1H FY2025 Financial Results Webcast Briefing

recording in progress. Good morning everyone. It's a minute early but we'll just hold for a moment after I let you go stream into the call. Good morning everyone. I think we have about 30 of

attendees so just wait for probably a few more seconds before I start it. Yeah thanks everyone good morning. Thank you for joining us today at FLCT's first half 2015 financial results briefing. Again I know it's a busy period I'll keep the introductions very very short. So introducing our management team first you have En Gere our CEO in the middle flanked by Wakiel our chief financial officer. We have Jay to the left of me head of portfolio management and Jacob who hits up our

investment function. I also have two colleagues from finance Boiling and Natalie joining us today. So as usual this presentation will start with a page turn of the results presentation and followed by a facilitator Q&A. So 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 maximum of two for each turn. Okay maybe I'll hand the time over to En Gere to run through the presentation. En Gere over to you. Thanks good morning everyone. So thanks for joining FLCT's first half of the year 2015 results. Okay it's next shot on the first half of the year 2015. First on distributions our DPU for the first half of 2025 is three Singapore cents distributable income of $130 million. This translates to an annualized DPU of 6.7% based on the closing price of $0.59. On the portfolio management front for leases committed over the three-year period from January to March this year our LNI portfolio achieved

positive rental reversions of 8.7% on the outgoing versus in-going incoming basis and probably based 33% on the average versus average basis. On capital management front our hearing for this quarter is 36.1% retrilling 12-month borrowing costs and ICR both at 3% and 4.5 times respectively. And I will now hand the time over to Wakyo to go through the financials in detail. Thanks En Gere. For first half of 2025 we observed an increase in revenue and adjusted MPI primarily due to the full contribution from Dallas, Minneapolis and four Germany logistic properties from December 2-3 and March 2-4 respectively as well as contribution from Maxtrich and Toutois South Link from October and November 2-4. However, this was partially offset by higher vacancy in ATP, 3-5-7-14 streets as well as the effect of lower average exchanges

of AUD and EUR against dollar in first half of 2025 relative to first half of 2025. We also experienced higher non-recoverable land taxes for Victoria and Queensland from January and July 2-4 respectively. Our finance cost increased by 35% due to the high interest rates and additional borrowing strength for fund through development and acquisitions. In summary, while our revenue grew by 7.5% and adjusted MPI by 1.6%, the higher finance costs and unfavorable forex have impacted our distributable income which decreased by 13.5% to $6.13 million as compared to first half of 2020 with DPO at 3 Singapore cents incorporating approximately $6.18 million in capital distribution.

Moving on to our balance sheet highlights, the value of our investment opportunities increased slightly by 0.3% as of the first March 2-5. The increase is mainly due to the completion of acquisitions of Toutois South Link on 5th November 2024, capital expenditure incurred, strongest euro and bounce the link against the SIC dollar which was partially offset by the net translation loss from a weaker AUD. NAB per unit is SIC dollar 1.08 representing a 4.4% year on year decrease primarily caused by the net forex translation loss mentioned earlier. Now moving on to the key management 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 trading 3 month average cost of borrowing of 3% aggregate leverage of 36.1%.

This provides a debt room of SIC dollar $447 million before the 40% gearing limit is rich. Subsequent to the refinancing executed in the first half of FY25, we have SIC dollar $395 million remaining due for the mean SIC in second half FY25 and have currently over SIC dollar $690 million officially this available. We also continue to hold a triple B plus credit rating with stable outlook by Fitch. Our DPU of three Singapore cents per unit for the first half of FY25 will be distributed on 18th June 2025. I will now hand over the next segment of the presentation to Jay who will run through FLCD portfolio progress for the first half of FY25. Good morning everyone and thanks for working on. So we'll start with the leasing summary. We signed seven LNI leases during the period and as mentioned by Anthea earlier