Frasers Logistics & Commercial Trust (FLCT), in its business update for the 1QFY2021 ended December, says the Covid-19 pandemic has had “no material impact” on its portfolio to-date.

Its logistics portfolio continued operations during the pandemic, while the commercial portfolio remained “largely stable”.

“Structural changes driven by the growth of e-commerce activities and ‘hub-and-spoke’ trend are expected to drive demand for logistics and suburban office spaces, respectively,” says the REIT in a Feb 3 statement.

SEE: Frasers Logistics & Commercial Trust to divest leasehold properties in South Australia for A$29.6 mil

During the 1Q, FLCT reported occupancy rate of 97.2% with a weighted average lease expiry (WALE) of 4.8 years.

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Upcoming expiries for the FY2021 constitute 5.5% of portfolio gross rental income (GRI).

Portfolio rental reversion fell 2.1% y-o-y to -6.9% for the 1QFY2021.

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The REIT says its portfolio comprises a high-quality and well-diversified tenant base that counts governments, MNCs, conglomerates and listed companies among them. No single tenant accounts for more than 5.1% of portfolio GRI.

Units in FLCT closed 1 cent lower or 0.7% down at $1.45 on Feb 3.