit 2021Group; financial highlights2022Group; financial highlights2023Group; financial highlights2024Group; financial highlights2025Group; financial highlights Source
Financial highlights
Net asset valueSGD per unit 1.241.301.171.131.10 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Where the money comes from

Segment information

By business

Operating segments – Information about reportable segments 7 lines
Operating segments – Information about reportable segments
Item / unit 2025Logistics and industrial – Australia2025Logistics and industrial – Singapore2025Logistics and industrial – Europe2025Logistics and industrial – UK2025Commercial – Australia2025Commercial – Singapore2025Commercial – UK2025Total2024Logistics and industrial – Australia2024Logistics and industrial – Europe2024Logistics and industrial – UK2024Commercial – Australia2024Commercial – Singapore2024Commercial – UK2024Total Source
RevenueS$'000 159,63311,273123,17414,89068,05342,52851,935471,486154,267112,95812,68464,34652,09350,326446,674 PDF p. 182
Property operating expensesS$'000 (50,212)(2,723)(18,130)(1,288)(20,541)(18,221)(20,645)(131,760)(43,592)(17,641)(1,050)(21,413)(17,781)(23,223)(124,700) PDF p. 182
Reportable segment net property incomeS$'000 109,4218,550105,04413,60247,51224,30731,290339,726110,67595,31711,63442,93334,31227,103321,974 PDF p. 182
Net change in fair value of investment propertiesS$'000 72,503(3,232)2597,238(4,840)579(35,622)36,88570,984(6,542)(4,249)(83,792)20,596(37,750)(40,753) PDF p. 182
Gain on divestment of investment propertyS$'000 ––––180––180 PDF p. 182
Capital expenditureS$'000 10,8832975,876–6,0386,6841,79431,5726,75316,36137,89910,4112,1656,82080,409 PDF p. 182
Non-current assets (1)S$'000 2,668,398145,0002,207,792268,166559,870711,036433,6726,993,9342,683,9702,083,561258,851739,371700,016462,6206,928,389 PDF p. 182
Notes

(1) Excluding financial assets

Single-value rows (finance income/costs, unallocated expenses, net income, derivative fair value change, tax expense, total return) are printed only in the Total column.

There is no tenant that contributed more than 10% of the Group's total revenue in 2025 and 2024.

Performance is measured based on segment net property income. No segment assets/liabilities disclosed.

In 2024 there were six reportable segments (no Logistics and industrial – Singapore column).

Single-value rows are printed only in the Total column.

Debt

Borrowings

Terms and debt repayment structure – 2025 (interest rate range, maturity, currency)

Terms and debt repayment structure – 2025 (interest rate range, maturity, currency)
Item / unit 2025Interest rate range per annum (%)2025Year of maturity2025Group Face value S$'0002025Group Carrying amount S$'0002025Trust Face value S$'0002025Trust Carrying amount S$'000 Source
2025
AUD bank loans% / year / S$'000 4.82028115,180114,873–– PDF p. 173
JPY bank loans% / year / S$'000 1.5202643,18543,15043,18543,150 PDF p. 173
Euro lease liabilities% / year / S$'000 1.4208030,69130,691–– PDF p. 173
Notes

Columns for total row are Group face value, Group carrying amount, Trust face value, Trust carrying amount.

The interest rate range excludes the effects of the related interest rate swaps, cross currency swaps, cross currency interest rate swaps and amortisation of borrowing costs. The secured bank loans are secured on certain investment properties (Note 10).

Terms and debt repayment structure – 2024 (interest rate range, maturity, currency)

Terms and debt repayment structure – 2024 (interest rate range, maturity, currency)
Item / unit 2024Interest rate range per annum (%)2024Year of maturity2024Group Face value S$'0002024Group Carrying amount S$'0002024Trust Face value S$'0002024Trust Carrying amount S$'000 Source
2024
JPY bank loans% / year / S$'000 1.0202644,55044,46044,55044,460 PDF p. 174
Euro lease liabilities% / year / S$'000 1.4208029,36129,361–– PDF p. 174
Notes

Columns for total row are Group face value, Group carrying amount, Trust face value, Trust carrying amount.

The interest rate range excludes the effects of the related interest rate swaps, cross currency swaps, cross currency interest rate swaps and amortisation of borrowing costs. The secured bank loans are secured on certain investment properties (Note 10).

Note 28(d) Liquidity risk – Group loans and borrowings contractual maturity

Note 28(d) Liquidity risk – Group loans and borrowings contractual maturity
Item / unit 2025Group Carrying amount S$'0002025Group Contractual cash flows S$'0002025Group Within one year S$'0002025Group Between one and five years S$'0002025Group More than five years S$'0002024Group Carrying amount S$'0002024Group Contractual cash flows S$'0002024Group Within one year S$'0002024Group Between one and five years S$'0002024Group More than five years S$'000 Source
Group Non-derivative financial liabilities
Loans and borrowingsS$'000 2,643,098(3,142,116)(454,159)(2,197,779)(490,178)2,412,736(2,885,915)(641,283)(1,858,106)(386,526) PDF p. 197PDF p. 198
Notes

Contractual undiscounted cash flows on the basis of earliest possible contractual maturity; floating rate interest reflects market forward rates at year end.

Contractual undiscounted cash flows on the basis of earliest possible contractual maturity.

Note 28(d) Liquidity risk – Trust loans and borrowings contractual maturity

Note 28(d) Liquidity risk – Trust loans and borrowings contractual maturity
Item / unit 2025Trust Carrying amount S$'0002025Trust Contractual cash flows S$'0002025Trust Within one year S$'0002025Trust Between one and five years S$'0002025Trust More than five years S$'0002024Trust Carrying amount S$'0002024Trust Contractual cash flows S$'0002024Trust Within one year S$'0002024Trust Between one and five years S$'0002024Trust More than five years S$'000 Source
Trust Non-derivative financial liabilities
Loans and borrowingsS$'000 2,022,687(2,113,085)(343,678)(1,769,407)–1,893,772(2,077,462)(453,045)(1,624,417)– PDF p. 199PDF p. 200
Notes

Contractual undiscounted cash flows on the basis of earliest possible contractual maturity.

Borrowing notes 3 tables

Loans and borrowings (current and non-current)

Loans and borrowings (current and non-current)
Item / unit 2025Group, S$'0002024Group, S$'0002025Trust, S$'0002024Trust, S$'000 Source
Current – Bank loans
– unsecuredS$'000 445,607496,804380,607383,805 PDF p. 173
– securedS$'000 28,82859,530–– PDF p. 173
Less: Unamortised transaction costsS$'000 (277)(349)(272)(274) PDF p. 173
Current
Current bank loans subtotalS$'000 474,158555,985380,335383,531 PDF p. 173
Lease liabilitiesS$'000 1,4671,219–– PDF p. 173
Total current loans and borrowingsS$'000 475,625557,204380,335383,531 PDF p. 173
Non-current – Bank loans
– unsecuredS$'000 1,544,9371,310,7661,221,3961,189,266 PDF p. 173
– securedS$'000 68,97892,374–– PDF p. 173
Non-current
Fixed rate notes (unsecured)S$'000 425,000325,000–– PDF p. 173
Loan from a subsidiary (unsecured)S$'000 ––425,000325,000 PDF p. 173
Less: Unamortised transaction costsS$'000 (6,308)(4,540)(4,044)(4,025) PDF p. 173
Non-current borrowings subtotalS$'000 2,032,6071,723,6001,642,3521,510,241 PDF p. 173
Lease liabilitiesS$'000 134,866131,932–– PDF p. 173
Total non-current loans and borrowingsS$'000 2,167,4731,855,5321,642,3521,510,241 PDF p. 173
Totals
Total bank loans and notesS$'000 2,506,7652,279,5852,022,6871,893,772 PDF p. 173
Total lease liabilities (Note 10)S$'000 136,333133,151–– PDF p. 173
Total loans and borrowingsS$'000 2,643,0982,412,7362,022,6871,893,772 PDF p. 173
Notes

Secured bank loans are secured on certain investment properties (Note 10).

Covenants: non-current loans and borrowings require compliance with covenants principally relating to balance sheet ratios, including interest coverage ratio, minimum consolidated unitholders' fund, Aggregate Leverage Ratio and other financial covenants; complied throughout the year.

Capital management – Key financial indicators

Capital management – Key financial indicators
Item / unit 2025As at 30 Sep 20252024As at 30 Sep 2024 Source
Key Financial Indicators
Total gross borrowings ($ million)$ million 2,513.32,284.5 PDF p. 28
Aggregate leverage (total gross borrowings as a % of total assets) (%)a% 35.733.0 PDF p. 28
Average cost of debt (%)b% 3.12.8 PDF p. 28
Average weighted debt maturity (years)years 2.82.4 PDF p. 28
Interest coverage ratio (ICR) (times)ctimes 4.35.0 PDF p. 28
Notes

a. The impact of FRS 116 Leases, and the gross borrowings and total assets attributable to non-controlling interests have been excluded for the purpose of computing the aggregate leverage ratio

b. Based on the trailing 12 months borrowing costs

Debt profile by currency (as at 30 September 2025)

Debt profile by currency (as at 30 September 2025)
Item / unit 2025$ million2025As % of Total Source
Debt profile by currency
Total Debt$ million / % 2,513.3100.0 PDF p. 29
Notes

Refers to debt in the currency or hedged currency of the country of the investment properties. Currency split (Euro 1,253.3 / 50.0; Singapore Dollar 764.4 / 30.0; British Pound 302.4 / 12.0; Australian Dollar 193.2 / 8.0) is in an interleaved chart legend, so only the total row is quoted.

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Distributions FLCT’s distribution policy is to distribute at least 90.0% of its distributable income and such distributions are paid on a semi-annual basis. For FY2025, FLCT made two such distributions to Unitholders. FLCT PDF p. 105

Dividends declared and proposed

ItemValuePeriod / scopeSource
Distribution of 3.00 Singapore cents per Unit for the period from 1 October 2024 to 31 March 2025 3.00 Singapore cents per Unit FY2025 interim distribution (paid in FY2025), Group PDF p. 120
On 7 November 2025, the Manager declared a distribution of 2.95 Singapore cents per Unit to Unitholders 2.95 Singapore cents per Unit FY2025 final distribution, period 1 April 2025 to 30 September 2025, declared after year end · As at 2025-11-07 PDF p. 211
Distribution per Unit (DPU) (Singapore cents) (1) 5.95 Singapore cents Group, FY2025 (year ended 30 September 2025) PDF p. 120
Distribution per Unit (DPU) (Singapore cents) (1) 6.80 Singapore cents Group, FY2024 (year ended 30 September 2024), comparative PDF p. 120
Distribution of 3.48 Singapore cents per Unit for the period from 1 October 2023 to 31 March 2024 3.48 Singapore cents per Unit FY2024 interim distribution, comparative PDF p. 120
Distribution of 3.32 Singapore cents per Unit for the period from 1 April 2024 to 30 September 2024 3.32 Singapore cents per Unit FY2024 final distribution, comparative (paid in FY2025) PDF p. 120

Extracted from Annual report and checked against the cited pages; see the original report for full context.

REIT, bank & sector ratios

Key metrics

REIT metrics

ItemValuePeriod / scopeSource
Aggregate leverage (total gross borrowings as a % of total assets) (%)a 35.7% FLCT Group, as at 30 Sep 2025 (comparative 30 Sep 2024: 33.0) · As at 2025-09-30 PDF p. 28
Average cost of debt (%)b 3.1% FLCT Group, trailing 12 months to 30 Sep 2025 (comparative 30 Sep 2024: 2.8) · As at 2025-09-30 PDF p. 28
Average weighted debt maturity (years) 2.8 years FLCT Group, as at 30 Sep 2025 (comparative 30 Sep 2024: 2.4) · As at 2025-09-30 PDF p. 28
Interest coverage ratio (ICR) (times)c 4.3 times FLCT Group, as at 30 Sep 2025 (comparative 30 Sep 2024: 5.0) · As at 2025-09-30 PDF p. 28
Net asset value per Unit (S$) 1.10 S$ Group, as at 30 Sep 2025 (comparative 2024: 1.13); Trust 0.77 (2024: 0.80) · As at 2025-09-30 PDF p. 121
Distribution per Unit (DPU) (Singapore cents) (1) 5.95 Singapore cents Group, year ended 30 Sep 2025 (comparative 2024: 6.80) PDF p. 120

Extracted from Annual report and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Audit firm KPMG LLP Group and Trust, FY ended 30 September 2025 PDF p. 118
Engagement partner Lim Pang Yew, Victor Group and Trust, FY ended 30 September 2025 PDF p. 118
Opinion In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of movements in unitholders’ funds of the Trust present fairly, in all material respects Group and Trust, FY ended 30 September 2025 PDF p. 115

Key audit matters

ItemValuePeriod / scopeSource
Valuation of investment properties These investment properties are stated at their fair values based on independent external valuations. Group, as at 30 September 2025 · As at 2025-09-30 PDF p. 115

Extracted from Annual report and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual report, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.