Broker Name: DBS
Date of Report: 1Q26 (Inferred from multiple mentions of “1Q26” and recent data in the report)

Excerpt from DBS report.

Report Summary

• Frasers Logistics & Commercial Trust (FLCT) delivered strong operating results in 1Q26, driven by its logistics and industrial (L&I) portfolio, which saw near-full occupancy and robust positive rental reversions.
• Portfolio occupancy improved to 96.2%, with L&I occupancy at 99.7%. Commercial portfolio remains challenging, but backfilling of ex-Google space at Alexandra Technopark is progressing, with committed occupancy rising to around 83%.
• Aggregate leverage remained low at 34.8%, with borrowing costs stable at 3.1%, giving FLCT headroom for more acquisitions.
• Key focus areas ahead include monitoring the impact of rising borrowing costs and further progress in leasing out commercial vacancies, particularly in Singapore.
• DBS maintains a BUY recommendation on FLCT with an unchanged target price of SGD1.05.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com