FLCT Annual Report 2023

A member of Frasers Property Group
Forging Trust
Evolving Stronger
Annual Report 2023
Contents
OVERVIEW
4 Glossary
6 Corporate Profile
7 Our Multinational Presence
8 Financial Highlights
10 Trends, Strategy & Achievements
ORGANISATIONAL
14 Letter to Unitholders
18 In Conversation with the CEO
21 Organisation & Corporate Structure
22 Board of Directors
26 Management Team
29 Financial Review
32 Capital Management
BUSINESS
34 Operational Review
42 Portfolio Overview
54 Property Profiles
68 Investor Relations
71 Unit Price Performance
74 Independent Market Research
Australia
Germany
Singapore
The UK
The Netherlands
108 Enterprise-wide Risk Management
SUSTAINABILITY
110 ESG Report
CORPORATE GOVERNANCE
158 Corporate Governance Report
FINANCIAL &
ADDITIONAL INFORMATION
197 Financial Statements
301 Unitholders’ Statistics
304 Interested Person Transactions
306 Notice of Annual General Meeting
& Proxy Form
Forging Trust
Evolving Stronger
At Frasers Logistics & Commercial Trust (“FLCT”), everything we create is
built on the firm foundations of experience, expertise and trust. Across our
diversified, multinational asset portfolio, we shape spaces and help connect
and strengthen businesses and communities. By anchoring to our shared
Purpose – Inspiring experiences, creating places for good – we remain
committed to engaging with our stakeholders, to make a positive impact and
deliver long-term value creation. We continue to deliver timely disclosures
and positive experiences, forging greater trust. This strengthens relationships,
fuels further growth and reinforces our progress as a future-ready, resilient
and stronger real estate investment trust.
At FLCT, we nurture deep relationships with our tenants
to understand and anticipate their evolving business needs
and industry trends. This allows us to deliver a differentiated
portfolio of well-managed high-quality properties that are integral
to the long-term growth aspirations of our tenants.
Sustaining Growth
Creating Value
4 Frasers Logistics & Commercial Trust Annual Report 2023
Glossary
For ease of reading, this glossary provides definitions of acronyms that are frequently used throughout this report.
3PL Third-party logistics

ABS Australian Bureau of Statistics
Adjusted NPI Adjusted Net Property Income
AEI Asset Enhancement Initiatives
AGM Annual General Meeting
ARCC Audit, Risk and Compliance Committee
Australian Dollar, A$ or AUD The official currency of Australia
BCA Building and Construction Authority of Singapore
Board Board of Directors of the REIT Manager
BREEAM Building Research Establishment Environmental Assessment Method
British Pound, £ or GBP The official currency of the United Kingdom
CAGR Compound Annual Growth Rate
CBD Central Business District
CDP The Central Depository (Pte) Limited
CEO Chief Executive Officer
CFO Chief Financial Officer
CG Code Code of Corporate Governance 2018
CIS Code The Code on Collective Investment Schemes issued by the MAS
COVID-19 Coronavirus Disease 2019
CPF Central Provident Fund
CPI Consumer Price Index
DPU Distribution per Unit
EBITDA Earnings before Interest, Taxes, Depreciation and Amortisation
EPC Energy Performance Certificate
ESG Environmental, Social and Governance
ERM Enterprise-wide Risk Management
Euro, € or EUR The official currency of the European Union
Frasers Property/Sponsor/Group Frasers Property Limited, the Sponsor of Frasers Logistics & Commercial Trust
FCOT Frasers Commercial Trust
FLCT Frasers Logistics & Commercial Trust (formerly known as Frasers Logistics & Industrial
Trust (“FLT”))
Freehold A property with a freehold title can be held by its owner indefinitely
FRS Singapore Financial Reporting Standards
FTSE EPRA/Nareit A free-float adjusted, market capitalisation-weighted index designed to track the
performance of listed real estate companies worldwide
FTSE ST Index FTSE Straits Times Index, a capitalisation-weighted stock market index that is
regarded as the benchmark for the Singapore stock market. It tracks the performance of
the top 30 companies listed on the Singapore Exchange
FTSE ST REIT Index A free-float, market capitalisation-weighted index that measures the performance of
stocks operating within the REIT Sector
Functional Currency The main currency used by FLCT for reporting purposes
FY FLCT’s financial year ending 30 September
FY2022 Financial Year 2022. Refers to the period from 1 October 2021 to 30 September 2022
FY2023 Financial Year 2023. Refers to the period from 1 October 2022 to 30 September 2023
GBCA Green Building Council of Australia
GDP Gross Domestic Product
GIY Gross Initial Yield
Green Star A sustainability rating system and certification trademark by the GBCA
Green Loans Loans used specifically to finance green or sustainable projects
GPR Global Property Research 250
GRESB Leading global ESG benchmark for real estate and infrastructure investments
GRI Gross Rental Income
GRI Standards Global Reporting Initiative Standards
GRP Gross Regional Product
GST Good and Services Tax
ICR Interest Coverage Ratio
IPO Initial Public Offering
IR Investor Relations
IT Information Technology
Contents Overview Organisational Business Sustainability Corporate Financial & 5
Governance Additional Information
KRI Key Risk Indicator

Leasehold A property with a leasehold title reverts to the state upon expiry of the lease period.
The period of ownership is fixed and determined
Lettable Area Leasable area which is the amount of floor space available to be rented in a property
Leverage Calculated by dividing total debt by total deposited property
Leverage Limit The leverage limit of 50% stipulated by the CIS Code governed by the MAS
Listing Refers to the listing of FLT on the SGX-ST in June 2016
MAS Monetary Authority of Singapore
MTI Ministry of Transport and Industry, Singapore
Merger The merger of FLT and FCOT which was effective from 15 April 2020
NABERS National Australian Built Environment Rating System
NAV Net Asset Value
New Economy Sectors Refers to high-growth industries with a high adoption of technology and innovation in
operations, such as 3PL, e-commerce, IT and IT related-services
NPI Net Property Income
NRC Nominating & Remuneration Committee
OOT Out of town
Property Funds Appendix Appendix 6 of the CIS Code
Q-o-Q Quarter-on-quarter
RAP 7 Recommended Accounting Practice 7 Reporting Framework for Investment Funds
issued by the Institute of Singapore Chartered Accountants
REIT Real Estate Investment Trust
REIT Manager or Manager or FLCAM Frasers Logistics & Commercial Asset Management Pte. Ltd. (formerly known as Frasers
Logistics & Industrial Asset Management Pte. Ltd.) as the Manager of FLCT
REITAS REIT Association of Singapore
ROFR Right-of-First-Refusal
RUP FLCT’s Restricted Unit Plan
S&P Standard & Poor’s
SIAS Securities Investors Association of Singapore
SGXNet A web-based secure platform to enable our listed issuers to upload announcements
on the company developments, news and corporate actions and also to request for
their shareholders or bondholders reports
SGX-ST Singapore Exchange Securities Trading Ltd
Singapore Dollar, $ or SGD The official currency of Singapore and the functional currency of FLCT
Sqm Square metre
Sqft Square feet
S-REIT Singapore-listed REIT
SSC Sustainability Steering Committee
Sustainability-linked Financing Loans and borrowings tied to the ESG-related performance of borrowers
TCFD Task Force on Climate-Related Financial Disclosures
TOP 8 Refers to the major German logistics hubs (Berlin, Cologne, Düsseldorf, Frankfurt,
Hamburg, Leipzig, Munich, Stuttgart)
Trust Deed The Trust Deed constituting FLCT between the REIT Manager and the Trustee dated
30 November 2015 (as amended)
Trustee Perpetual (Asia) Limited, as trustee of FLCT
UK United Kingdom
Unit(s) An undivided interest in FLCT as provided for in the Trust Deed
Unitholder(s) The Depositor whose securities account with CDP is credited with Unit(s)
WALB Weighted Average Lease to Break. The weighted average lease to break by headline
rent based on the earlier of the next permissible break date(s) at the tenants election
or the expiry of the lease
WALE Weighted Average Lease to Expiry. The weighted average lease to expiry by headline
rent based on the final termination date of the agreement
Y-o-Y Year-on-year
YTD Year-to-date
Corporate Profile
107 Properties1 $4.0 billion

across five countries Market
Capitalisation4
$6.4 billion
Portfolio Valuation2
‘BBB+’
Standard & Poor’s
96.0% rating with stable
High Portfolio outlook
Occupancy3
286 Queensport Road, North Murarrie
About Frasers Logistics & About Our Sponsor

Commercial Trust
Frasers Property is a multinational investor-developer-
Frasers Logistics & Commercial Trust (“FLCT”) is a manager of real estate products and services across
Singapore-listed real estate investment trust with a the property value chain. Listed on the Main Board of
portfolio comprising 107 industrial and commercial the SGX-ST and headquartered in Singapore, the
properties1, valued at approximately $6.4 billion2 and Group has total assets of approximately $39.8 billion
diversified across five major developed markets – as at 30 September 2023.
Australia, Germany, Singapore, the United Kingdom
(“UK”) and the Netherlands. We were listed on the Frasers Property’s multinational businesses operate
Mainboard of Singapore Exchange Securities Trading across five asset classes, namely, residential, retail,
Limited (“SGX-ST”) on 20 June 2016 as Frasers Logistics commercial & business parks, industrial & logistics
& Industrial Trust and subsequently renamed Frasers as well as hospitality. The Group has businesses in
Logistics & Commercial Trust on 29 April 2020 following Southeast Asia, Australia, the EU, the UK and China,
our merger with Frasers Commercial Trust (“FCOT”). and its well-established hospitality business owns
and/or operates serviced apartments and hotels in
FLCT’s investment mandate includes investing in over 20 countries and more than 70 cities across Asia,
income-producing properties used predominantly for Australia, Europe, the Middle East and Africa.
logistics or industrial purposes located globally, or
commercial purposes (comprising primarily central Frasers Property is also the sponsor of two real estate
business district (“CBD”) office space) or business park investment trusts (“REITs”) and one stapled trust listed
purposes (comprising primarily non-CBD office space on the SGX-ST. Frasers Centrepoint Trust and FLCT
and/or research and development space) located in the are focused on retail, and industrial & commercial
Asia-Pacific region, the EU and the UK. properties, respectively. Frasers Hospitality Trust
(comprising Frasers Hospitality Real Estate Investment
FLCT is a constituent of the FTSE EPRA/Nareit Global Trust and Frasers Hospitality Business Trust) is a stapled
Real Estate Index Series (Global Developed Index), Straits trust focused on hospitality properties. In addition, the
Times Index and Global Property Research (GPR) 250. Group has two REITs listed on the Stock Exchange of
Thailand. Frasers Property (Thailand) Public Company
FLCT is managed by Frasers Logistics & Commercial Limited is the sponsor of Frasers Property Thailand
Asset Management Pte. Ltd. (the “REIT Manager” or Industrial Freehold & Leasehold REIT, which is focused
the “Manager”), a wholly-owned subsidiary of FLCT’s on industrial & logistics properties in Thailand, and
sponsor – Frasers Property Limited (“Frasers Property”, Golden Ventures Leasehold Real Estate Investment
“FPL” or the “Sponsor”, and together with its subsidiaries, Trust, which is focused on commercial properties.
the “Group”).
1 Excludes the property under development in the UK

2 Excludes the property under development in the UK and right-of-use assets
3 Based on GRI, being the contracted rental income and estimated recoverable outgoings for the month of September 2023. Excludes
straightlining rental adjustments and includes committed leases. Current gross market rental adopted for vacant accommodation
4 Based on the closing price and number of issued units in FLCT (“Units”) as at 30 September 2023
Our Multinational Presence

A Flagship Logistics and Commercial Portfolio in Five Developed Countries
107 5 $6.4 billion

well-located developed
portfolio valuation2
modern properties1 countries
The Netherlands Germany

6 properties 29 properties
• 6 industrial properties • 29 industrial properties
5.2% of total portfolio value 23.9% of total portfolio value
Australia
65 properties
• 61 industrial properties
• 4 commercial properties
50.9% of total portfolio value
The UK
6 properties Singapore
• 3 industrial properties 1 property
• 3 commercial properties • 1 commercial property
9.5% of total portfolio value 10.5% of total portfolio value
GREEN AND SUSTAINABLE

PORTFOLIO
Number of
Portfolio Value
Properties
by
by Highest-rated industrial portfolio
Asset Type
Asset Type in Australia
Logistics & Industrial 69.6% Logistics & Industrial 99

5-Star rating, with a score of 88 out of
100 in the 2023 assessment; Ranked
Suburban Office and 21.9% Suburban Office and 6
Business Parks Business Parks
2nd in Asia Pacific / Diversified Office /
Logistics amongst 18 peers
CBD Commercial 8.5% CBD Commercial 2

Financial Highlights
Revenue ($ million) Adjusted net property income2 (“Adjusted NPI”)

($ million)
469.3
450.2
420.8
355.2 342.1
332.0 311.4
258.3
217.1
176.6
FY2019 FY20201 FY2021 FY2022 FY2023 FY2019 FY20201 FY2021 FY2022 FY2023
Distributable income ($ million) Distribution per Unit (“DPU”) (cents)
270.1 281.8 7.68 7.62

262.3 7.12 7.04
7.00
201.1
135.1
Portfolio value ($ million)a Net asset value (“NAV”) per unit ($)
1.30
1.24
1.10 1.17
7,323.9
6,713.6
6,444.8
6,177.3 0.92
3,204.6
a Excludes investment properties held for sale, investment properties under development (where relevant) and the recognition of right-of-use
assets upon the adoption of FRS 116 Leases with effect from 1 October 2019
FY2019 FY2020 FY2021 FY2022 FY2023
Selected balance sheet data

Total assets $ million 3,353.1 6,734.6 7,680.2 7,409.7 6,937.7
Total gross borrowings $ million 1,121.5 2,454.3 2,531.6 1,977.6 2,037.9
Unitholders’ funds $ million 2,086.2 3,770.5 4,574.6 4,838.8 4,379.7
Market capitalisation3 $ million 2,788.6 4,744.4 5,588.2 4,546.3 4,006.7
Key financial indicators

Aggregate leverage4 % 33.4 37.4 33.7 27.4 30.2
Average weighted debt maturity years 3.2 3.0 3.4 2.7 2.2
Average cost of borrowings5 % per annum 2.2 1.9 1.6 1.6 2.2
Notes:
FLCT has adopted the Singapore Dollar as its functional currency with effect from 15 April 2020 following its merger with FCOT. FY2019 results were
based on the Australian Dollar translated at the 15 April 2020 exchange rate of A$1: $0.9016 used for conversion of the accounts to Singapore Dollar
1 Includes FCOT with effect from 15 April 2020 following the merger with FCOT
2 For FY2019, Adjusted NPI comprises the actual NPI excluding straight-lining adjustments for rental income and after adding back straight-
lining adjustments for ground leases. For FY2020 and after, Adjusted NPI comprises the actual NPI excluding straight-lining adjustments for
rental income and adding lease payments of right-of-use assets
3 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
4 The impact of FRS 116 Leases (adopted with effect from 1 October 2019), and the gross borrowings and total assets attributable to non-
controlling interests have been excluded for the purpose of computing the aggregate leverage ratio
5 Based on trailing 12 months borrowing cost (including FCOT from 15 April 2020, being the date of merger completion)
Key Trends
The Manager stays up to date with key developments and emerging trends shaping our industry, enabling us
to remain agile and well-prepared for opportunities and challenges in an ever-evolving real estate landscape.
We summarise the global trends and themes that we view as most likely to define the future of logistics and
commercial real estate.
Global Headwinds and Tailwinds
Growth of E-commerce FLCT’s Approach
Global retail e-commerce is

• Maintaining relevance of our logistics
expected to grow at a CAGR of 9%
properties through regular asset reviews,
from US$5.8 trillion in 2023 to US$8.0
strategic asset enhancement initiatives
trillion in 20271, driving demand for
and ongoing tenants engagement
quality warehousing.
Supply Chain Security FLCT’s Approach

Supply chains have transitioned
from ‘just-in-time’ to ‘just-in-case’ • Investing and maintaining a portfolio of
in order to improve resilience and ‘best-in-class’, modern, high-quality logistics
maintain higher inventory levels and industrial properties, located close to
to meet customer needs. This the consumer base, which suit the storage
is expected to continue to drive and distribution needs of our customers
demand for warehousing.
Transition to Net-zero Carbon FLCT’s Approach
• Walk-the-talk with clear sustainability

strategies and defined targets to provide
market-leading real estate solutions with the
potential to drive rental premium, retain high
As businesses around the world quality tenants, and support occupancies
focus on ESG, carbon neutral • Partnering customers and targeting new
targets and disclosures, demand for prospects who are aligned with FLCT on ESG
properties with strong sustainability commitments to reduce emissions
credentials will continue to rise.
• Targeting acquisitions or undertaking
developments which meet our ESG standards
• Leveraging on green/sustainability-linked
financing to demonstrate ESG commitment
1 Source: eMarketer, Retail e-commerce sales (June 2023)

Flight to Quality FLCT’s Approach
With hybrid working models • Meet the flight to quality and support future
becoming commonplace, office workplace design, assisting customers
space utilisation may adjust with enticing staff back to the office and
towards a greater demand for attracting and retaining talent
higher quality, modern and/or • Targeting growth tenant segments such as
flexible workspaces. There will be the digital economy and resilient essential
an emphasis on well-being and services and goods while reducing our
amenity to help attract and retain exposure to sectors affected by the
talent. structural trends
Rising Cost of Energy FLCT’s Approach
• Tenants bear energy costs in our L&I portfolio

and we recover energy costs from tenants in
Exacerbated by geopolitical our commercial portfolio
tensions and conflict, energy prices • Working closely with customers to capture
continue to rise. This continues to energy data and lower their power use and
contribute to inflationary pressures facilitating power security through on-site
across global economies. renewable energy production
• Evaluate hedging strategies for energy
contracts to mitigate impact on operating
expenses for the commercial assets
Inflationary Pressures and Rising Interest

FLCT’s Approach
Rates Escalating Risk of Recession
• Enhancing portfolio income security

through structuring long-term relationships
with high-quality tenants. Leases, where
possible, are structured to capture
higher inflation through CPI-linked rental
indexation or fixed annual rental increases
Central banks continue to raise
interest rates to combat rising • Optimising our capital structure by
inflation rates. maintaining a prudent loan-to-value limit,
while retaining a well-spread debt expiry
profile with diverse funding sources
• Managing interest rate volatilities by
hedging a majority of FLCT’s borrowings in
the range of 50% to 80% to fixed rates
Our Strategy
The Manager of FLCT continued to build on its track record of value creation in a year marked by complex
geopolitical tensions and a challenging operating environment. Leveraging the competitive strengths of FLCT’s
flagship portfolio of 107 modern and high-quality properties1 across five developed markets, the Manager
continued to deliver stable and regular distributions to Unitholders.
OUR COMPETITIVE PROVEN GROWTH VALUE CREATED IN

ADVANTAGE STRATEGIES FY2023
Global Portfolio Of Acquisition Growth Robust Financial

Quality Assets • Explore new and existing Performance
One of the largest S-REITs markets that we operate in • Revenue: $420.8 million
with a $6.4 billion portfolio2 • Access to Sponsor’s ROFR • Distributable Income:
of strategically located assets $262.3 million
and diversified logistics • Leverage Sponsor’s • DPU: 7.04 cents
and commercial assets in integrated asset • Distribution Yield: 6.6%3
developed markets management and
development capabilities Purpose-Driven Asset
Stability Through • Collaborate with Sponsor’s Management
Market Cycles local teams to source for • Strong portfolio
Underpinned by high suitable on-market/off- occupancy: 96.0%
occupancy rates, favourable market opportunities • Healthy WALE: 4.3 years
lease structures and healthy • Third-party acquisitions • New leases and
WALE with a well-diversified renewals: ~492,000 sqm
tenant base in thriving sectors Active Asset • Strong rental reversions
Management of 7.8% incoming vs.
Healthy Financials • Optimise occupancy and outgoing and 18.9%
Our well-managed capital tenant base average vs. average
structure provides us with the • Leverage AEIs to unlock across the portfolio
financial flexibility to fund further value
future growth • Focus on “greening” our Proactive Capital
properties Management
Proven Track Record • Aggregate Leverage:
Continued value creation Capital & Risk 30.2%
through portfolio optimisation, Management • Interest Coverage Ratio4:
undertaking accretive • Prudent capital management 7.1 times
acquisitions and portfolio for financial flexibility • Average Cost of
recycling • Well-spread debt expiry Borrowings5: 2.2%
profile to minimise risk • Debt Headroom6: $1.1
Supported By A Strong • Hedging strategies to billion
Sponsor And A Capable reduce volatility
Manager Sustainability And
We have a committed and Selective Development Governance
reliable Sponsor in Frasers • Participate in strategic • 5-Star GRESB rated
Property, and an experienced development and selective portfolio for third
and capable REIT Management forward-funding projects consecutive year
team within development limits • Rated ‘A’ by MSCI ESG
• Leverage Sponsor’s Ratings
development pipeline • Best Annual Report
Focus On Sustainability
• Incorporate sustainability Award (Silver) and
We continue to enhance our
initiatives Best Investor Relations
sustainability credentials
and market leading position, (Bronze) at Singapore
providing us with greater Corporate Awards 2023
access to an increasingly
ESG-focused investor and
tenant community
Growth Strategy: Focus on increasing our L&I exposure

from the current 70% to 85% in the long term

3 Based on FY2023 DPU of 7.04 Singapore cents and the closing price of $1.07 per Unit as at 30 September 2023.
4 As defined in the Code on Collective Investment Schemes revised by the Monetary Authority of Singapore on 16 April 2020 and clarified
on 29 May 2020 and 28 December 2021. Computed as trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives
and investment properties, and foreign exchange translation), over trailing 12 months borrowing costs and for the purpose of adjusted ICR,
distribution on hybrid securities. EBITDA includes gain on divestment of investment properties. Borrowing costs exclude interest expense on
lease liabilities (effective from 28 December 2021)
5 Based on trailing 12 months borrowing cost
6 On the basis of an aggregate leverage of 40.0% pursuant to the Property Funds Appendix
Our FY2023 Achievements
ROBUST FINANCIAL METRICS ACTIVE ASSET MANAGEMENT
• Distributable Income: $262.3 million • Strong portfolio occupancy of 96.0% with full
• DPU: 7.04 cents occupancies for L&I portfolio
• Distribution Yield: 6.6%1 • Healthy WALE of 4.3 years
• ~492,000sqm of new leases and renewals
• Positive portfolio rental reversions of 18.9%2
average vs. average basis in FY2023
PROACTIVE CAPITAL VALUE CREATION THROUGH STRATEGIC

MANAGEMENT DEVELOPMENTS
• Aggregate Leverage: 30.2% • Completed the development of two L&I

• ICR and adjusted ICR: 7.1 times3 properties in the UK, namely Connexion II
• Average Cost of Borrowings: 2.2%4 and Worcester, which are fully tenanted on
• Debt Headroom: $1.1 billion5 10-year and 15-year lease terms respectively
• Development progress on the forward-funding
acquisition of the L&I property, Ellesmere Port,
is on track and is expected to be completed in
1HFY24
HIGH SUSTAINABILITY AND GOVERNANCE PERFORMANCE
• GRESB: 5-Star rating for the third consecutive ear with a score of 88 in the 2023 assessment
• Achieved ‘A’ MSCI ESG Ratings by MSCI ESG Research
• Best Annual Report (Silver) and Best Investor Relations (Bronze) Award at the Singapore
Corporate Awards 2023
• Winner of ‘Overall Sector’ and ‘Highest Growth In Profit After Tax (“PAT”)
Over Three Years” at The Edge Singapore Billion Dollar Club Awards 2023
1 Based on the FY2023 DPU of 7.04 Singapore cents and the closing price of $1.07 per unit as at 30 September 2023
2 Calculated based on the midpoint gross rent (including any contracted fixed annual rental step-ups) of the new/renewed lease divided by the
midpoint rent of the preceding lease. Excludes newly created space, leases on spaces with extended void periods of more than 18 months,
incentives and lease deals with a term of less than six months
3 As defined in the Code on Collective Investment Schemes revised by the Monetary Authority of Singapore on 16 April 2020 and clarified
5 On the basis of an aggregate leverage of 40.0% pursuant to the Property Funds Appendix
Letter to
Unitholders
Dear Unitholders,
The past year has been a test of

our resilience, adaptability, and
commitment to our long-term value
creation strategies. In this letter, I
would like to review some of the
key uncertainties that shaped our
path in FY2023, as the Board of
Directors and the Manager are
working closely together to address
the challenges in the current
environment.
Geopolitical tensions between

nations and political uncertainties
continue to weigh on global supply
chains. This has elevated the cost
of energy and other commodities,
driving inflation across major
markets worldwide. To combat
rising inflation, central banks have
continued to keep interest rates
high, affecting consumer demand,
costs of doing business and
investment sentiments.
Our operating environments were

made more challenging with the
volatility of foreign exchange
rates. Our functional or reporting
currency, the SGD continued to
strengthen against the AUD and the
resultant appreciation of average
exchange rate of the SGD against
the AUD, EUR and GBP in FY2023
invariably impacted distributable
income, portfolio valuations and
net asset value.
We have maintained a prudent

and disciplined approach to our
near-term growth – keeping
balance sheet robust and being
very selective in asset acquisitions.
We expect that there could be more
acquisition opportunities for quality
logistics & industrial (“L&I”) assets in
FY2024.
FY2023 FINANCIAL A RESILIENT AND STABLE with healthy positive reversions of

PERFORMANCE PORTFOLIO 8.0% and 19.9% on an incoming
rent versus outgoing rent basis and
Amidst this backdrop, Frasers At the end of FY2023, FLCT’s on an average versus average rent
Logistics & Commercial Trust resilient asset portfolio comprised basis respectively.
(“FLCT”) reported FY2023 revenue 107 modern and well-located Occupancy across our
of $420.8 million and Adjusted Net properties2 in five global markets: commercial properties averaged
Property Income of $311.4 million, Australia, Germany, Singapore, 89.9% at the end of FY2023 as
representing a decline of 6.5% the United Kingdom (“UK”) and companies continued to adopt
and 9.0% respectively, from $450.2 the Netherlands. Our portfolio hybrid workplace strategies. In
million and $342.1 million in FY2022. continues to maintain a high level February 2023, we announced
FY2023 performance was primarily of occupancy due to its well- that Google Asia Pacific Pte. Ltd.
affected by the discontinuation diversified presence in various had surrendered a portion of
of revenue from Cross Street strong geographic regions and its premises under its lease at
Exchange following its divestment asset classes, which is further Alexandra Technopark, Singapore
on 31 March 2022, weaker average supported by the quality of our with effect from 20 February 2024,
exchange rates against the assets and the strength of our and they have since indicated a
SGD, lower contributions from tenant base. non-renewal of its lease expiring in
Farnborough Business Park, Maxis December 2024. We are in active
Business Park and 357 Collins Robust leasing momentum with discussions with prospective
Street. Property operating expenses positive reversions tenants as part of our proactive
were higher mainly due to higher asset and lease management
energy and utility expenses. These Over the period, positive demand- efforts, which includes embarking
were partially offset by the full-year supply dynamics continued to on competitive marketing strategies,
contribution of the acquisition drive strong market rental growth to maintain an optimised portfolio.
of four properties in Australia in for L&I properties across our core
2HFY22 and contribution from the industrial markets. Backed by a Delivering quality organic growth
practical completion of Worcester strong leasing environment, FY2023
and Connexion II in February 2023 portfolio occupancy remained high During the year, we continued
and March 2023 respectively. at 96.0%. to deliver on our strategies to
Finance costs were also higher in optimise our portfolio and generate
FY2023. Distributable income for We successfully engaged new and sustainable long-term value for
FY2023 was correspondingly lower existing tenants to close 64 leasing our Unitholders. Focused on
at $262.3 million, from $281.8 million transactions comprising 492,000 organic growth, we strengthened
a year ago. The SGD continued to square metres (“sqm”) of lettable our L&I portfolio through selective
appreciate against the AUD and area and maintained a stable WALE development and forward-funding
maintained its strength against the of 4.3 years. As a testament to projects in FY2023.
EUR and GBP during the year the lease management expertise
in review. of the Manager, we recorded In March 2023, our development
positive portfolio rental reversion project, Connexion II at Blythe
of 7.8% on an incoming rent versus Valley Business Park, Solihull, UK
FY2023 DPU was 7.04 Singapore outgoing rent basis (“Incoming was completed. The £22.4 million
cents, a 7.6% decline compared versus outgoing”), and 18.9% on an L&I development comprises three
to 7.62 Singapore cents in FY2022. average rent of the new leases in standalone units with an aggregate
Based on the closing price of FLCT FY2023 versus average rent of the lettable area of 10,996 sqm. It is
units at the end of the period, this expiring leases (“Average versus fully leased on 10-year terms to
translated to a DPU yield of 6.6%1 average”). three high-quality tenants: Tesla
for FY2023. Motor Limited, an automotive and
For the fourth consecutive year, clean energy company; Solotech
our L&I portfolio operated at 100% UK Group Limited, an audio visual
occupancy on the back of robust solutions provider; Reely Limited,
demand from tenants. The L&I a leading supplier to the lift and
portfolio demonstrated resilience escalator industry in the UK.
1 Based on the FY2023 DPU of 7.04 Singapore cents and the closing price of $1.07 per unit as at 30 September 2023
Letter to Unitholders
Our two forward-funding projects This forward-funding acquisition net-zero by the year 2050. This is
are also located in the UK. The reaffirms the Manager’s selective communicated to our stakeholders
first project is a 16,734 sqm prime acquisition strategy for quality through a comprehensive annual
freehold warehouse development assets at attractive valuations. ESG report.
located at Worcester, West
Midlands. The property was PRUDENT CAPITAL We are pleased to report that our
completed in February 2023 and MANAGEMENT portfolio of L&I and commercial
committed on a 15-year lease. The properties retained the 5-Star rating
second forward-funding project, During the year, we maintained in the Assessment by Global Real
Ellesmere Port, is a 62,211 sqm, a proactive approach to capital Estate Sustainability Benchmark
prime freehold L&I development management and closed the year (“GRESB”) for a third consecutive
located in North West England. Pre- with an aggregate leverage of year. We are ranked second in Asia
committed with a lease term of 15 30.2%, and cost of borrowings at Pacific amongst our 18 peers in
years, the project is expected to be 2.2% per annum4. the Diversified – Office/Industrial
completed in the first half of category.
FY2024 (“1HFY24”) with a Over 98% of the $522 million
BREEAM ‘Outstanding’ rating. debt that is due in FY2024 will In 2023, we have a “A” MSCI ESG
mature in the second half of Rating. Awarded by MSCI ESG
Located in the heart of Perth, FY2024 (“2HFY24”), with no Research LLC, the rating aims to
Central Park, a 66,041 sqm major refinancing due in 1HFY24. measure a company’s resilience to
commercial building is currently Management has proactively long-term ESG risks.
undergoing asset enhancement taken measures to refinance the
works, including the facade borrowings, including securing On the governance front, we were
modernisation project, which is floating interest rate facilities for accorded the Silver Award for Best
expected to be completed by more than half of the debts due in Annual Report and Bronze Award
end-FY2024. As a testament to FY20245. for Best Investor Relations in the
the Manager’s expertise and well REITS & Business Trusts category
supported by the Sponsor’s team As at 30 September 2023, FLCT has at the Singapore Corporate Awards
on the ground, the project is a credit rating of BBB+/Stable (S&P) 2023. We were also presented with
progressing well with minimal and a healthy interest coverage two awards, Highest Growth in Profit
tenant disruption and the property ratio of 7.1x. Our fixed-rate debt After Tax (“PAT”) over 3 years and
has recorded higher take-up, where ratio of 77.2% helps mitigate the Overall Sector Winner in the REITs
the occupancy increased from impact of an increasing interest category at The Edge Singapore
82.9% at the start of the works to rate environment. FLCT’s balance Billion Dollar Club 2023.
96.1% as at 30 September 2023. sheet remains healthy. With an
aggregate leverage of 30.2% as OUTLOOK
Stepping into FY2024 with an at 30 September 2023, one of the
opportunistic L&I acquisition lowest amongst S-REITs, we are The overall global economic
well-positioned in this environment and business outlook remains
As we enter FY2024, we to take advantage of opportunities uncertain amid persistent levels
strengthened our foothold in the to strengthen the portfolio through of inflation, elevated interest
Netherlands. In October 2023, accretive investments. rates, and geopolitical tensions.
FLCT entered into a sale and We continue to closely monitor
purchase agreement with Willems LEADING IN emerging trends and behavioural
Bouwbedrijf B.V. and Joep Willems activity, including deglobalisation,
Holdings B,V., and a turnkey
SUSTAINABILITY AND as well as onshoring trends and
design and build agreement with GOVERNANCE its implications on the logistics
Willems Bouwbedrijf B.V., for a and industrial space. Furthermore,
freehold forward-funding logistics Since 2017, we have implemented given the financial implications
development strategically situated a sustainability strategy with arising from global developments,
within Aviation Valley business park well-defined objectives and foreign exchange risks and
and next to Maastricht Airport in measurable targets to track our inflationary pressures, capital and
the Netherlands. The €14.5 million sustainability performance. We liquidity management remains a
development is pre-let for a period have aligned our net-zero carbon key strategic priority in FY2024. We
of 10 years and was purchased target with our Sponsor and are will also continue to work on cost
at 12.7% discount to valuation3. making good progress to attain optimisation initiatives and remain
3 Valued by Savills Valuation at €16.6 million on a completed and pre-let basis, assuming no real estate transfer tax is payable
5 Management will monitor the market and consider putting in place interest rate swaps in accordance with FLCT’s Treasury and Hedging Policy
“WE ARE CONFIDENT THAT WITH OUR SOUND BUSINESS FUNDAMENTALS

AND PORTFOLIO MANAGEMENT CAPABILITIES, FLCT WILL CONTINUE TO
THRIVE AND REMAIN WELL SUPPORTED BY STRONG TENANT ACTIVITY,
CONTINUED E-COMMERCE GROWTH AND INCREASED DEMAND FOR
SUPPLY CHAIN SECURITY.”
vigilant on the movement of energy On 1 December 2022, Mr Rodney

prices to manage our operating Vaughan Fehring retired as Non-
expenses. Executive and Non-Independent
Director. We would like to thank
To enhance the resilience of our Mr Fehring for his dedication and
portfolio, we will focus our attention invaluable contributions during his
on gradually increasing our logistics tenure of service.
& industrial exposure from the
current 70% to 85% in the long We wish to express our heartfelt
term. We are confident that with gratitude to our Sponsor,
our sound business fundamentals Unitholders, tenants, and business
and portfolio management partners for their unwavering
capabilities, FLCT will continue to confidence in us and ongoing
thrive and remain well supported support. To our management
by strong tenant activity, continued team, we extend our deep
e-commerce growth and increased appreciation for your enthusiasm,
demand for supply chain security. dedication, and resilience in
effectively executing our strategies
A WORD OF and pursuing opportunities that
APPRECIATION ultimately generate enduring total
returns for our Unitholders.
On 14 August 2023, Mr Robert
Stuart Claude Wallace stepped
down as Chief Executive Officer of
the Manager to return to Australia Mr Ho Hon Cheong
for family reasons. On behalf of Chairman and Independent
the Board of Directors, I would Non-Executive Director
like to extend our appreciation
to Mr Wallace for his invaluable
contributions over the past
seven years.
With Mr Wallace’s departure, we

welcome Ms Anthea Lee Meng
Hoon, who assumed the position
of Chief Executive Officer on 14
August 2023. Ms Lee is a seasoned
real estate veteran with over 26
years of investment, development
and asset management experience
in real estate. Her experience
spans multiple geographies in Asia
Pacific and Europe, and assets
classes in industrial, business parks,
commercial and data centres.
In Conversation Q How do you envision
FLCT evolving under your
leadership?
with the CEO Since its listing on the Singapore

Exchange in 2016, FLCT has grown
meaningfully in terms of scale and
geographic presence, delivering
Ms Anthea Lee Meng Hoon was appointed Chief Executive significant value to Unitholders. We
closed FY2023 with a $6.4 billion
Officer of FLCAM, the Manager of FLCT, on 14 August
portfolio1 comprising 107 industrial
2023. Anthea is a seasoned real estate veteran with
and commercial properties2
over 26 years of investment, development and asset diversified across five developed
management experience across real estate asset classes markets – Australia, Germany,
and geographies. Prior to her appointment as CEO, Anthea Singapore, the United Kingdom and
held senior management positions with Keppel Group, the Netherlands.
Ascendas Land (Singapore) Pte. Ltd. and JTC Corporation.
We speak to Anthea for an insight into the REIT Manager’s FLCT has grown at an average
value creation strategies for FLCT. CAGR of 19.0% since its listing
to become the multi-asset global
S-REIT today. With the strong
track record of the Management
team and the ability to harness the
capabilities of the well-established
Sponsor’s team, FLCT is well-poised
to grow from strength to strength in
the many more years to come.
We will continue to strengthen emphasis will still be on continuing facilities for more than half of the
FLCT’s position as a leading to generate sustainable cash flows. debts due in FY2024.
provider of sustainable quality This will enable us to create value
spaces across our markets for all our stakeholders, offer our With an aggregate leverage of
and leverage on the REIT’s investors sustainable distributions, 30.2% and a healthy interest
competitive strengths and focus and position FLCT for continued coverage ratio of 7.1 times as
on our four-pillar growth strategy: success. at 30 September 2023, we are
acquisition growth; proactive well-positioned to successfully
asset management; capital and
risk management; and investor
engagement.
Q Will we be expecting FLCT’s
total unitholder return to
be sustainable in the longer
refinance our borrowings. This not
only underscores our financial
strength but also highlights our
term? commendable financial flexibility,
Stepping into FY2024, we will focus ensuring that we have the means
our attention on increasing our L&I In view of the difficult operating and capacity to continue to grow
exposure from the current 70% environment in FY2023, we our portfolio. Moreover, we have
to 85% over the long term in the remain prudent in capital maintained our “BBB+” rating from
existing markets that we are in as management in particular to the Standard & Poor’s with a stable
well as in new developed markets. management of financing costs outlook, reaffirming our sound
With this strategic direction and and aggregate leverage ratio, to financial position.
with our selective investment navigate emerging issues and risks
standards, this will ensure that
acquisitions of high-quality modern
L&I assets will contribute positively
including further global financial
stress, the persistent inflation and
the expected prolonged higher
Q Are there any new markets
which you are considering?
to unitholder returns. In response to interest rate environment. The REIT We are cognisant that venturing into
the growing competitiveness of the Manager will continue its proactive new geographic markets carries
global investment market, we will asset and lease management significant challenges. Therefore,
leverage our Sponsor’s extensive efforts in improving occupancies we must approach geographic
network and capabilities for suitable for commercial assets and leverage expansion cautiously and
investment opportunities from both on market demand to further rental methodically, especially in today’s
our Sponsor and from third parties. growth. For operating expenses, volatile and uncertain geopolitical
the Manager will continue to work and economic environment.
On the asset management front, on cost optimisation initiatives,
we will continue to drive value and to remain vigilant to manage To enhance the resilience of our
across our portfolio, in line with our energy prices by evaluating and portfolio, we will focus our attention
objectives to optimise returns and re-contracting energy contracts to on gradually increasing our L&I
enhance the quality of our tenant hedge and mitigate impact to its exposure from the current 70% to
base. With sustainability being a operating expenses. 85% in the long term. We will also
key focus for us, our Sponsor and be looking at L&I opportunities in
the industry, we will continue to In line with our investment strategy, new developed markets including
explore opportunities to ‘green’ our we will focus on high-quality Singapore and Japan, and
properties to attract and retain our assets in developed countries that potentially data centres which we
mix of ESG-focused tenants offer stable and predictable cash consider as part of L&I.
and investors. flows. This approach will allow
us to enhance the resilience of We believe the current markets
We continue to employ an active our portfolio and strengthen our in which we operate – Australia,
approach to enhancing FLCT’s market position in an increasingly Germany, Singapore, the UK and
sustainability credentials, installing competitive environment. the Netherlands – continue to hold
rooftop solar panels to provide our significant growth opportunities.
customers with on-site renewable On the capital management front, Over the years and across market
power, which goes towards the we have $522 million of borrowings cycles, these five markets have
reduction of energy costs to meet due in FY2024 and are taking steps demonstrated strong economic
carbon goals. Whilst implementing to strengthen our capital structure growth. Each market continues to
these strategies to strengthen the in anticipation of this milestone. We be supported by robust domestic
resilience of our portfolio to meet have proactively taken measures to consumption, an educated and
the demands of the workforce refinance the borrowings, including skilled labour force, and a thriving
and tenants today, our primary securing floating interest rate manufacturing and trade sector.

In Conversation with the CEO
Q What are the key near-term

risks and opportunities
present for FLCT?
DPU for unitholders and we remain
nimble to adapt our portfolio mix to
meet the new economies that are
Central Park in Perth is undergoing
a facade replacement project
whereby approximately 95% of
driving real estate demand in the the dismantled material, including
Any real estate investment involves current and future economy. all former aluminium panels and
both risks and opportunities. polyurethane cores and temporary
Nevertheless, the present To realise our objective, we steel structures, will be recycled.
geopolitical and macroeconomic will continue to deliver on our
landscape, characterized by communicated four-pillared We continue to employ a proactive
challenges and uncertainty, has growth strategy: acquisition approach to enhancing our
exacerbated the urgency for growth; proactive asset sustainability credentials, installing
numerous businesses to adapt and management; capital & risk rooftop solar panels to provide
evolve, including real estate. management; and investor our customers with on-site
engagement. Throughout this renewable power, assisting with
Moreover, the disturbances and process, we will maintain a vigilant reducing energy costs and meeting
sanctions related to the current watch on evolving trends and our Group’s net-zero carbon
geopolitical events have elevated structural changes, including those commitment by 2050.
the cost of energy. Consequently, related to deglobalisation and the
this has triggered a ripple effect, impact of onshoring trends on As we advance our ambition to
leading to heightened inflationary the logistics and industrial sector. increase our focus in the logistics
pressures and interest rates, thereby We will also continue to ensure and industrial sector, I would like to
dampening investors’ risk appetite our commercial offering remains take this opportunity to thank our
for investments. attractive as the hybrid work unitholders and our customers for
arrangement and flight-to-quality your trust and support for FLCT, as
However the FLCT portfolio is space themes persist. well as our Board members and our
anchored by a largely logistics global team members from both the
Q
and industrial portfolio, which has What are FLCT’s significant Sponsor and REIT Manager for your
continued to enjoy full occupancies green achievements in dedication and commitment.
for four years consecutively FY2023 and plans for
and unprecedented high rental FY2024?
reversions. The logistics sector
remained defensive and the long- Sustainability is integral to Ms Anthea Lee Meng Hoon
term demographic fundamentals FLCT’s operations and FLCT Chief Executive Officer
will underpin sustained demand. remains committed in delivering
The pandemic heralded a new era sustainability goals that underpin
of supply chain risk management long-term performance. We remain
influencing the demand and steadfast in our commitment to
decisions made for logistics achieve the ESG targets and we are
facilities. Technology plays a key aligned with Frasers Property’s
role in alleviating supply chain net-zero carbon goal by 2050.
disruptions in an environment
of high inflation, climate change During the year, FLCT continued
and geopolitical events, to create to make progress in various green
more agility to improve resilience, initiatives, such as achieving green
and can only function with good building certification or pursuing
quality and well-located logistics green building certification for
facilities. With the continued 80% of our standing assets and
proliferation of ecommerce integral 100% of our new development
to consumption habits, so will the projects by GFA. We have also
requirements for last mile logistics about 64% of FLCT’s borrowings in
facilities continue to grow. the form of green or sustainability-
linked financing which is one of
Q
How will FLCT deal with the the highest in the S-REIT market
constantly changing world and maintained the highest rating
economy? of 5-Star in the 2023 GRESB Real
Estate Assessment for the third
From the onset, our objective consecutive year.
has been to harness FLCT’s
competitive advantages to deliver
sustainable long-term growth in
Organisation Structure
Unitholders
Holding of Units Distributions
Management services Acts on behalf

REIT Manager of Unitholders
REIT Trustee
Frasers Logistics & Commercial
Perpetual (Asia) Limited
Asset Management Pte. Ltd.
Management fees Trustee fees
Ownership of assets Net property income
Industrial Properties Commercial Properties
Property holding Property holding

subsidiaries/trusts1 subsidiaries/trusts2
Australia Germany The Netherlands UK Singapore Australia UK

61 properties 29 properties 6 properties 4 properties • Alexandra Technopark • Central Park, Perth • Farnborough Business
• Connexion I (50.0% effective interest) Park, Farnborough
• Connexion II • Caroline Chisholm Centre, • Maxis Business
• Worcester Canberra Park, Bracknell
• Ellesmere Port3 • 357 Collins Street, • Blythe Valley Business
Melbourne Park, Birmingham
• 545 Blackburn Road,
Victoria
The above presents a simpliﬁed trust structure for FLCT as of 30 September 2023. The industrial and commercial properties owned by FLCT are
held through various intermediate entities comprising subsidiaries/trusts/sub-trusts.
1 Industrial properties located in Australia are held through a wholly-owned subsidiary and trust/sub-trusts of FLCT. Industrial properties located
in Germany, the Netherlands and the United Kingdom are held through wholly-owned subsidiaries and trusts of FLCT
2 Alexandra Technopark in Singapore, Central Park, Caroline Chisholm Centre and 357 Collins Street in Australia, as well as Farnborough
Business Park in the UK are held through FCOT, a wholly-owned sub-trust of FLCT. The trustee of FCOT is British and Malayan Trustees Limited.
Maxis Business Park and Blythe Valley Business Park in the UK, as well as 545 Blackburn Road in Australia are held through wholly-owned
subsidiaries and trusts/sub-trusts of FLCT
3 Investment property under development
Corporate Structure
The REIT Manager
Frasers Logistics & Commercial Asset Management Pte. Ltd.
Board of Directors
Nominating and Remuneration Committee Audit, Risk and Compliance Committee
Chief Executive Officer
Finance & Capital Portfolio Investor

Investments Management
Management Relations
Board of Directors
As at 30 September 2023
Date of Appointment: Others

26 May 2016 • AIA Singapore Pte. Ltd.
Length of service as Director Major Appointments

(as at 30 September 2023): (other than Directorships):
7 years 4 months • Nil
Board Committee(s) served on: Past Directorships in listed companies

• Audit, Risk & Compliance Committee held over the preceding 3 years (from
• Nominating & Remuneration Committee 1 October 2020 to 30 September 2023):
(Chairman) • Alliance Bank Malaysia Bhd in Malaysia
Academic & Professional Past Major Appointments:

Qualification(s): • Chief Executive Officer/President
• Master of Business Administration Director of PT Bank Danamon Indonesia
(Accounting and Finance) McGill Tbk
University, Canada • Chief Executive Officer of PT Bank
• Bachelor of Engineering (Honours) Internasional Indonesia Tbk
University of Malaya, Malaysia • Managing Director, Special Investments
at Temasek Holdings Pte. Ltd.
Present Directorships in other • Non-Executive Chairman of Rothschild
companies (as at 30 September 2023): (Singapore) Pte Ltd
Mr Ho Hon Cheong, 69 Listed companies
Chairman, Non-Executive and • PT Chandra Asri Petrochemical Tbk in Others:
Independent Director Indonesia • Nil
Listed REITs / Trusts

• Nil
Date of Appointment: Major Appointments (other than

1 September 2022 Directorships):
• Nil
Length of service as Director
(as at 30 September 2023): Past Directorships in listed companies
1 year 1 month held over the preceding 3 years (from
1 October 2020 to 30 September 2023):
Board Committees served on: • ComfortDelgro Corporation Limited
• Audit, Risk & Compliance Committee • CapitaLand Integrated Commercial
(Chairman) Trust Management Limited (manager of
• Nominating & Remuneration Committee CapitaLand Integrated Commercial Trust)
• FEO Hospitality Asset Management Pte
Academic & Professional Qualification(s): Ltd (manager of Far East Hospitality Real
• Bachelor of Arts (Honours) in Business Estate Investment Trust)
Studies, Council for National Academic • FEO Hospitality Trust Management
Awards, Polytechnic of South Bank, Pte Ltd (trustee-manager of Far East
London Hospitality Business Trust)
• Master of Business Administration,
Imperial College of Science, Technology Past Major Appointments:
and Medicine, University of London • Partner, Price Waterhouse and
• Master of Science (Distinction) in PricewaterhouseCoopers LLP
International Management, The School of
Mr Kyle Lee Khai Fatt, 71 Oriental and African Studies, University of Others:
Non-Executive and Independent London • Nil
Director • Fellow of the Institute of Chartered
Accountants in England and Wales
• Fellow of the Institute of Singapore
Chartered Accountants
• Fellow of the Singapore Institute of
Directors
Present Directorships in other

companies (as at 30 September 2023):
Listed companies
• Great Eastern Holdings Limited

• Nil
Others
• Great Eastern Life Assurance Company
Limited

26 May 2016 Directorships):
• Nil
7 years 4 months held over the preceding 3 years (from
Board Committee(s) served on: • Nil
• Audit, Risk & Compliance Committee
• Nominating & Remuneration Committee Past Major Appointments:
• Head of Corporate Finance of Fraser and
Academic & Professional Neave, Limited
Qualification(s):
• Fellow Chartered Certified Accountant, Others:
UK • Nil
• Associate Chartered Management
Accountant, UK

Listed companies
• Nil
Mr Goh Yong Chian, 79
Non-Executive and Independent Director Listed REITs / Trusts
• Nil
Others
• Nil

31 January 2022 Directorships):
• Nil
1 year 8 months held over the preceding 3 years (from
Board Committees served on: • Nil
• Audit, Risk & Compliance Committee
Past Major Appointments:
Academic & Professional • Managing Director, Head of Research
Qualification(s): & Strategic Planning for real estate in
• Bachelor of Commerce from the Singapore, GIC Pte. Ltd.
University of Canterbury in New Zealand • Managing Director, Head of Investments
• Master of Business Administration from for real estate in Europe, GIC Pte. Ltd.
the University of New South Wales in • Executive Committee Member, Urban
Australia Land Institute
• Advanced Management Program –
Harvard Business School Others:
• Chartered Financial Analyst, • Nil
CFA Institute
• Associate Chartered Accountant,
Mr Phang Sin Min, 66 Australia & New Zealand
Non-Executive and Independent Director
Listed companies
• Nil

• PARAGON REIT Management Pte.
Ltd., (formerly known as SPH REIT
Management Pte. Ltd.), the manager of
PARAGON REIT
Others
• DCG Value Funds VCC
Board of Directors
Date of Appointment: Others

29 April 2020 • Nil
Length of service as Director Major Appointments (other than

(as at 30 September 2023): Directorships):
3 years 5 months • Exco Member, Milk & Diapers
Programme, SSVP Ltd. (an affiliate of the
Board Committee(s) served on: Society of St Vincent de Paul)
• Nil
Past Directorships in listed companies
Academic & Professional held over the preceding 3 years (from
Qualification(s): 1 October 2020 to 30 September 2023):
• Bachelor of Laws (Honours), National • Prime US REIT Management Pte Ltd
University of Singapore (formerly known as KBS US Prime
• Advocate and Solicitor, Supreme Court Property Management Pte. Ltd.),
of Singapore Manager of Prime US REIT
Present Directorships in other Past Major Appointments:

companies (as at 30 September 2023): • Partner, Corporate Real Estate
Listed companies department of Allen & Gledhill LLP
• Nil
Others:
Ms Soh Onn Cheng Listed REITs / Trusts • Nil
• Nil
Margaret Jane, 67
Non-Executive and Independent Director
Present Directorships in other • N.C.C. Image Company Limited

companies (as at 30 September 2023): • N.C.C. Management and Development
Company Limited
Listed companies • Norm Company Limited
• Frasers Property Limited • NY Property Development Company
• Frasers Property (Thailand) Public Limited
Company Limited • One Bangkok Company Limited
• Thai Beverage Public Company Limited • Plantheon Company Limited
• Univentures Public Company Limited • Quantum Trading Company Limited
• S.S. Karnsura Company Limited (Vice-
Listed REITs / Trusts Chairman)
• Frasers Hospitality Asset Management • Siribhakditham Company Limited
Pte Ltd, Manager of Frasers Hospitality • Sirivadhanabhakdi Company Limited
Real Estate Investment Trust • SMJC Development Company Limited
• Frasers Hospitality Trust Management • Sura Bangyikhan Company Limited
Pte Ltd, Manager of Frasers Hospitality (Vice-Chairman)
Business Trust • TCC Assets (Thailand) Company Limited
• T.C.C. Exhibition and Convention Centre
Others Company Limited
• Adelfos Company Limited • T.C.C. Technology Company Limited
• Asian Capital Company Limited • Terragro Fertilizer Company Limited
• Athimart Company Limited (Vice- • Thaibev Company Limited
Chairman) • The Cha-Am Yacht Club Hotel Company
• Beer Thip Brewery (1991) Company Limited
Limited • Theparunothai Company Limited (Vice-
• Baanboung Vetchakji Company Limited Chairman)
• Blairmhor Distillers Limited • TRA Land Development Company
Mr Panote Limited
• Blairmhor Limited
Sirivadhanabhakdi, 45 • Chiva-Som International Health Resort • Vadhanabhakdi Company Limited
Non-Executive and Company Limited
Non-Independent Director • Cristalla Company Limited Major Appointments (other than
• F and B International Company Limited Directorships)
• Frasers Assets Company Limited • Group Chief Executive Officer of Frasers
Date of Appointment: • Frasers Property Corporate Services Property Limited
26 May 2016 (Thailand) Company Limited • Director/Board of Trustees of Singapore
• Frasers Property Holdings (Thailand) Management University
Length of service as Director (as at 30 Company Limited • Board Member of National Gallery
September 2023): • Golden Land Property Development Singapore
7 years 4 months Public Company Limited
• International Beverage Holdings (China) Past Directorships in listed companies
Board Committee(s) served on: Limited held over the preceding 3 years (from 1
• Nominating & Remuneration Committee • International Beverage Holdings (UK) October 2020 to 30 September 2023)
Limited • Nil
Academic & Professional • International Beverage Holdings Limited
Qualification(s): • Kankwan Company Limited (Vice- Past Major Appointments
• Master of Science in Analysis, Design Chairman) • Chief Executive Officer of Univentures
and Management of Information • Kasem Subsiri Company Limited Public Company Limited
Systems, London School of Economics • Kasemsubbhakdi Company Limited • Management Committee of Real Estate
and Political Science, UK • lnterBev (Singapore) Limited Developers’ Association of Singapore
• Bachelor of Science in Manufacturing • Must Be Company Limited (REDAS)
Engineering, Boston University, USA • Namjai Thaibev (Social Enterprise)
• Certificate in Industrial Engineering and Company Limited Others
Economics, Massachusetts University, • N.C.C. Exhibition Organizer Company • Nil
USA Limited
Date of Appointment: Major Appointments

11 February 2019 (other than Directorships):
• Group Chief Corporate Officer, Frasers
Length of service as Director Property Limited
(as at 30 September 2023):
4 years 7 months Past Directorships in listed companies
held over the preceding 3 years (from
Board Committee(s) served on: 1 October 2020 to 30 September 2023):
• Nil • Nil

Qualification(s): • Director of Frasers Centrepoint Asset
• Master of Philosophy (Management Management Ltd, Manager of Frasers
Studies), Cambridge University, UK Centrepoint Trust
• Bachelor of Commerce (Accounting and • Group Chief Financial Officer of Frasers
Finance) (First Class Honours), University Property Limited
of Western Australia, Australia • Chief Executive Officer, Australia, New
Zealand and United Kingdom of Frasers
Present Directorships in other Property Limited
companies (as at 30 September 2023): • Director, Investment Banking of
Listed companies The Hongkong & Shanghai Banking
• Nil Corporation Ltd
Mr Chia Khong Shoong, 52
Non-Executive and Non-Independent Director Listed REITs / Trusts Others:
• Nil • Nil
Others
• Nil
Date of Appointment: Major Appointments

30 July 2020 (other than Directorships):
• Chief Executive Officer, Frasers Property
Length of service as Director Industrial, Frasers Property Limited
(as at 30 September 2023):
3 years 2 months Past Directorships in listed companies
held over the preceding 3 years (from
Board Committees served on: 1 October 2020 to 30 September 2023):
• Nil • Nil

Qualification(s): • Executive General Manager of
• Graduate from the Advanced Commercial & Industrial and Investment
Management Program at INSEAD Property, Frasers Property Australia Pty
Business School, Europe Limited
• Bachelor of Science (Architecture) • Executive General Manager of
and Bachelor of Architecture from the Commercial & Industrial, Frasers
University of Sydney Property Australia Pty Limited
• Regional General Manager of Frasers
Present Directorships in other Property Australia Pty Limited
Listed companies Others:
Mr Reinfried Helmut • Nil • Nil
Otter (Reini Otter), 53 Listed REITs / Trusts
Non-Executive and Non-Independent Director
• Nil
Others
• Trucks & Sheds Foundation Limited
Notes:
(1) The members of the Board of Directors are shown as at 30 September 2023
(2) Mr Rodney Vaughan Fehring retired as a non-executive and non-independent director with effect from 1 December 2022
Management Team
Ms Lee oversees the management, business direction and day-to-day management of

FLCAM, and is responsible for the execution of strategies and policies approved by the
Board of FLCAM. She works closely with the Board and the management team to ensure
the effective implementation of FLCT’s business plans and engages with the investor
community.
Ms Lee’s experience spans multiple geographies in Asia Pacific and Europe across assets
classes including industrial, business parks, commercial and data centres. Prior to joining
FLCAM, she spent approximately 17 years in REIT management at the Keppel Group. Ms
Lee was previously associated with Keppel DC REIT, where she served as the CEO of the
REIT manager since 2021. Before her role in Keppel DC REIT Management, she managed
regional commercial property investments and divestments at Keppel REIT Management
Limited. Before joining the Keppel Group, she spent approximately a decade developing
and managing industrial properties with JTC Corporation and Ascendas Land (Singapore)
Pte Ltd.
Ms Lee graduated with a Bachelor of Science (Estate Management), Honours from the
National University of Singapore and a Master of Science (International Construction
Management) from the Nanyang Technological University.
Anthea Lee Meng Hoon
Chief Executive Officer
Ms Yeo leads the finance team and is responsible for all aspects of the finance and
treasury functions, including financial reporting, strategic capital management, financial
risk management, taxation and compliance for FLCT. Her team works closely with the
investment and portfolio management teams to support the REIT’s strategic activities and
initiatives.
Ms Yeo has more than 20 years of experience in the finance industry including audit,
advisory and banking. She started her career as an auditor with PricewaterhouseCoopers
LLP, and subsequently moved into real estate investment banking with various international
banks. Prior to the merger of FLT and FCOT, Ms Yeo was the CFO of FCOT’s manager.
Before joining FCOT in May 2017, she headed the real estate sector coverage at the
investment banking arm of an Asian regional bank.
Ms Yeo graduated from the Nanyang Technological University of Singapore with a Bachelor
of Accountancy (Honours) degree and holds an MBA from INSEAD. She is a Chartered
Accountant with the Institute of Singapore Chartered Accountants and a Chartered
Financial Analyst.
Tricia Yeo Whay Teng

Chief Financial Officer
Ms Chew is responsible for developing and executing FLCT’s investment strategies

within the REIT’s investment mandate. The investment team led by Ms Chew originates
and evaluates opportunities for new acquisitions and strategic divestments to support
the growth of FLCT. She has more than 16 years of experience in real estate investment
management across global markets, including Australia, China, Germany, Singapore, the
Netherlands and UK.
Prior to her current appointment, Ms Chew was a key member of Frasers Property’s group
investment team and was involved in several transformational transactions undertaken by
Frasers Property during the period from 2014 to 2017. She was actively involved with the
overall planning and execution of the IPO of FLT in 2016. Since Ms Chew joined FLCT in
2017, she has assisted in the growth of FLCT through investing in new markets of Germany,
the Netherlands and UK and was actively involved in the merger with FCOT in 2020.
Ms Chew has a Bachelor of Science (Real Estate) Honors degree from the National
University of Singapore and she is currently a MBA candidate with Imperial College
London.
Chew Yi Wen
Head of Investments
Mr Spong spearheads FLCT’s portfolio management function, working closely with the
asset and property managers to drive property strategy, marketing and leasing as well as
the implementation of organic growth strategies and portfolio initiatives, including asset
enhancement and sustainability.
Prior to joining the REIT Manager, Mr Spong was Asset Manager, Investment Property
at Frasers Property Australia, formerly Australand Property Group (APG) from January
2015. During his time at APG, he was responsible for enhancing the value of a portfolio
of 37 high quality logistics and industrial properties located in New South Wales and
Queensland through proactive asset management.
Mr Spong was also a member of the Real Estate Team at Valad Property Group from
January 2007 to December 2014, where he was responsible for the asset management of a
portfolio of commercial and industrial properties located in Australia and New Zealand. His
responsibilities included the implementation of asset plans to maximise rental returns as
well as acquiring and disposing of assets to optimise portfolio metrics.
From July 2005 to December 2006, Mr Spong was Investment Analyst, Commercial
Property at DEXUS Property Group, where he had analytical responsibilities for a portfolio
Jonathan James Spong
Head of Portfolio Management
of 40 high quality commercial assets. From September 1999 to July 2005, Mr Spong was
Senior Valuer at DTZ (now known as Cushman & Wakefield), where he was responsible
for providing a broad range of valuation services for secured lending purposes, portfolio
valuations and development appraisal for national and international clients covering all
property sectors.
Mr Spong holds a Bachelor of Science (Honours) from St Andrews University in Scotland

and a Master of Land Economy from the University of Aberdeen in Scotland. Mr Spong is
also a Qualified Associate of the Australian Property Institute and the Royal Institution of
Chartered Surveyors.
Management Team
Reporting to the CFO, Ms Khung is responsible for timely and accurate statutory reporting,
compliance reporting and supports the CFO.
Prior to joining the REIT Manager, Ms Khung was the Financial Controller at FEO Hospitality
Asset Management Pte Ltd, the manager of Far East Hospitality Trust where she was
responsible for overseeing all aspects of finance and taxation matters, and provides
support for compliance matters.
Prior to that, Ms Khung held various positions at Keppel Infrastructure Fund Management
Pte Ltd, the Trustee-Manager of Keppel Infrastructure Trust, where she was involved in all
aspects of finance matters, including the statutory and financial reporting of the group
results, budgeting, taxation and certain compliance-related matters. Prior to that, she was
with CitySpring Infrastructure Trust and Ernst & Young LLP.
Ms Khung holds Bachelor of Commerce and Bachelor of Finance degrees from the
University of Adelaide, Australia. She is a Chartered Accountant with the Institute of
Singapore Chartered Accountants and a member of CPA Australia.
Annie Khung Shyang Lee

Head of Finance
Ms Sze manages the investor relations function of the REIT Manager, and is responsible
for building relations and facilitating effective communication with the investment and
research community.
Ms Sze has more 15 years of experience in investor relations, branding and

communications. Prior to joining the REIT Manager, she was part of the investor relations
function for Hong Kong-listed ESR Group Limited and was involved in the post-IPO
investor marketing. She has amassed experience through her previous roles
encompassing investor relations in other SGX-listed REITs and companies.
Ms Sze holds a Bachelor of Arts in Communications and Media Management from the
University of South Australia and the International Certificate in Investor Relations (ICIR).
Delphine Sze Li Xin

Vice President, Investor Relations
Financial Review
FY2023 FY2022 Variance

Statement of Total Return $’000 $’000 %
Revenue 420,782 450,187 (6.5)

Property operating expenses (105,781) (101,366) 4.4
Net Property Income 315,001 348,821 (9.7)
Manager’s management fee (38,549) (42,018) (8.3)
Trustees’ fees (870) (906) (4.0)
Trust expenses (5,340) (4,707) 13.4
Exchange gains (net) 5,019 2,124 N.M.
Finance income 1,620 727 N.M.
Finance costs (46,763) (41,595) 12.4
Net income 230,118 262,446 (12.3)
Net change in fair value of derivatives (473) 276 N.M.
Net change in fair value of investment properties (358,956) 425,593 N.M.
Gain on divestment of investment properties 17,389 169,694 (89.8)
Total (loss)/return before tax (111,922) 858,009 N.M.
Tax credit/(expense) 6,581 (119,268) N.M.
Total (loss)/return for the year (105,341) 738,741 N.M.
Total (loss)/return attributable to:

Non-controlling interests 2,307 (10,096) N.M.
Total (loss)/return attributable to Unitholders (103,034) 728,645 N.M.
Tax related and other adjustments 340,306 (461,873) N.M.
Income available for distribution to Unitholders 237,272 266,772 (11.1)
Capital distribution 1
25,067 14,981 67.3
Distributable income 262,339 281,753 (6.9)
Distribution per Unit (Singapore cents) 7.04 7.62 (7.6)
For information:
Adjusted NPI2 311,442 342,138 (9.0)
Notes:
1 Capital distribution relates to (i) reimbursements received from the vendors in relation to outstanding lease incentives at the point of
completion of the acquisition of certain properties in Australia and Europe in prior years; (ii) rental support received from vendors in
relation to the acquisition of certain properties in the UK; (iii) coupon interest received from vendors in relation to the development of
certain properties in the UK and (iv) distribution of divestment gains. The capital distribution in FY2023 translated to a DPU equivalent to
approximately 0.67 Singapore cents (FY2022: 0.40 Singapore cents), of which rental support translated to a DPU equivalent to approximately
0.05 Singapore cents (FY2022: 0.09 Singapore cents)
2 Adjusted NPI comprises the actual NPI excluding straight-lining adjustments for rental income and adding lease payments of right-of-use
assets
Financial Review
Stable Financial
Performance
For FY2023, FLCT reported revenue

of $420.8 million and adjusted NPI
of $311.4 million, representing
decreases of 6.5% and 9.0%
respectively, from $450.2 million
and $342.1 million in FY2022.
The year-on-year declines were
mainly due to the weaker exchange
rates, divestment of Cross Street
Exchange, Singapore in 1HFY22,
lower other income (mainly
surrender fee) and lower average
occupancies at Farnborough partially offset by net exchange Robust Balance Sheet
Business Park, Maxis Business Park gain of $5.0 million which relates
and 357 Collins Street. Property to translation of foreign currency As at 30 September 2023, FLCT’s
operating expenses were higher net assets on SGD functional aggregate leverage was 30.2%,
mainly due to higher energy and currency entities and the exchange compared to 27.4% as at 30
utility expenses. These were in differences arising from settlement September 2022.
part offset by the full year effect of of foreign currency forward
the acquisition of four properties contracts.
FLCT’s weighted average cost
in Australia in 2HFY22 and the of debt for FY2023 on a trailing
contribution from Worcester, West A tax credit of $6.6 million was
12 months was 2.2% per annum
Midlands (practical completion in recognised for FY2023 versus
with 77.2% of borrowings at
February 2023) and Connexion II a tax expense of $119.3 million
recognised in FY2022. This was fixed rates. The REIT remains in
(practical completion in March 2023). compliance with all its financial
mainly due to the lower deferred
tax as there was a net fair value covenants and is well-positioned
Excluding the impact of the interest to service its borrowings with an
expense on lease liabilities, FY2023 loss on investment properties of
$359.0 million in FY2023. interest coverage ratio of 7.1 times
finance costs increased by $6.0
as at 30 September 2023. FLCT
million as compared to FY2022.
The REIT Manager has elected has sufficient internal funds and
This was mainly due to the increase
to receive 100% of the FY2023 facilities to meet its debt obligations
in interest rates and additional
borrowings drawn. The weighted management fee in the form of due within the next 12 months.
average cost of debt for FY2023 was units (FY2022: 80.3%).
2.2% per annum (FY2022: 1.6%). Accounting Policies
As at 30 September 2023, 77.2% Income available for distribution
(30 September 2022: 81.7%) of our to Unitholders was $237.3 million The financial statements have been
borrowings were at fixed rates. in FY2023, an 11.1% decline from prepared in accordance with the
$266.8 million recorded in FY2022. recommendations of Statement of
The total loss attributable to The REIT Manager has declared a Recommended Accounting Practice
Unitholders of the Trust for FY2023 capital distribution of $25.1 million (“RAP”) 7 Reporting Framework for
was $103.0 million versus total for FY2023, $10.1 million higher than Investment Funds issued by the
return attributable to Unitholders the $15.0 million paid-out in FY2022.
Institute of Singapore Chartered
of the Trust of $728.6 million in Accountants, the applicable
FY2022. This was mainly attributable FY2023 DPU was 7.04 Singapore
requirements of the Code on
to lower adjusted NPI and higher cents, compared to FY2022 DPU of
Collective Investment Schemes
finance costs, net fair value loss 7.62 Singapore cents. FY2023 DPU
represents a distribution yield of issued by the Monetary Authority
on investment properties of $359.0 of Singapore and the provisions of
million versus a net fair value gain 6.6% per annum based on FLCT’s
closing price of $1.07 per Unit on FLCT’s Trust Deed. RAP 7 requires
of $425.6 million in FY2022, lower the accounting policies to generally
gain on divestment of investment 30 September 2023.
comply with the principles relating
properties of $17.4 million versus
to recognition and measurement
$169.7 million in FY2022 and
under the Financial Reporting
Standards in Singapore.
Revenue by Geography Revenue by Asset Class
FY2023 FY2023
Australia 50.5% Industrial

Europe 24.2% – Australia 35.2%
Singapore 13.2% – Europe 24.2%
The UK 12.1% – The UK 1.3%
Commercial
– Singapore 13.2%
– Australia 15.3%
– The UK 10.8%
Net Property Income by Geography Net Property Income by Asset Class
FY2023 FY2023
Australia 51.3% Industrial

Europe 28.0% – Australia 36.9%
Singapore 12.2% – Europe 28.0%
The UK 8.5% – The UK 1.4%
Commercial
– Singapore 12.2%
– Australia 14.4%
– The UK 7.1%
Capital Management
The Manager of FLCT maintains a prudent and disciplined approach to capital management to optimise the REIT’s
capital structure and balance sheet. Against a prolonged high interest rate environment, the Manager’s proactive
capital management approach provides FLCT with ample liquidity and financial flexibility to support the REIT’s growth
and portfolio enhancement initiatives.
Key Financial Indicators As at 30 Sep 2023 As at 30 Sep 2022
Total gross borrowings ($ million) 2,037.9 1,977.6

Aggregate leverage (total gross borrowings as a % of total assets) (%)a 30.2 27.4
Average cost of debt (%)b 2.2 1.6
Average weighted debt maturity (years) 2.2 2.7
ICR and adjusted ICR (times)c 7.1 13.0
Debt headroom ($ million)
- To 40% aggregate leveraged 1,102.3 1,505.1
- To 50% aggregate leveragee 2,668.9 3,239.9
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
c. As defined in the Code on Collective Investment Schemes revised by the Monetary Authority of Singapore on 16 April 2020 and clarified
d. On the basis of an aggregate leverage of 40%
e. On the basis of an aggregate leverage limit of 50% (with a minimum adjusted interest coverage ratio of 2.5 times) pursuant to the Property
Funds Appendix
Proactive Approach Delivered Optimised S&P Global Ratings (“S&P”) continues to maintain its
Capital Structure ‘BBB+’ long-term issuer credit rating with stable outlook
for FLCT. This is based on the S&P’s expectation that
Through the Manager’s proactive approach to FLCT will continue to maintain a prudent approach to
capital management, FLCT closed FY2023 with total acquisition to preserve its earnings stability and leverage.
borrowings of approximately $2,037.9 million, a marginal
increase from $1,977.6 million as at 30 September 2022. Debt Maturity Profile
Total loans and borrowings increased mainly due to the (As at 30 September 2023)
continued drawdown of loans to fund capital expenses. (in $ millions)
In addition, the EUR and GBP denominated borrowings
were translated at higher year-end exchange rates Available committed facilities are in place to refinance
more than half of the debt maturing in FY2024
against SGD as compared to the prior year.
543
522 528
FLCT’s aggregate leverage remained healthy at 30.2%,
2.8 percentage points higher than 27.4% at the end of 75
FY2022. The aggregate leverage of 30.2%, one of the 203

lowest1 amongst S-REITs, provides FLCT with enhanced
147
financial flexibility and an attractive debt headroom of
$2,668.9 million2 from which to deliver its growth and
value creation strategy. 277
522 60
210
FLCT’s interest coverage ratio remained high at 7.1 161
266
times as at 30 September 2023. This is a decline from
13.0 times in the year ended FY2022, mainly due to the 60 217
recognition of a one-time gain on the divestment of 161
Cross Street Exchange recognised in FY2022. Excluding 70

40 7
the above mentioned gain, the interest coverage ratio FY2024 FY2025 FY2026 FY2027 FY2028 >FY2028
would have been 8.5 times in FY2022. The average
A$ Debt | € Debt | $ Debt | £ Debt
cost of debt was 2.2% as at 30 September 2023, 0.6
percentage point higher than a year ago mainly due to
the higher interest rate environment.
1 Information as per various company announcements at time of print.

2 On the basis of an aggregate leverage limit of 50.0% (with a minimum adjusted interest coverage ratio of 2.5 times) pursuant to the Property
Funds Appendix.
The Manager has structured a well-spread debt maturity Debt Profile by Currencya
profile with a weighted average debt tenor of 2.2 years (As at 30 September 2023)
for FLCT. No more than a third of borrowings will mature
in any given year, minimising refinancing risk. FLCT
remains well-positioned to meet its debt obligations
with $522 million or 25.6% of total debt maturing in
FY2024. There is no major refinancing due in 1HFY24
and over 98% of debt maturing in FY2024 will only be
due in 2HFY24. The Manager has proactively sourced
for refinancing options ahead of the FY2024 debt
maturity. Floating rate facilities are already in place
for more than half of the debt maturing in FY2024.
The Manager is confident in securing facilities for the
remaining debt due in 4QFY24.
In line with its prudent approach to capital management,

the Manager will endeavour to maintain a well-staggered
debt maturity profile for FLCT, optimise its cost of
borrowings, and extend the debt tenor as it explores
$ million As % of Total
options to refinance borrowings ahead of their
Australian Dollar 110 5.4%
maturities. The Manager remains prudent in capital
Singapore Dollar 574 28.2%
management to navigate emerging issues and risks
Euro 1,016 49.9%
including further global financial stress, the persistent
British Pound 338 16.5%
inflation and the expected prolonged higher interest
Total Debt 2,038 100.0%
rate environment.
Hedging Strategies
Interest Rate Profile
With FLCT’s quality properties domiciled across five (As at 30 September 2023)
countries, the REIT derives its revenues from four major
currencies: Australian Dollar, Singapore Dollar, Euro
and British Pound. This diversification subjects FLCT
to foreign exchange rate and interest rate risks,
amongst others.
As part of its hedging strategy, the Manager utilises

cross currency swaps to allow for a natural currency
hedge when financing investments. Foreign exchange
volatility is managed with currency forward contracts. A
significant portion of FLCT’s distributable income (net
of anticipated local currency requirements) is hedged
to meet distribution payments on a six-month rolling
basis. The Manager will continue to closely monitor the
FX market and where opportunities arise, hedge the
foreign-sourced distribution beyond six months. Fixed Rate 77.2% Singapore Dollar 7.2%
Variable Rate 22.8% Euro 12.0%
FLCT’s exposure to interest rate volatilities is managed Australian Dollar 1.5%
by hedging a majority of the REIT’s borrowings in the British Pound 2.1%
range of 50% to 80% to fixed rates. As at 30 September
2023, 77.2% of total borrowings are at or hedged
to fixed rates through interest rate swaps or cross
currency interest rate swaps. The high proportion of
fixed rate borrowings, which were largely locked in at a
lower interest rate environment, has helped to mitigate
impact of rising borrowing costs on the REIT.
Based on FLCT’s debt profile as at 30 September 2023,

the Manager estimates that for every 50bps increase in
interest rates on variable rate borrowings, the impact on a Refers to debt in the currency or hedged currency of the country of
DPU is approximately 0.06 Singapore cents. the investment properties
Operational Review
A Resilient Portfolio of Quality Assets

Modern • Well-located • Sustainable
96.0% 2.7
Portfolio million sqm
Occupancy1 Lettable Area
+18.9% +7.8%
average vs. average2 incoming vs. outgoing3
Significant Portfolio Reversions in FY2023
Logistics & Commercial

Industrial
99 8
L&I Properties4 Commercial
Properties
100% 89.9%
L&I Commercial
Occupancy1 Rate Occupancy1 Rate
1 Based on GRI, being the contracted rental income and estimated recoverable outgoings
for the month of September 2023. Excludes straightlining rental adjustments and
includes committed leases
2 Calculated based on the midpoint gross rent (including any contracted fixed annual
rental step-ups) of the new/renewed lease divided by the midpoint rent of the preceding
lease. Excludes newly created space, leases on spaces with extended void periods of
more than 18 months, incentives and lease deals with a term of less than six months.
3 Calculated based on the signing gross rent (excluding any contracted fixed annual rental
step-ups and incentives) of the new/renewed lease divided by the preceding terminating
gross rent of each new/renewed lease (weighted by gross rent). Excludes newly created
space, leases on spaces with extended void periods of more than 18 months, and lease
deals with a term of less than six months
Operational Review
As the Manager of FLCT, our objective is to continually in The Midlands. The Midlands, which consist of the
improve the quality of our asset portfolio and optimise East and West Midlands, two of England’s nine official
its operational performance for enhanced returns over regions, are important industrial and logistical hubs for
the long-term. Our commitment to achieving this goal is the UK. Development of Ellesmere Port is expected to
grounded in our proactive approach to investment and be completed in 1HFY24.
asset management.
As at 30 September 2023, FLCT has 107 quality
In the light of the challenging geopolitical and logistics and commercial properties5 across five
macroeconomic environment in FY2023, we maintained countries: Australia, Germany, Singapore, the UK and
a prudent approach to our near-term growth. Our the Netherlands. Valued at $6.4 billion6, FLCT’s portfolio
emphasis leaned towards fostering organic growth. comprises 2.7 million sqm of quality lettable area.
We completed the development of the two logistics &
industrial properties in the UK during the year, namely
Connexion II and Worcester which are both located
Portfolio Value by Geography
FY2022 FY2023
Australia 51.4% Australia 50.9%

Germany 23.8% Germany 23.9%
Singapore 9.9% Singapore 10.5%
The UK 9.4% The UK 9.5%
The Netherlands 5.5% The Netherlands 5.2%
Portfolio Value by Asset Type
FY2022 FY2023
Logistics & Industrial 68.3% Logistics & Industrial 69.6%

Suburban Office & Business Parks 22.4% Suburban Office & Business Parks 21.9%
CBD Commercial 9.3% CBD Commercial 8.5%

Our Portfolio is Largely Freehold
As at 30 September 2023, FLCT’s portfolio comprises 96.9% of freehold and properties with more than 75-year
leasehold by value. Properties with a leasehold tenure of more than 75 years constituted 21.2% of our portfolio by
value, while a majority of 75.7% comprise freehold properties.
Portfolio Land Tenure by Value
FY2022 FY2023
Freehold 75.9% Freehold 75.7%

> 75-year leasehold 21.0% > 75-year leasehold 21.2%
Other leasehold 3.1% Other leasehold 3.1%
Building Resilience Through Tenant Diversification
FLCT continued to maintain a well-diversified base of over 300 high-quality and well-established tenants across
five countries as at 30 September 2023. The diversity of our tenant base, which comprises predominantly
multinationals, conglomerates, public-listed entities and government related entities, underpins our resilience
through industry cycles.
Demonstrating the level of income diversity, the top 10 tenants accounted for 25.4% of our portfolio’s gross
rental income (“GRI”) with no single tenant accounting for more than 5% during FY2023. Adding to our portfolio
resilience, our tenant base is concentrated in the high-performing and growing 3PL/Distribution and Consumer and
Retail sectors.
Top 10 Tenants of FLCT by GRI

(As at 30 September 2023)
WALE
Tenant Country Type of Business % of GRI7 (years)7
Commonwealth of Australia Australia Government 4.8% 1.8
Google Asia Pacific Singapore Information Technology 4.3% 0.9
Hermes Germany Germany 3PL/Distribution 2.9% 9.0
Rio Tinto Shared Services Australia Resources 2.4% 6.8
BMW Germany Automotive 2.3% 4.9
CEVA Logistics Australia 3PL/Distribution 2.0% 3.3
Techtronic Australia Consumer & Retail Products 1.8% 1.4
Schenker Australia 3PL/Distribution 1.7% 2.8
The
Mainfreight 3PL/Distribution 1.6% 7.4
Netherlands
Commonwealth Bank of Australia Australia Banking 1.6% 2.8
7 Based on GRI, being the contracted rental income and estimated recoverable outgoings for the month of September 2023. Excludes
straightlining rental adjustments and include committed leases
Operational Review
Portfolio Tenant Sector Breakdown by GRI8

Well-diversified Tenant Base with Positive Exposure to ‘New Economy’ Sectors9
3PL/Distribution 25.5%
Consumer & Retail Products 20.4% 1.5%
IT Products & Services 8.1%
Manufacturing 6.7%
Government & related 5.7%
Automotives Manufacturing 4.1%
Insurance & Financial Services 3.2%
Mining/Resources 2.8%
1.9%
62.2%
Medical/Pharmaceuticals 2.1%
Consultancy/Business Solutions 2.1%

of GRI contribution
Multimedia & Telecoms 2.0% from L&I tenants
Engineering 1.9%
Flexible Workspace 1.5%
Food & Beverage 0.8%
Others 5.5% 6.1% Logistics and Industrial | Commercial
Significant Rental Reversions Achieved on Steady Leasing Demand

On the back of steady leasing demand, we secured 32 lease renewals with existing tenants and closed 32
new leases with new tenants during the year. In aggregate, the lease renewals and new leases accounted for
approximately 492,000 sqm or 18.5% of the portfolio lettable area, with the logistics & industrial sector making up
most of the leases committed.
Overall, the portfolio average rental reversion achieved for FY2023 was 7.8% on an incoming rent vs. outgoing rent
basis10 (“incoming vs. outgoing”) and 18.9% for the average rent of new leases as compared to the average rent of
preceding leases basis11 (“average vs. average”).
8 Excludes vacancies
9 “New Economy” sectors refer to high-growth industries with a high adoption of technology and innovation in operations, such as third-party
logistics; e-commerce (consumer and enterprise); IT and services amongst others
10 Calculated based on the signing gross rent (excluding any contracted fixed annual rental step-ups and incentives) of the new/renewed lease
divided by the preceding terminating gross rent of each new/renewed lease (weighted by gross rent). Excludes newly created space, leases on
spaces with extended void periods of more than 18 months, and lease deals with a term of less than six months
11 Calculated based on the midpoint gross rent (including any contracted fixed annual rental step-ups) of the new/renewed lease divided by the
midpoint rent of the preceding lease. Excludes newly created space, leases on spaces with extended void periods of more than 18 months,
incentives and lease deals with a term of less than six months
Enhancing Stability Through Proactive Leasing
Our proactive approach to asset management allows us to engage tenants on forward lease renewals to ensure that
our portfolio lease expiry profile is evenly distributed. This allows us to minimise tenant related risks and enhance
the REIT’s stability of income.
During the year, we saw healthy leasing activity across our properties. As a result, we closed the year with a well-
spread lease expiry profile that ensured no more than 22% of GRI expires in any given year. Our portfolio had a
WALE of 4.3 years as at 30 September 2023. By asset class, the WALE for our logistics & industrial portfolio was 5.1
years while the WALE for our commercial portfolio was 3.1 years.
As at 30 September 2023, our portfolio had a WALB of 4.1 years. On a sectoral basis, the WALB for the logistics &
industrial portfolio was 5.0 years while the commercial portfolio had a WALB of 2.7 years.
As part of our lease negotiations, we seek to incorporate step-up rent structures which will provide FLCT with
certainty of rental growth. These step-up rent structures include periodic fixed rent increments, inflation linked rent
adjustments and market reviews. Leases for logistics & industrial assets in Australia generally have fixed annual
increments while the majority of our leases in Europe incorporate CPI-linked indexation.
Portfolio Lease Expiry Profile

21.7%
12.6% 13.5% 13.6%
3.7% 3.6%
8.7% 8.9% 8.3%
2.5% 6.9% 0.9%
3.1% 5.9%
4.8% 2.8%
9.1% 9.8% 10.0% 1.7% 3.7%
1.2% 0.1% 7.4%
6.2% 5.8%
4.0% 3.6% 4.1% 4.2% 3.6%
Vacant Sep-24 Sep-25 Sep-26 Sep-27 Sep-28 Sep-29 Sep-30 Sep-31 Sep-32 Sep-33 and
beyond
Logistics and Industrial | Commercial
High Occupancies Spurred by Proactive Lease Management
Our ability to consistently deliver high occupancy across our assets is underpinned by our proactive approach to
lease management and the quality of our asset portfolio, which have benefited from a flight-to-quality approach as
tenants focus on health and well-being, strong amenity and modern accommodation which enhances operational
efficiencies.
We are cognisant that fostering strong tenant-landlord relationships is a core component of good asset
management and key to the long-term operational success of our properties. With this in mind, we initiate proactive
interactions with all our tenants right from the start to grasp their immediate operational needs, in addition to
comprehending their business model and their long-term growth aspirations.
As a result, we closed the year with an overall portfolio occupancy level of 96.0%. On a sectoral basis, our logistics
& industrial portfolio remained fully occupied for the fourth consecutive year while our commercial portfolio
remained relatively stable with an occupancy of 89.9% as at 30 September 2023.
Operational Review
Occupancy12 Across Asset Types
Logistics & Industrial Portfolio
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Australia Europe United Kingdom
As at 30 Sep 23 | As at 30 Sep 22
Commercial Portfolio
95.8% 93.4% 96.1% 94.5% 100.0% 100.0% 100.0% 100.0% 100.0%

94.4%
83.8% 83.0% 81.9%
77.1% 75.6% 79.4%
Alexandra Central Park Caroline 357 545 Farnborough Maxis Blythe Valley
Technopark (Australia) Chisholm Centre Collins Street Blackburn Road Business Park Business Park Business Park
(Singapore) (Australia) (Australia) (Australia) (United Kingdom) (United Kingdom) (United Kingdom)
As at 30 Sep 23 | As at 30 Sep 22
Value-Accretive Developments Park in West Midlands, one of England’s nine official

regions that is an important industrial and logistical
We remain focused on growing FLCT’s core logistics & hub for the UK. The property is also within proximity
industrial portfolio in our existing markets. In FY2023, to Birmingham, the UK’s second-largest city with a
we have successfully completed two development population of 1.1 million. All three units at Connexion II
projects in the UK, Worcester and Connexion II, are leased on 10-year leases to high-quality customers
while the ongoing development for Ellesmere Port is Tesla Motors Limited, an automotive and clean energy
scheduled for completion in FY2024. company; Solotech UK Group Ltd, an audio-visual
solutions provider; and Reeley Limited, a leading
The development of Worcester was completed in supplier to the UK’s lift and escalator industry. The
February 2023, and was our first forward-funding project also achieved a BREEAM Excellent rating.
project. Worcester, located in West Midlands, is
prominently positioned near the entrance to the We are on track for the completion of our second
business park. The 16,734 sqm freehold development forward-funding project, Ellesmere Port in 1HFY24,
has a committed lease term of 15 years with a prime 62,211 sqm freehold logistics & industrial
Alliance Flooring Distribution Limited, subject to five development. The development is located within UK’s
yearly upward only rent reviews and is the tenant’s North West logistics & industrial market at Hooton
headquarter flagship warehouse in the UK. The building Business Park which benefits from exceptional road,
has been constructed to high specifications with a rail and sea connectivity, and is known for its links to
target Energy Performance Certificate (“EPC”) rating of automotive engineering. With a committed 15-year
“A”, the highest rating for energy certification. lease term to Peugeot Motor Company Plc, the property
will serve as its national distribution centre upon
Development of Connexion II was completed in March completion. The property will be developed to high
2023. Connexion II is located in Blythe Valley Business building and sustainability specifications and will meet
BREEAM Outstanding rating and EPC rating of “A”.
12 Based on GRI, being the contracted rental income and estimated recoverable outgoings. Excludes straightlining rental adjustments and includes
committed leases. Current gross market rental adopted for vacant accommodation
Developments
Property Worcester, West Midlands, Connexion II, Blythe Valley Ellesmere Port, Cheshire,
United Kingdom Business Park, Solihull, United North West England, United
Kingdom Kingdom
Status Completed Completed Ongoing
Asset Type Logistics & Industrial Logistics & Industrial Logistics & Industrial
NLA (sqm) 16,734 10,996 62,211
Land Tenure Freehold Freehold Freehold
Tenant(s) Alliance Flooring • Tesla Motors Limited Peugeot Motor Company Plc
Distribution Limited • Solotech UK Group Ltd
• Reeley Limited
Tenant(s) Trade Sector • Manufacturing • Automotive • Automotive
• Audio-visual solutions
provider
• Manufacturing
Occupancy as at 100.0% 100.0% N.A.
30 September 2023
Valuation as at $36.7 million $37.3 million $81.9 million
30 September 2023
Development Completion February 2023 March 2023 Expected completion in

1HFY24
In October 2023, FLCT entered into a sale and purchase Commitment to Environmental, Social,
agreement with Willems Bouwbedrijf B.V. and Joep and Governance
Willems Holdings B.V., and a turnkey design and build
agreement with Willems Bouwbedrijf B.V., for a freehold Our dedication to promoting Environmental, Social,
forward-funding logistics development situated within and Governance (ESG) practices aligns closely with the
Aviation Valley business park and next to Maastricht values and goals of our Sponsor. In 2023, we achieved
Airport in the Netherlands. Aviation Valley is the a rating of “A” in the MSCI ESG Rating assessment,
country’s second largest cargo hub, with easy access retained our 5-Star GRESB rating and maintained
to major national and international logistics routes to the highest Green Star Performance rated industrial
Germany, Belgium and throughout the Netherlands. portfolio in Australia.
The €14.5 million development is pre-let for a period
of 10 years and was purchased at 12.7% discount to For more information on our sustainability objectives and
valuation13. progress to-date, please refer to the ESG Report on pages 110
to 156 of this report.
Artist’s impression of proposed development at Maastricht, the Netherlands
13 Valued by Savills Valuation at €16.6 million on a completed and pre-let basis, assuming no real estate transfer tax is payable
Portfolio Overview
107
well-located
modern properties1
5
developed
countries
$6.4
billion
portfolio
valuation2
Portfolio Properties by Geography Portfolio Properties by Asset Type
FY2023 FY2023
No. of Properties No. of Properties

30-Sep-23 30-Sep-22 30-Sep-23 30-Sep-22
Australia 65 65 Logistics & Industrial 99(▲2) 97
Germany 29 29 Suburban Office & Business Parks 6 6
Singapore 1 1 CBD Commercial 2 2
The UK 6 (▲2) 4
The Netherlands 6 6

Australia Valued at $3.3 billion, our Australian properties are

located in key cities along Australia’s eastern and
Portfolio: 65 properties western seaboard. These 65 well-located and modern
Lettable Area: 1,459,908 sqm properties, covering logistics & industrial, CBD
commercial and office and business park assets,
Valuation: $3.3 billion
supported 146 local and multinational tenants at the
end of FY2023.
As the world’s 14th largest economy, Australia has a
GDP of approximately US$1.69 trillion3. In its September
2023 statement4, the Reserve Bank of Australia,
For more information, please refer to the Independent Market
described the Australian economy as experiencing Research section on page 74 of this report.
a period of below-trend growth. With high inflation
weighing on real incomes, household consumption
growth remains weak. With the continued weakness,
the economy is expected to grow approximately 1% in
20235.
Brisbane
NT
QLD
No. of Properties WA
Melbourne 34
Sydney 16 SA
Brisbane 12
Perth 2
NSW
Canberra 1
Sydney
Canberra
VIC
Perth
Melbourne
Suburban Office and

Logistics and Industrial Business Parks CBD Commercial Total
Properties Lettable Properties Lettable Properties Lettable Properties Lettable
City (State/Territory) Area (sqm) Area (sqm) Area (sqm) Area (sqm)
Melbourne (Victoria) 32 667,428 1 7,311 1 31,780 34 706,519
Sydney (New South Wales) 16 397,153 - - - - 16 397,153
Brisbane (Queensland) 12 229,808 - - - - 12 229,808
Perth (Western Australia) 1 20,143 - 1 66,041 2 86,184
Canberra (Australian Capital
- - 1 40,244 - - 1 40,244
Territory)
Total 61 1,314,532 2 47,555 2 97,821 65 1,459,908
Suburban Office and

Logistics and Industrial Business Parks CBD Commercial Total
% FLCT % FLCT % FLCT % FLCT
Valuation Portfolio Valuation Portfolio Valuation Portfolio Valuation Portfolio
City (State/Territory) ($ million) Valuation ($ million) Valuation ($ million) Valuation ($ million) Valuation
Melbourne (Victoria) 1,133.2 17.6% 42.0 0.7% 224.1 3.5% 1,399.3 21.8%
Sydney (New South Wales) 908.2 14.1% - - - - 908.2 14.1%
Brisbane (Queensland) 424.1 6.6% - - - - 424.1 6.6%
Perth (Western Australia) 9.4 0.1% 320.9 5.0% 330.3 5.1%
Canberra (Australian Capital
- - 216.6 3.4% - - 216.6 3.4%
Territory)
Total 2,474.9 38.4% 258.6 4.1% 545.0 8.5% 3,278.5 51.0%
3 Based on IMF DataMapper World Economic Outlook (October 2023)

4 https://www.rba.gov.au/media-releases/2023/
5 https://www.rba.gov.au/publications/smp/2023/aug/economic-outlook.html
Portfolio Overview
Melbourne, Victoria HU
M
E
FW
New South
HUME HWY
Y
CA
Portfolio: 34 properties Wales
LD
ER
Lettable Area: 706,519 sqm
FW
Y
Melbourne is the capital of the Australian state of MELTON

HWY H
Victoria, and the second-most populous city in Australia WESTERN RING RD
with over 5.03 million residents6. The city is one of the

Melbourne
fastest growing regions in Australia and a significant South Australia
CBD
contributor to the Australian economy. F EASTERN
FWY
I
FLCT’s Melbourne portfolio comprises 32 logistics &
EASTLINK
BURWOOD HWY
G
industrial properties, one CBD commercial building and MO
NA
SH
one Office & Business Park. Our logistics & industrial FW
NE
Y
PE
properties are located in the west, north and southeast
AN
E
industrial precincts of Melbourne, while our office
HW
C
Y
assets are located in the CBD and south-eastern
commercial precinct.
B A
D
Precinct Location Map Properties Precinct Characteristics
South East
South Park Industrial Estate A 5 • Good access to the large residential population
The Key Industrial Park B 9 base through M1 (Monash Freeway) and M3
Mulgrave C 1 (Eastlink)
• Rising scarcity of developable land in the
Braeside Industrial Estate D 1
Southeast sub-markets
Mount Waverley E 1 • Rezoning of industrial land to residential and
commercial to limit supply
West
West Melbourne F 9 • Access to key freeways, including the Tullamarine
Altona Industrial Park G 1 Freeway, Citylink Tollway and Western Ring Road,
together with the Tullamarine Airport
• Accessible to Sydney via the Hume Highway
North
Melbourne Airport Business H 6 • Australia’s largest business park in excess of 500
Park hectares
• Close to the shipping port and access to the M1,
Geelong Road, and M80 Western Ring Road
CBD
Central Business District I 1 • Australia’s largest CBD in terms of commercial
space
6 https://www.abs.gov.au/statistics/people/population/regional-population/latest-release
Sydney, New South Wales

Queensland
Portfolio: 16 properties
Valuation: $0.9 billion M2 MO
TORWAY
South
E
Sydney is the capital city of the state of New South Australia
D
Wales, and the most populous city in Australia with A
almost 5.3 million residents7. Sydney’s economy is C
M4 M
OTOR
primarily driven by industries such as financial and WAY
B
professional services, information technology, health,
AY
ORW
education and research8. Sydney
MOT
CBD
M7
Our Sydney portfolio comprises 16 modern logistics M5 MOTORWAY
& industrial assets which are well-located along or Botany
Western Sydney
nearby major freeways. In general, these properties have International Airport
(Completion in 2026)
excellent connectivity to Sydney’s CBD, shipping port
and airport.
Victoria
Outer Central West

Eastern Creek A 5 • Excellent access to key motorways, including M7,
Wetherill Park B 3 M4 and other main arterial roads
Pemulwuy C 2 • 3PL, retail and wholesale distribution centres for
key brand name operators are concentrated in this
precinct
Outer North West
Seven Hills D 4 • Close to M2 and M7 with access to the large and
Winston Hills E 1 growing northwest population corridor
• Supply is moderately constrained with sites suiting
smaller development
Wollongong
Port Kembla 1 • One of the three major trade ports within New
South Wales and is situated within the southern
industrial city of Wollongong
• International trade gateway for bulk agricultural,
automotive, construction and mining industries
8 https://businessevents.australia.com/en/destinations/sydney/industry-sectors.html
Portfolio Overview
Brisbane, Queensland
Y
HW
CE
J
BRU
Brisbane is the capital and most populous city of the
Australian state of Queensland, and Australia’s third Brisbane CBD I
most populous city with over 2.6 million residents9. Port of Brisbane
Motorway
The city is one of the major business hubs in Australia,
Y
FW
driven by industries such as mining, banking, insurance,
N
ER
transportation, information technology, and real estate.
ST
WE
WAY
TOR Y
EWA
A
FLCT’s Brisbane portfolio comprises 12 logistics &
GAT
RW H
AY
TO IC
MO
O W
industrial buildings located primarily in the southern
M IPS
B
sub-market. This area is well-connected to northern, Ipswich LOGA
N
C MOTO
western and southern Brisbane via a network of RWAY
E
accessible roads and motorways. D
F
New South
G Wales
D
H
Southern
Shettlestone Street A 1 • Largest geographical industrial precinct that has
Flint Street B 1 good road linkages to the north, west and south,
Boundary Road C 1 as well as to the residential population bases in the
Gold Coast
Stradbroke Street D 1
Siltstone Place E 1 • Strong demand due to scarcity of land
Wayne Goss Drive F 2
Platinum Street G 1
Pearson Road H 2
Trade Coast
Queensport Road I 1 • Close to key infrastructure, including Port of
Brisbane and Brisbane Airport
• Access to the north and south via the M1
• Supply is constrained
Northern
Earnshaw Road J 1 • Services the population to the North of Brisbane
via Gympie Road, Bruce Highway and Houghton
Highway
• Limited availability of development land
• Government studying to enhance the North-West
Transport Network including a A$9.5 billion a six-
lane tunnel which would connect with Airport Link
Perth, Western Australia Canberra, Australian Capital Territory
Portfolio: 2 properties Portfolio: 1 property

Lettable Area: 86,184 sqm Lettable Area: 40,244 sqm
Valuation: $0.3 billion Valuation: $0.2 billion
The city of Perth is the fourth largest city in Australia Canberra is the capital of Australia and home to
with approximately 2.2 million residents9. The capital approximately 0.5 million residents9. The city is also
of Western Australia has an economy which is largely home to a number of government related organisations
driven by three industries: Mining; Professional, and several technology related industries such as
Scientific and Technical Services; and Finance and defence, cybersecurity, agri-tech, renewable energy
Insurance. and space. The city also has a vibrant education and
tourism sector.
FLCT’s Perth portfolio comprises one logistics &
industrial building and one quality CBD commercial FLCT has one quality suburban office building located
building. Both assets enjoy strong connectivity to the in Tuggeranong Town Centre.
city’s airport and shipping port.
Location Properties Precinct Characteristics Location Properties Precinct Characteristics
Perth Airport 1 • Close to key infrastructure, Tuggeranong 1 • Located within the core of the
Perth CBD 1 including Perth Airport and Tuggeranong Town Centre in
Freemantle Port Canberra, Australia’s capital
• Easy access to, or in Perth’s city and the location of the
CBD Federal Parliament House
• Perth Airport Masterplan
2020 includes a A$2.5 billion
upgrade to meet expected
air freight demand of 383,000
tonnes by 2040
Portfolio Overview
Germany
In its July 2023 report, the Deutsche Bundesbank,

Germany’s Central Bank, said that inflation peaked
at 11.6% in October 2022 and continues to be a key
concern. To address rising costs, the, government
tightened monetary policy and raised interest rates by
a total of four percentage points in eight consecutive
steps since 3Q2022. Whilst these fiscal policies are
expected to stabilise macroeconomic developments
and drive demand, the central bank expects the
economy to record “a slight decline of 0.3% for
FY2023”.
FLCT’s portfolio consists of 29 in-demand logistics &

industrial properties located in major global logistics
hubs across Germany including Hamburg – Bremen,
Leipzig – Chemnitz, Munich – Nuremberg, Stuttgart –
Mannheim, Frankfurt, Düsseldorf – Cologne, Bielefeld
and Berlin.

Research section on page 82 of this report.
Lettable Area Valuation % FLCT

Region Properties (sqm) ($ million) Portfolio Valuation
Hamburg – Bremen 2 32,170 52.7 0.8%

Leipzig – Chemnitz 2 29,332 48.0 0.7%
Munich – Nuremberg 6 164,909 364.8 5.7%
Stuttgart – Mannheim 9 273,833 613.0 9.5%
Frankfurt 2 36,439 128.9 2.0%
Düsseldorf – Cologne 6 137,609 226.7 3.5%
Bielefeld 1 22,336 43.3 0.7%
Berlin 1 13,142 66.3 1.0%
Total 29 709,770 1,543.7 23.9%
Cluster Characteristics
Hamburg – Bremen • Hamburg is Germany’s largest port and second largest city
Access to Bremen Airport, Hannover-Langenhagen Airport and Braunschweig-Wolfsburg Airport
Well-connected to motorways such as A28, A29, A293, A2 and A391
Leipzig – Chemnitz • Serviced by Leipzig/Halle Airport and Dresden Airport
• Leipzig is well-connected via rail and serves as an important junction of the north to south and west
to east railway lines
• Chemnitz is situated at the intersection of two key motorways – the A4 Erfurt-Dresden and the A72
Hof-Leipzig Autobahns
Munich – Nuremberg • Munich is Germany’s third largest city and has a strong economy driven by high-tech, biotechnology,
IT, automobiles and engineering
• Ranked as the #1 hi-tech location in Europe by the European Commission
• Located on the intersection of two core network corridors of the Trans European Transport Network
• Serves as a distribution centre and logistics hub for Southern Germany
Stuttgart – Mannheim • Stuttgart is the largest city of the German state of Baden Wurttemberg and one of the wealthiest
regions in Europe with a high level of employment
• Mannheim is Germany’s second most important intercity railway junction with Paris about 3 hours
away
Frankfurt • Frankfurt is Germany’s fifth largest city and a global hub for commerce, culture, education, tourism
and transportation
• Key global gateway in Europe: 3-hour reach to every business metropolis in Europe
• Frankfurt Airport is the biggest cargo airport in Germany and one of the largest international airports
in the world
Düsseldorf – Cologne • Düsseldorf is the seventh largest city in Germany and an international business and financial centre
• A major hub in the Deutsche Bahn railway network and is also directly accessible via the A3
motorway
• Served by Cologne Bonn Airport (ranked third busiest air cargo hub in Germany) and Düsseldorf
International Airport (ranked third in passenger traffic in Germany)
Bielefeld • Access to Paderborn Lippstadt Airport, Münster Osnabrück International Airport and Hannover
Airport
• Well-connected to two major motorways, the A2 and A33
• Bielefeld railway station is part of the German ICE high-speed railroad system
Berlin • Berlin is the capital and the largest city in Germany. Its economy is driven by IT, pharmaceuticals,
biomedical engineering, clean tech, biotechnology, construction and electronics industries
• Access to Tegel Airport and Schönefeld Airport
• Well-connected via rail to all major German cities and many cities in Europe
• Convenient access to a network of roads and motorways
Portfolio Overview
Singapore
Portfolio: 1 property
In its August 2023 report, the Ministry of

Trade and Industry said that Singapore’s
economy has weakened and the
government has narrowed Singapore’s
GDP growth forecast for 2023 to “0.5 to 1.5
per cent”10. Dependent on international
trade, Singapore may be affected by tighter
global financial conditions, and disruptions
related to geopolitical tensions.
Alexandra Technopark, a quality office

& business park located in the southern
district of Singapore, is FLCT’s flagship
and sole asset in Singapore. Valued at
$678.0 million, Alexandra Technopark has
a diverse occupier base of 57 tenants, with
City Fringe
an occupancy of 95.8%.
Office and Business Parks: 1
For more information, please refer to the Valuation: $678.0 million
Independent Market Research section on % FLCT Portfolio Valuation: 10.5%
page 91 of this report.
10 “MTI Narrows Singapore’s GDP Growth Forecast for 2023 to “0.5 to 1.5 Per Cent””, Ministry of Trade and Industry, 11 August 2023
The UK
In its June 2023 note, the Organisation for Economic
Co-operation and Development (“OECD”) expects the
United Kingdom to grow a modest 0.3% in 2023 and
1.0% in 202411. Monetary policy is expected to remain
tight, weighing on output and lowering inflation.
FLCT’s UK portfolio comprises three business parks
and three logistics & industrial properties. The three
business parks include Farnborough Business Park
and Maxis Business Park, both located west of London
in Thames Valley and Bracknell, respectively; and
Blythe Valley Business Park, an integrated logistics and
business park located in Solihull, near Birmingham.
Two logistics & industrial properties – Connexion and
Connexion II – are located in Solihull, near Birmingham,
whilst the third logistics & industrial building is located
in Worcester.
Well-located in the UK’s thriving and highly accessible
hubs, the six properties have a total valuation of $609.8 For more information, please refer to the Independent Market
million. The UK assets have a tenant base of 83 tenants Research section on page 95 of this report.
and an aggregate leaseable area of 158,046 sqm.
Suburban Office and

Logistics and Industrial Business Parks Total
Properties Lettable Properties Lettable Properties Lettable
Location Area (sqm) Area (sqm) Area (sqm)
Birmingham 2 30,530 1 42,197 3 72,727
Farnborough - - 1 50,756 1 50,756
Bracknell - - 1 17,829 1 17,829
Worcester 1 16,734 - - 1 16,734
Total 3 47,264 3 110,782 6 158,046
Suburban Office and

Logistics and Industrial Business Parks Total
% FLCT % FLCT
Valuation % FLCT Portfolio Valuation Portfolio Valuation Portfolio
Location ($ million) Valuation ($ million) Valuation ($ million) Valuation
Birmingham 97.3 1.5% 164.0 2.5% 261.3 4.0%
Farnborough - - 228.4 3.5% 228.4 3.5%
Bracknell - - 83.4 1.3% 83.4 1.3%
Worcester 36.7 0.6% - - 36.7 0.6%
Total 134.0 2.1% 475.8 7.3% 609.8 9.4%
Birmingham • Birmingham is the UK’s second largest city and a major international commercial, transport, retail, events and
conference hub
• Strategically located at the heart of the UK’s motorway network, adjacent to the J4/M42 with access to M5, M6,
M40 and M42 motorways
• Close proximity to Birmingham International Airport and strong connectivity with local and regional railways
Farnborough • Farnborough is located in northeast Hampshire, approximately 60 minutes and 40 miles from London’s city
centre
• Easily accessible via the nearby M3, A331 and A325 motorways, and is served by train stations on the South
West Main Line (1) and North Downs Line (2)
• The area is served by Farnborough Airport, UK’s main business jet airport
Bracknell • Bracknell is a large town located in Berkshire, within the Greater London Urban Area and is home to several
notable global companies
• The area is accessible via the M3 and M4 motorways and is served by two railway stations, Bracknell and
Martins Heron
• Heathrow Airport is 21km east and Blackbushe Airport is 24km southwest of Bracknell
Worcester • Worcester is one of the oldest cities in the country
• Strategically located 30 miles south-west of Birmingham, 27 miles north of Gloucester and 23 miles north-east
of Hereford
• Accessible via the M5, M42 and M40 motorways, and three railway stations within the city
11 https://www.oecd.org/economy/united-kingdom-economic-snapshot/
Portfolio Overview
The Netherlands
In October 2023, the Dutch Central Bank, De Nederlandsche

Bank, said that its monetary policies were taking effect,
providing a dampening impact on demand. This has helped
to dampen inflation which was reported to be 0.3% in
September. The Central Bank expects inflation to continue
to decline but not at a linear pace12. Economic growth is
forecast to be 0.8% in 2023 and 1.3% in 2024.
FLCT’s Dutch portfolio comprises six quality logistics &

industrial assets in well-established clusters. Valued at
$334.8 million, these assets have an aggregate gross
leasable area of 233,873 sqm.

Research section on page 103 of this report.
Lettable Area Valuation % FLCT

Logistics & Industrial Cluster Properties (sqm) ($ million) Portfolio Valuation
Meppel 1 31,013 44.0 0.7%
Utrecht – Zeewolde 3 152,097 219.7 3.4%
Tilburg – Venlo 2 50,763 71.1 1.1%
Total 6 233,873 334.8 5.2%
Meppel • Developed as a transport and distribution inland harbour, Meppel enjoys strong transport
connectivity to national motorways and the Meppel Barge Terminal
• Located in the northeast region of the Netherlands and is an approximate 1.5 hours drive from
Amsterdam
Utrecht – Zeewolde • Utrecht is one of the most notable logistics locations in the central part of the Netherlands due to its
strong infrastructure
• Zeewolde has 8 industrial estates with the concentration of logistics activities at the logistic park
Trekkersveld I, II and III
• Ede is a strategic and highly sought-after location in the east of the Netherlands and in proximity to
key trading routes and the German border
Tilburg – Venlo • Tilburg is the Netherlands’ 6th largest city and largest inland logistics hub
• It is a key city in the Belt and Road Initiative given its direct connection to China via the Chengdu-
Europe Express Rail
• Venlo is the main logistics hotspot of the Netherlands due to its strategic location between the
Randstad, Flemisch and Ruhr regions
• Rapid growth of transport infrastructure, coupled with the relatively low land and rents, make the
region an attractive location for the distribution sector
12 https://www.dnb.nl/en/general-news/speech-2023/regaining-control/
2-22 Efficient Drive, Truganina, Australia

Property Profiles
FLCT’s portfolio comprises 107 modern industrial and commercial properties1 valued at $6.4 billion2 across
Australia, Germany, Singapore, the UK and the Netherlands. With strong connectivity to key infrastructure, FLCT’s
portfolio of assets are predominantly freehold and long leasehold land tenures with a well-diversified tenant base.
Australia
Logistics and Industrial | CBD Commercial | Suburban Office & Business Parks
1 2 3 4
5 6 7 8
9 10 11 12
13 14 15 16
17 18 19 20
Valuation
as at Gross
Lettable 30 Sep Revenue
Logistics and Occupancy Area Completion 2023 Purchase FY2023
Industrial Property (%) (sqm) Title Date ($m) Price ($m) Tenants ($m)
MELBOURNE: SOUTH EAST

South Park Industrial Estate
1 98-126 South Park 100% 28,062 Freehold Oct 51.8 30.7 Woolworths 2.9
Drive, Dandenong 2006
South
2 21-33 South Park Drive, 100% 22,106 Freehold Nov 37.6 21.5 Caprice Australia 2.0
Dandenong South 2005
3 22-26 Bam Wine Court, 100% 17,606 Freehold Sep 29.2 19.7 BAM Wine Logistics 1.9
Dandenong South 2004
4 16-32 South Park Drive, 100% 12,729 Freehold Apr 24.7 12.4 Australian Postal 1.3
Dandenong South 2009 Corporation
5 89-103 South Park 100% 10,425 Freehold Sep 19.1 11.7 Ecolab 1.0
Drive, Dandenong 2005
South

Valuation
as at Gross
MELBOURNE: SOUTH EAST

The Key Industrial Park
6 17 Pacific Drive and 100% 30,004 Freehold Dec 59.8 31.9 BIC Australia 3.2
170-172 Atlantic Drive, 2012 QLS Logistics
Keysborough
7 150-168 Atlantic Drive, 100% 27,272 Freehold Aug 43.9 32.3 Spicers 2.8
Keysborough 2011 Simons Transport
8 49-75 Pacific Drive, 100% 25,163 Freehold Dec 43.3 26.2 AutoPacific 2.2
Keysborough 2011 Australia
9 77 Atlantic Drive, 100% 15,095 Freehold Aug 29.3 17.0 Miele Australia 1.5
Keysborough 2015
10 78 & 88 Atlantic Drive, 100% 13,495 Freehold Nov 27.2 15.5 AutoPacific 1.4
Orchard
Manufacturing Co
11 111 Indian Drive, 100% 21,660 Freehold Jun 47.0 29.3 Fluidra Group 2.8
12 29 Indian Drive, 100% 21,854 Freehold Nov 41.0 28.0 Stanley Black & 2.0
Keysborough 2017 Decker Australia
13 17 Hudson Court, 100% 21,271 Freehold May 43.8 26.9 Clifford Hallam 1.9
Keysborough 2018 Healthcare
14 8-28 Hudson Court, 100% 25,762 Freehold Dec 56.0 31.4 Dana Australia 3.0
Keysborough 2016 Russell Athletics
Licensing Essentials
Mulgrave
15 211A Wellington Road, 100% 7,175 Freehold Apr 34.4 34.0 Mazda Australia 3.2
Mulgrave 2016
Braeside Industrial Estate
16 75-79 Canterbury 100% 14,263 Freehold May 28.7 22.1 IVE Group Australia 1.2
Road, Braeside 2019
MELBOURNE: WEST
West Park Industrial Estate
17 468 Boundary Road, 100% 24,732 Freehold Aug 44.2 22.2 CHEP Australia 2.7
Derrimut 2006
18 1 Doriemus Drive, 100% 74,546 Freehold Jun 115.1 75.8 CEVA Logistics 6.4
Truganina 2016 (Australia)
19 2-22 Efficient Drive, 100% 38,335 Freehold Mar 73.6 37.9 MaxiPARTS 3.2
Truganina 2015 Schenker Australia
Bambis Import Co.
20 1-13 and 15-27 Sunline 100% 26,153 Freehold Apr 46.1 26.1 Total Logistic 2.2
Drive, Truganina 2011 Solutions
Freight Specialists
Property Profiles
21 22 23 24
25 26 27 28
29 30 31 32
Valuation
as at Gross
21 42 Sunline Drive, 100% 14,636 Freehold Jun 25.8 14.4 Icehouse Logistics 1.1
Truganina 2015
22 43 Efficient Drive, 100% 23,088 Freehold Feb 43.1 22.1 CEVA Logistics 1.9
Truganina 2017 (Australia)
West Industry Park
23 1 Magnesium Place, 100% 9,489 Freehold May 18.9 23.8 Stedi & Goodride 1.0
Truganina 2022
24 11 Magnesium Place, 100% 7,314 Freehold May 13.8 17.0 Stoddart Group 0.7
Truganina 2022
25 17 Magnesium Place, 100% 8,286 Freehold May 15.6 19.1 Signet 0.8
Truganina 2022
Altona Industrial Park
26 18-34 Aylesbury Drive, 100% 21,493 Freehold Feb 39.8 20.7 Electrical 1.9
Altona 2015 Home-Aids
Samsung SDS
Global
MELBOURNE: NORTH
Melbourne Airport Business Park
27 38-52 Sky Road East, 100% 46,231 Leasehold Oct 29.6 24.2 Linfox 3.2
Melbourne Airport (Expires 30 2008
Jun 2047)
28 96-106 Link Road, 100% 18,599 Leasehold Jun 18.9 22.7 DHL Global 2.7
Melbourne Airport (Expires 30 2009 Forwarding
Jun 2047) (Australia)
29 17-23 Jets Court, 100% 9,869 Leasehold Mar 7.7 7.1 Eagle Lighting 1.2
Melbourne Airport (Expires 30 2009 Australia
Jun 2047) ICAL International
Customs and
Logistics
30 25-29 Jets Court, 100% 15,544 Leasehold Dec 12.3 10.0 Quickstep Holdings 1.3
Melbourne Airport (Expires 30 2007 John Cotton
Jun 2047) Australia
31 28-32 Sky Road East, 100% 12,086 Leasehold Aug 7.9 8.1 Watpac 0.9
Melbourne Airport (Expires 30 2008 Construction
Jun 2047)
32 115-121 South Centre 100% 3,085 Leasehold May 4.0 5.1 Prime Vigor Pty Ltd 0.6
Road, Melbourne Airport (Expires 30 2008 Alternative Freight
Jun 2047) Services
33 34 35 36
37 38 39 40
41 42
Valuation Gross
Lettable as at Revenue
Logistics and Occupancy Area Completion 30 Sep Purchase FY2023
Industrial Property (%) (sqm) Title Date 2023 ($m) Price ($m) Tenants ($m)
SYDNEY: OUTER CENTRAL WEST

Eastern Creek
33 4-8 Kangaroo Avenue, 100% 40,566 Freehold Dec 118.0 65.2 Schenker Australia 5.9
Eastern Creek 2013
34 21 Kangaroo Avenue, 100% 41,401 Freehold Jul 120.2 54.7 Techtronic Industries 5.4
Eastern Creek 2015 Australia
35 17 Kangaroo Avenue, 100% 23,112 Freehold Jun 57.5 32.3 Fisher & Paykel 3.1
Eastern Creek 2015 Australia
36 7 Eucalyptus Place, 100% 16,074 Freehold Dec 46.1 24.7 FDM Warehousing 2.4
Eastern Creek 2014
37 2 Hanson Place, 100% 32,839 Freehold Mar 102.8 59.1 FDM Warehousing 4.5
Eastern Creek 2019 Techtronic
Industries
Australia
Pemulwuy
38 8-8A Reconciliation 100% 22,511 Freehold Dec 64.8 32.0 Inchcape Motors 3.6
Rise, Pemulwuy 2005 Australia
Ball & Doggett
39 6 Reconciliation Rise, 100% 19,218 Freehold Apr 55.8 28.7 Ball & Doggett 2.9
Pemulwuy 2005
Wetherill Park
40 1 Burilda Close, 100% 18,848 Leasehold Sep 76.0 52.5 Martin Brower 5.9
Wetherill Park (Expires 2016 Australia
29 Sep
2106)
41 Lot 1, 2 Burilda Close, 100% 14,333 Leasehold Jul 35.8 19.3 RFD (Australia) Pty 2.1
Wetherill Park (Expires 2016 Ltd
14 Jul Phoenix Distribution
2106) (NSW) Pty Ltd)
42 3 Burilda Close, 100% 20,078 Leasehold May 43.1 28.4 Nick Scali Limited 2.7
Wetherill Park (Expires 2017 Cornack Holdings
15 May
2107)
Property Profiles
43 44 45 46
47 48
Valuation
as at Gross
SYDNEY: OUTER NORTH WEST

Seven Hills
43 8 Distribution Place, 100% 12,319 Freehold May 34.8 20.6 Legend Corporate 1.9
Seven Hills 2008 Services
44 99 Station Road, 100% 10,772 Freehold Mar 28.2 15.6 RF Industries 1.6
Seven Hills 2011
45 10 Stanton Road, 100% 7,065 Freehold Apr 17.9 11.1 CSR Building 1.0
Seven Hills 2003 Products
46 8 Stanton Road, 100% 10,708 Freehold May 28.2 14.4 EFM Logistics 1.6
Seven Hills 2002
Winston Hills
47 11 Gibbon Road, 100% 16,648 Freehold May 59.5 34.7 Tailored Packaging 3.4
Winston Hills 2015 Pty Ltd
Toshiba International
Corporation
SYDNEY: WOLLONGONG
Port Kembla
48 Lot 104 & 105 100% 90,661 Leasehold Aug 19.5 24.0 Inchcape Motors 3.6
Springhill Road, Port (Expires 13 2009 Australia
Kembla Aug 2049 Tesla Motors
and 20 Australia
Aug 2049)
49 50 51 52
53 54 55 56
57 58
Valuation
as at Gross
BRISBANE: SOUTHERN
49 99 Shettleston Street, 100% 15,186 Leasehold Jan 22.3 20.9 Orora Australia 1.8
Rocklea (Expires 19 2002
Jun 2115)
50 30 Flint Street, Inala 100% 15,052 Leasehold Jan 27.5 22.5 B -Dynamic 2.0
(Expires 19 2013 Logistics
Jun 2115)
51 55-59 Boundary Road, 100% 13,250 Leasehold May 20.9 13.8 Goodyear & Dunlop 1.6
Carole Park (Expires 19 2004 Tyres (Aust)
Jun 2115)
52 51 Stradbroke Street, 100% 14,916 Leasehold Jun 31.9 20.8 B & R Enclosures 1.9
Heathwood (Expires 19 2002
Jun 2115)
53 10 Siltstone Place, 100% 9,797 Leasehold Oct 17.3 12.2 TCK Alliance 1.1
Berrinba (Expires 19 2014
Jun 2115)
54 103-131 Wayne Goss 100% 19,487 Freehold Sep 36.7 28.0 National Tiles Co 2.4
Drive, Berrinba 2017 Paccar Australia
55 29-51 Wayne Goss 100% 15,456 Freehold Oct 29.4 22.7 Avery Dennison 1.5
Drive, Berrinba 2016 Materials
GM Kane and
Sons Pty Ltd
56 57-71 Platinum Street, 100% 20,518 Leasehold Nov 43.9 26.6 Stramit Corporation 2.9
Crestmead (Expires 19 2000
Jun 2115)
57 143 Pearson Road, 100% 30,618 Leasehold Jul 47.0 33.1 Visy Glass 3.1
Yatala (Expires 30 2016 Operations
Aug 2115) (Australia)
58 166 Pearson Road, 100% 23,218 Freehold Oct 43.2 30.7 Beaulieu of Australia 2.7
Yatala 2017
Property Profiles
59 60 61
62 63
Valuation
as at Gross
BRISBANE: TRADE COAST

59 286 Queensport Road, 100% 21,531 Leasehold Sep 2004 40.2 32.3 Laminex Group 3.0
North Murarrie (Expires
19 Jun 2115)
BRISBANE: NORTHERN
60 350 Earnshaw Road, 100% 30,779 Leasehold Dec 2009 63.8 45.7 H.J. Heinz Co. 3.9
Northgate (Expires Australia
19 Jun 2115)
PERTH
61 60 Paltridge Road, 100% 20,143 Leasehold Feb 2009 9.4 16.6 Amazon Commercial 2.3
Perth Airport (Expires Services
3 Jun 2033) Electrolux Home
Products
Valuation
as at Gross
CBD Commercial Occupancy Area Completion 2023 Purchase FY2023
Property (%) (sqm) Title Date ($m) Price ($m) Tenants ($m)
MELBOURNE: CBD
62 357 Collins Street, 83.8% 31,780 Freehold Dec 2012 224.1 305.2 23 tenants. Key 17.7
Melbourne tenants include:
Commonwealth
Bank of Australia
Service Stream
Analytical Systems
PERTH: CBD
63 Central Park, 152-158 96.1% 66,041 Freehold 1992 320.9 289.0 30 tenants. 22.0
St Georges Terrace, Key tenants include:
Perth2 Rio Tinto Shared
Services
Grant Thornton
Australia Limited
Australia Energy
Market Operator
IOOF
Synergy
2 Based on a 50% effective interest in the property

64 65
Valuation
as at Gross
Suburban Lettable 30 Sep Revenue
Office & Business Parks Occupancy Area Completion 2023 Purchase FY2023
Property (%) (sqm) Title Date ($m) Price ($m) Tenants ($m)
CANBERRA: TUGGERANONG
64 Caroline Chisholm 100% 40,244 Leasehold Jun 2007 216.6 228.0 Commonwealth of 21.6
Centre, Block (Expires 25 Australia
4 Section 13, Jun 2101) (Services Australia)
Tuggeranong
MELBOURNE: MOUNT WAVERLEY

65 545 Blackburn Road, 100% 7,311 Freehold Nov 2016 42.0 59.3 Lands of the North 3.3
Mount Waverley Sushi Sushi
Segment 3
Viridian Financial
ECI
Plan B
Autumn Group
MST Lawyers
General Mills
Property Profiles
Germany
Logistics and Industrial
66 67 68 69
70 71 72 73
74 75
Valuation
as at Gross
HAMBURG – BREMEN
66 Am Krainhop 10, 100% 20,679 Freehold Jul 2014 26.1 23.6 Volkswagen 1.5
Isenbüttel
67 Am Autobahnkreuz 14, 100% 11,491 Freehold Nov 2015 26.6 25.9 Broetje-Automation 2.2
Rastede
LEIPZIG – CHEMNITZ
68 Johann-Esche-Straße 100% 17,795 Freehold Jan 2007 25.6 23.0 VW Sachsen GmbH 1.8
2, Chemnitz
69 Am Exer 9, Leipzig 100% 11,537 Freehold Sept 2013 22.4 17.9 Eldra 1.3
Kunststofftechnik
GmbH
MUNICH – NUREMBERG
70 Oberes Feld 2, 4, 6, 8, 100% 72,558 Freehold Jul 2009, 121.4 94.2 BMW 5.9
Moosthenning Aug 2012
and Aug
2015
71 Koperstraße 10, 100% 44,221 Leasehold Apr 2015 88.5 58.2 Roman Mayer Logistik 5.3
Nuremberg (Expires 31 and Jul Hellmann
Dec 2080) 2018 Worldwide
Logistics
Johnson Outdoors
Vertriebsgesellschaft
72 Industriepark 1, 100% 14,193 Freehold Aug 2013 27.9 21.9 BMW 1.3
Mamming
73 Jubatus-Allee 3, 100% 9,389 Freehold Apr 2005 15.6 10.5 Grammar Automotive 1.3
Ebermannsdorf
74 Hermesstraße 5, 100% 11,534 Freehold Feb 2018 58.8 48.5 Hermes Germany 2.6
Graben, Augsburg
75 Dieselstraße 30, 100% 13,014 Freehold Jan 2008 52.6 43.3 EDEKA 2.4
Garching Aktiengesellschaft
76 77 78 79
80 81 82 83
84 85 86
Valuation
as at Gross
STUTTGART – MANNHEIM
76 Industriepark 309, 100% 55,007 Freehold Between 85.2 66.4 Constellium 6.1
Gottmadingen 1999 and
2017
77 Otto-Hahn Straße 10, 100% 43,756 Freehold Mar 2014 88.4 68.9 Dachser 4.4
Vaihingen DSV Solutions
78 Eiselauer Weg 2, Ulm 100% 24,525 Freehold Aug 2009 71.1 58.3 Transgourmet 3.6
79 Murrer Straße 1, 100% 21,104 Freehold Sep 2013 56.2 45.5 Müller Die Lila 2.7
Freiberg am Neckar Logistik
Deutschland GmbH
80 Ambros-Nehren- 100% 12,304 Freehold Jul 2009, 22.8 18.6 Ziegler 1.2
Straße 1, Achern Aug 2012
and Aug
2015
81 Am Bühlfeld 2-8, 100% 44,501 Freehold Apr 2015 68.2 45.7 Kentner 2.9
Herbrechtingen and Jul
2018
82 Bietigheimer Straße 100% 38,932 Freehold Aug 115.4 99.5 Bosch 5.6
50-52, Tamm 2013
83 Buchäckerring 18, 100% 13,125 Freehold Mar 2017 63.1 65.3 Hermes Germany 2.8
Bad Rappenau
84 Am Römig 8, 100% 20,579 Freehold Feb 42.6 47.8 BASF 2.3
Frankenthal 2018
FRANKFURT
85 Im Birkengrund 5-7, 100% 23,291 Freehold Dec 50.5 41.9 Amor 2.9
Obertshausen 2016 Mühle
Verpackungs-und
Dienstleistungs
86 Genfer Allee 6, Mainz 100% 13,148 Freehold Sep 78.4 88.4 Hermes Germany 4.0
2017
Property Profiles
87 88 89 90
91 92 93 94
Valuation
as at Gross
DÜSSELDORF – COLOGNE
87 Saalhoffer Straße 211, 100% 31,957 Freehold Sep 49.0 39.5 BMW 2.8
Rheinberg 2016
88 Elbestraße 1-3, Marl 100% 16,831 Freehold Jul 1995, 23.7 19.4 Bunzl 1.4
Jun 2002
and May
2013
89 Keffelker Straße 66, 100% 13,352 Freehold Nov 17.8 14.0 Hitachi 1.3
Brilon 2009
90 Gustav-Stresemann- 100% 12,960 Freehold Jul 21.1 20.5 Rieter Components 1.6
Weg 1, Münster 2009 Germany GmbH
91 An den Dieken 94, 100% 43,105 Freehold Mar 81.0 67.2Keramag Keramische 4.1
Ratingen 2014 WerkeAG
HAAF
92 Walter-Gropius-Straße 100% 19,404 Freehold Jun 2001, 34.1 27.8 STACI Deutschland 2.0
19, Bergheim Oct 2018 GmbH
GILOG Gesellschaft
für
Innovative Logistik
BIELEFELD
93 Fuggerstraße 17, 100% 22,336 Freehold Jul 2017 43.3 35.7 B+S GmbH 2.4
Bielefeld Logistik und
Dienstleistungen
BERLIN
94 Gewerbegebiet Etzin 1, 100% 13,142 Freehold Oct 66.3 58.9 Hermes Germany 3.4
Berlin 2017
Singapore
Suburban Office & Business Parks
95
Valuation
as at Gross
Office & Business Occupancy Area Completion 2023 Purchase FY2023
Parks Property (%) (sqm) Title Date ($m) Price ($m) Tenants ($m)
SINGAPORE: CITY FRINGE

95 Alexandra 95.8% 96,088 Leasehold Dec 1996, 678.0 606.0 57 tenants. 55.7
Technopark, (Expires 25 Mar 1998 Key tenants include:
438A/438B/438C Aug 2108) and Jun Google Asia Pacific
Alexandra Road 2018 Worley
Olympus Singapore
Omron Asia Pacific
Nokia Solutions
and Networks
Property Profiles
The United Kingdom

Logistics and Industrial | Suburban Office & Business Parks
96 97 98 99
100 101
Valuation
as at Gross
BIRMINGHAM & WEST MIDLANDS

96 Connexion, Blythe 100% 19,534 Freehold Sep 2018 60.0 71.6 Hofer Powertrain 3.2
Valley Business Park, Gymshark
Shirley, Solihull Sunbelt Rentals
Evac+Chair
97 Connexion II, Blythe 100% 10,996 Freehold Mar 2023 37.3 9.3 Tesla 1.2
Valley Business Park, Solotech
Shirley, Solihull Reeley
98 Worcester, West 100% 16,734 Freehold Feb 2023 36.7 51.6 Alliance Flooring 1.0
Midlands Distribution
Limited
Valuation
as at Gross
Office & Business Occupancy Area Completion 2023 Purchase FY2023
Parks Property (%) (sqm) Title Date ($m) Price ($m) Tenants ($m)
BIRMINGHAM
99 Blythe Valley Business 83.0% 42,197 Freehold Jan 1999 164.0 226.2 27 tenants. 15.3
Park, Shirley, Solihull and Mar Key tenants include:
2021 Lounge Underwear
Gymshark
Virgin Active
Regus
BRACKNELL, THAMES VALLEY
100 Maxis Business Park, 79.4% 17,829 Freehold 2009 83.4 121.1 12 tenants. 8.3
43 Western Road, Key tenants include:
Bracknell Panasonic UK
Allegis Group
Blue Yonder
Evelyn Partners
FARNBOROUGH, THAMES VALLEY
101 Farnborough Business 77.1% 50,756 Freehold 1992 to 228.4 311.4 39 tenants. 21.9
Park, Hampshire 2019 Key tenants include:
Fluor
Syneos Health UK
Siemens
AETNA Global
Benefits (UK)
Red Hat UK
The Netherlands
Logistics and Industrial
102 103 104 105
106 107
Valuation Gross
Lettable as at Revenue
Logistics and Occupancy Area Completion 30 Sep Purchase FY2023
Industrial Property (%) (sqm) Title Date 2023 ($m) Price ($m) Tenants ($m)
MEPPEL
102 Mandeveld 12, Meppel 100% 31,013 Freehold May 2018 44.0 36.6 FrieslandCampina 2.5
UTRECHT - ZEEWOLDE
103 Handelsweg 26, 100% 51,703 Freehold Jul 1994, 71.0 55.5 Bakker Logistiek 4.2
Zeewolde Jul 2000
and Jul
2010
104 Innovatielaan 6, De 100% 15,588 Freehold June 33.5 30.3 Hendi B.V. 1.7
Klomp 2021
105 Brede Steeg 1, 100% 84,806 Freehold Between 115.2 92.0 Mainfreight 6.5
s-Heerenberg 2001 and
2009
TILBURG - VENLO
106 Heierhoevenweg 17, 100% 32,642 Freehold Oct 2015 45.1 36.1 DSV Solutions 2.2
Venlo
107 Belle van Zuylenstraat 5, 100% 18,121 Freehold Jul 1996 26.0 21.1 Bakker Logistiek 1.5
Tilburg and Jul
2000
Investor Relations
Proactive Investor Relations
The Manager of FLCT is committed to delivering

proactive, accurate and clear communication to
Unitholders and the wider investment community.
We believe that this is fundamental to empowering
investors with timely material information, allowing
each to make informed investment decisions.
We endeavour to enhance our investor engagement

with best-in-class investor relations practices. As
testament to our commitment and the quality of our
investor relations programme, FLCT received the Silver
Award for Best Annual Report and the Bronze Award
for Best Investor Relations in the “REITs and Business
Trusts” category at the Singapore Corporate Awards
2023.
Delivering Excellence in Investor

Communication
Our investor communication is supported by the
profile, tenant sector breakdown, capital management
platforms through which we channel and disseminate
metrics, historical DPU and NAV, and the latest
our communication. These include detailed and
statement of total return and distribution statement.
timely updates on our strategies, REIT developments,
These initiatives ensure that our website remains
financial position, operating performance, and industry
current and relevant to the financial community.
trends. We leverage a range of communication
channels including written communication such as
SGX announcements, news releases, our corporate Investor Engagement
website and social media. For direct engagements (both
virtual and in-person), we leverage communication At FLCT, every decision and action we take is in
channels such as analyst and media briefings, investor the interest of our Unitholders. As such, we seek to
conferences, as well as roadshows. educate, inform and articulate our strategies and plans
to investors on a timely basis via multiple platforms and
We continue to leverage digital platforms and channels.
conferencing technologies to engage stakeholders.
This facilitates constant communication, providing In FY2023, we engaged over 150 institutional investors
the investment community with timely updates on the through in-person and virtual engagements including
business and convenient virtual real-time access to one-on-one meetings, group meetings, results
management. We remain well-positioned to engage related investor briefings, conferences and non-deal
investors in-person or virtually, with speed and roadshows.
efficiency.
FLCT actively participates in Group-wide institutional
We have an integrated website (www.frasersproperty. investor conferences including the annual Frasers Day
com/reits/flct) which provides investors with timely Bangkok and Frasers Property Group Dialogue which
and relevant information on FLCT’s business, markets are attended by all the listed entities within Frasers
and performance. Our investor relations section has a Property Group.
comprehensive set of information allowing investors
to make an informed decision. This includes corporate The Annual General Meeting (“AGM”) is an important
announcements, news releases, financial statements, communication platform between the board of
presentations, a corporate video, and webcast directors and management to engage Unitholders and
presentations of FLCT’s half-year and full-year communicate FLCT’s latest developments, long-term
results briefings. plans and strategies.
For the convenience of analysts and investors, we In line with AGM best practices, Unitholders were
also make available our financial and operational invited to submit their questions ahead of the event.
metrics on our investor relations website. Updated on a Reponses to substantial and relevant questions
quarterly basis, the excel spreadsheet contains detailed received from Unitholders were published on our
information on our individual properties, lease expiry corporate website and on SGXNet. Some of these
questions were raised and addressed during the AGM.
As part of our media engagement efforts, we also

periodically engage with members of the media industry
to update financial journalists on the REIT’s business
and industry. These sessions may include briefings and
interviews related to FLCT’s financial results, mergers &
acquisitions, and other corporate developments.
Unitholders by Type
as at 15 September 2023
FY2023
FLCT’s FY2022 Annual General Meeeting was resumed

as an in-person event and was attended by over 350
Unitholders and proxies. All resolutions tabled at
the AGM were duly passed and and the results were Institutional 43.2%
announced on SGXNet and FLCT’s website on the Retail 31.3%
same day of the AGM. Minutes of general meetings, Sponsor and related parties 25.5%
which include details of unitholders’ queries and
responses, were made available for public viewing on
the FLCT website.
Unitholders by Geography
For the convenience of unitholders and investors, as at 15 September 2023
we provide a dedicated investor relations email and
phone number to ensure that the investing community
continues to have access to the REIT Manager. Details
are provided at the end of this section.
Analyst and Media Engagement

FY2023
A core component of our investor relations programme
is analyst and media engagement.
During the year, FLCT is covered by a total of 12

research houses.
1. BofA Securities
2. CGS-CIMB Research Singapore 41.9%
3. Citi Investment Research Asia (ex. Singapore) 9.3%
4. Daiwa Capital Markets North America 12.2%
5. DBS Group Research Europe, including UK 9.2%
6. HSBC Global Research Rest of World / Unallocated 27.4%
7. J.P. Morgan
8. Macquarie Securities
9. Morgan Stanley Research
10. Morningstar Equity Research
11. OCBC Investment Research
12. UOB KayHian
Investor Relations
FLCT FY2023 Investor Relations Calendar
Event / Activity Date
2HFY22 and FY2022 Results Announcement 10 November 2022

Final Distribution to Unitholders 15 December 2022
Annual General Meeting 17 January 2023
1QFY23 Business Update 1 February 2023
1HFY23 Results Announcement 4 May 2023
Interim Distribution to Unitholders 15 June 2023
3QFY23 Business Update 1 August 2023
2HFY23 and FY2023 Results Announcement 2 November 2023
FLCT FY2024 Planned Events and Activities
Event / Activity Indicative Date
Annual General Meeting 23 January 2024

1QFY24 Business Update January 2024
1HFY24 Results Announcement May 2024
3QFY24 Business Update August 2024
2HFY24 and FY2024 Results Announcement November 2024
Note: The above dates are indicative and may be subject to change by the Manager without prior notice
Investor Relations Contact
The REIT Manager values and welcomes feedback from unitholders and other stakeholders.
For enquiries or feedback on FLCT, please contact:
Ms Delphine Sze
Phone: +65 6813 0588
Email: [email protected]
Website: www.frasersproperty.com/reits/flct
Unit Price Performance
FLCT Unit Price Performance From a total return perspective, FLCT provided
In FY2023 unitholders with a five-year total return of 32.3%,
compared to 8.9% for the FTSE ST REIT Index and
The Singapore equity market declined during the 17.3% for the FTSE ST All Share Index.
financial year amid concerns on global inflation,
ongoing supply chain issues, prolonged higher interest Despite the challenging investment landscape, FLCT
rate environment, aggravated further by geopolitical continued to retain an active level of investor interest
tensions. as described in the Investor Relations section of this
annual report (see page 68). A total of 2,477.9 million
FLCT units opened the year with a closing price of $1.20 FLCT units were traded in FY2023, with an average daily
per unit on 1 October 2022. FLCT units reached a high trading volume of 10.0 million units, 12.4% higher than
of $1.46 in April 2023 before trending downwards in the 8.9 million units in FY2022. We closed FY2023 with
tandem with declining global investor sentiments and a market capitalisation of approximately $4.0 billion.
equity markets. We closed the year with a unit price
of $1.07 per unit on 30 September 2023, representing FLCT is a constituent of the 30-component Straits Times
a decrease of 10.8% in FY2023. Correspondingly, the Index since April 2021 and a constituent stock of the
FTSE ST REITs Index underperformed the FTSE Straits FTSE EPRA/NAREIT Global Developed Index since
Times Index and decreased by 7.3% in FY2023, affected March 2019.
by the United States Federal Reserve’s aggressive pace
of interest rate hikes.
FLCT Unit Price Performance vs Major Indices In FY2023
120%
110%
STI +3.5%
100% FSTAS +1.7%
FSTREI -7.3%
90%
FLCT -10.8%
80%
70%
60%
Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
Source: Bloomberg LLP

Unit Price Performance
FLCT Monthly Trading Performance In FY2023
Total volume traded Closing unit price on the

(Million units)a last day of the month ($)
30 1.50
1.35
1.31
1.26 1.27 1.25
1.24 1.22
25 1.20
1.14 1.16
1.10
1.07
20 1.00
16.3
15
12.5
12.0
10.5 10.3 10.3
9.8
10 0.50
8.5 8.0
7.9
7.1
5.6
5
0 0.00
Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
Average daily trading volume | Closing unit price on the last day of the month

a Sum of the daily traded volume in the respective month
FLCT Unit Price Performance Over the Past Five Years
FY2019 FY2020 FY2021 FY2022 FY2023
Opening Price ($) 1.080 1.240 1.39 1.51 1.21

Closing Price ($) 1.240 1.390 1.52 1.23 1.07
High Close ($) 1.290 1.460 1.57 1.53 1.46
Low Close ($) 1.010 0.665 1.21 1.21 1.06
Average Daily Traded Volume (million units) 6.5 10.1 10.3 8.9 10.0
Market Capitalisation as at 30 September ($ million)1 2,788.6 4,744.4 5,588.2 4,546.3 4,006.7
1 Based on the closing price and number of issued units as at the last trading day of the respective financial year
FLCT Unit Total Returns
1-Year1 3-Year1 5-Year1 IPO to end FY20231

Price Total Price Total Price Total Price Total
Change % Return2 Change % Return2 Change % Return2 Change % Return2
FLCT -10.8% -5.4% -24.1% -10.3% -0.9% 32.3% 18.5% 79.9%

FTSE REIT Index -7.3% -1.6% -20.3% -5.9% -16.3% 8.9% -6.1% 40.6%
FTSE ST All Share
1.7% 6.8% 21.4% 37.7% -4.8% 17.3% 10.7% 49.1%
Index
1 Up to 30 September 2023
2 Assumes dividends are reinvested
Comparative Returns
Total Return of FLCT Units for IPO Investors1 79.9%

FLCT FY2023 Total Return2 -5.4%
FTSE ST REIT Index FY2023 Total Return2 -1.6%
FTSE ST All Share Index FY2023 Total Return2 6.8%
%
FLCT FY2023 Dividend Yield 3
6.6%
FTSE REIT Index 2023E Dividend Yield4 6.7%
FTSE STI Index 2023E Dividend Yield 4
6.2%
CPF Interest Rate5 2.5%
10-Year Singapore Government Bond Yield 6
3.4%
Deposit Rate of Singapore Dollar Denominated Deposits Offered to Non-Bank Customers 7
3.5%
1 Bloomberg LLP. For the period from 21 June 2016 to 30 September 2023. Calculation of total return assumed distributions paid during the
period are reinvested
2 Bloomberg LLP. For the period from 1 October 2022 to 30 September 2023. Calculation of total return assumed distributions paid during the
period are reinvested
3 Calculated based on FLCT’s closing unit price of $1.07 per Unit as at 30 September 2023, and total DPU of 7.04 Singapore cents declared for
FY2023
4 Bloomberg LLP
5 Based on the interest rate paid for the CPF Ordinary Account (1 October 2023 to 31 December 2023) (https://www.cpf.gov.sg/Members/
AboutUs/about-us-info/cpf-interest-rates)
6 10-year government bond yield on 2 October 2023 (https://www.mas.gov.sg/bonds-and-bills/SGS-Bond-Statistics)
7 Deposit Rate of Singapore Dollar Denominated Deposits Offered to Non-Bank Customers (https://eservices.mas.gov.sg/statistics/msb-xml/
Report.aspx?tableSetID=III&tableID=III.3A)
Independent Market Research

Australia
Australia Macroeconomic Overview Figure 2: Australian Inflation Rate
During the June 2023 quarter, Australia’s Gross 8.0%

Domestic Product (GDP) expanded by 0.4%, resulting 6.0%
% change
in annual growth of 2.1%. This marks the seventh
consecutive quarter of economic growth for the 4.0%
country. The increase in quarterly GDP was primarily 2.0%

driven by robust growth in household consumption and
public investment. 0.0%
-2.0%
Despite the positive GDP reading in recent quarters,
Jun-2013
Jun-2014
Jun-2015
Jun-2016
Jun-2017
Jun-2018
Jun-2019
Jun-2020
Jun-2021
Jun-2022
Jun-2023
Deloitte Access Economics projects a slowdown in
economic activity for both 2023 (1.4%) and 2024 (1.2%).
The deceleration in economic activity is expected to
be driven by a slowdown in household consumption Quarterly | Annual
expenditure and negative dwelling investment growth. Source: ABS, as at June 2023
Figure 1: Australian GDP Growth Despite a slowing global and domestic economic
outlook, the Australian labour market remains robust.
In September 2023, the unemployment rate declined
10.0%
to 3.6% – only marginally above the record low of 3.4%
achieved in October 2022. Underscoring the tight
5.0%
labour market is the fact that the national participation
% change
0.0%
rate – a measure of an economy’s active workforce –
increased to 66.7% in September 2023. However, with
-5.0% Australia’s population growing at its fastest annual rate
on record; driven by strong net overseas migration,
-10.0% a decline in the participation rate can be expected
moving forward.
Jun-2013
Jun-2014
Jun-2015
Jun-2016
Jun-2017
Jun-2018
Jun-2019
Jun-2020
Jun-2021
Jun-2022
Jun-2023
Deloitte Access Economics projects total employment

to rise by 2.7% in 2023, before slowing significantly to
Quarterly | Annual | LR average 0.8% in 2024, largely attributed to a slowdown in global
Source: ABS, as at June 2023 economic conditions and strong inbound migration.
The Reserve Bank of Australia (RBA) started raising the

Australian Industrial & Logistics Overview
official interest rate in May 2022, with the official cash
rate at 4.10% as at October 2023. Whilst there are signs
The Australian industrial sector has been moderating
that inflation could be peaking, there remain concerns
in both the occupier and investment markets after a
that inflation could remain at elevated levels over the
period of strong growth recorded throughout early
near-term which could prompt the RBA to adjust the
2021 and 2022. The rapid uptake of warehouse space
cash rate accordingly to counteract this trend. The RBA
in the early COVID-19 period by e-commerce and
is projecting that the Australian economy will expand by
traditional retailers, as well as with the transport and
1.00% over 2023 (more conservative than the outlook
warehousing companies that supported them, resulted
from Deloitte Access Economics), 1.75% in 2024 and
in a significant reduction of industrial vacancy across
2.25% in 2025.
Australia.
Disinflation continued across Australia, as the headline
While demand still outpaces supply in 2023, the
Consumer Price Index (CPI) increased by 6.0% in
demand from e-commerce and traditional retailers
the year to June 2023, down from 7.0% over the year
has largely normalised, in line with plateauing online
to March 2023. The less comprehensive monthly
spending levels from Australian consumers. As at
data confirms this trend, with the Australian Bureau
August 2023, Australian e-commerce trade by value
of Statistics (ABS) monthly CPI up 5.4% over the
has plateaued at AUD 54.0 billion on a rolling annual
year to September 2023. Nevertheless, despite the
basis to July 2023. This mirrors trade volumes in both
disinflationary trend and gradual normalisation of
2021 and 2022. However, the overall penetration rate of
price growth throughout the economy, this process is
e-commerce as a proportion of total retail is receding.
anticipated to take place at a slow pace, as deceleration
As at August 2023, the e-commerce penetration rate
in one area may be counterbalanced by acceleration in
another.
sits at 12.8% - almost two percentage points down from owners and amplifies the attractiveness of warehouse
the COVID-19 peak of 14.4% recorded at the end of space for property owners.
2021 (Figure 3).
An increasing focus on sustainability will also support
Figure 3: Australian Online Retail Trade – Annual industrial occupier movement as we move into
2024. In a 2023 study conducted by JLL Research,
Value and Proportion of Total, 2013-2023
54% of Australia’s top 100 industrial and logistics
occupiers have net-zero targets. Most of these net-zero
80 25% commitments are scheduled between 2030 and 2050
70 23% with 28 and 25 companies aiming for these dates,
Total Online Retail Sales
60 20% respectively.
(% of Total Turnover)
Online Retail Sales
(AUD Billion)
50 18%
40 15% We expect that as leases expire in existing assets
30 13% occupied by these companies, owners may be asked
20 10% by tenants to upgrade assets. Alternatively, tenants may
10 8% seek new accommodation incorporating improved
0 5% sustainability features. Overall, this occupier demand
for sustainable warehouse accommodation will drive
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
pre-lease demand for agile developers with the ability

to incorporate a higher level of sustainable features in
Total Online Retail Sales (12 Months Rolling) |
Online Retail Sales as a % of Total Retail Turnover future proposed warehouse developments.
Source: National Australia Bank (NAB), JLL Research as at August 2023
Industrial occupier demand has been moderating, in
part, reflecting persistently low available warehouse
The latest Ibisworld Online Shopping Australia Report
space to lease nationally, but also softer business
forecasts that online retail company revenues will
confidence in the current macroeconomic environment.
increase by 9.8% per annum over the six years to FY28-
After reaching a cyclical peak of 4.3 million sqm in Q4
29, reaching AUD 98.6 billion (Figure 4), and that total
2021, national industrial rolling annual gross take-up has
online retail enterprises in Australia will increase by
been trending down. Quarterly gross take-up reached
8.1% per annum to 132,600 businesses over the same
a three-year low in Q1 2023 (521,000 sqm). However,
time period.
demand recovered in Q2 2023, reaching 819,100 sqm.
Over the nine months to Q3 2023, national gross take-
Figure 4: Australian Online Retailer Revenue, 2013-
up reached 1.9 million sqm (Figure 5).
2029 (in AUD $ million)
120,000 40% Figure 5: National Industrial Gross Take-Up by

100,000 Market (2013-2023 YTD) (‘000 sqm)
30%
80,000
60,000 20% 5,000
40,000 4,000
10%
20,000 10-year Annual Average
3,000
0 0%
2,000
2021-22
2023-24
2025-26
2027-28
2013-14
2015-16
2017-18
2019-20
1,000
–
Revenue | y-o-y % Growth (RHS)
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
YTD 2023
Source: NAB, JLL Research as at Q3 2023
Looking forward, efficiency and sustainability Perth | Adelaide | Brisbane | Melbourne | Sydney
Source: JLL Research as at Q3 2023
characteristics in new warehouse space will become
increasingly important in the occupier relocation
Demand for existing space in the early COVID-19
decision-making process. Warehouse automation
period presented occupiers considering relocation
technology advancement throughout the majority
options with limited choice in existing buildings. In 2022,
of warehouse developers and end-users is rapidly
gross take-up into new builds (pre-lease and design &
becoming commonplace. The digital registration
construction) normalised to levels similar to pre-COVID.
requirements needed for warehouse robotic automation
increases efficiency in both order accuracy, capacity
metrics, and inventory management for infrastructure

Australia
However, with ongoing uncertain macroeconomic land for development drove the lack of construction
factors adding pause to future business accommodation activity.
decisions, the pendulum has swung back towards
occupier preference for existing warehouse space. The largest portion of 12-month supply delivery was
Over the nine months to Q3 2023, occupier gross take- located in the Outer Central West precinct (69% or
up into new builds accounts for just 33% (610,100 sqm) 228,210 sqm). The pre-commitment rate dropped
of total take-up nationally. over the past 12 months, with 68% of stock by area
being absorbed upon reaching practical completion.
New supply to the Australian industrial sector reached Anecdotally, low pre-commitment rates are a result
record levels in 2022 (2.7 million sqm). However, over of landlords building speculatively to capture rental
the first nine months of 2023, supply has slowed. growth. Sub-lease space is increasing as occupiers
New project commencements have been negatively assess inventory levels and consider positive rental
impacted by a deteriorating macroeconomic reversions achievable on excess space. JLL is
environment and a rapid escalation of construction currently tracking 908,780 sqm of stock currently under
and labour costs over the past 12 months which has construction for the Sydney market, 27% of which is
placed pressure on feasibility modelling. Over the first currently pre-committed.
nine months of 2023, new supply completions have
decreased to 1.1 million sqm. Demand:
Occupier activity in the Sydney industrial market
Delays in construction stemming from cost escalations, (≥5,000 sqm) weakened over the 12 months to Q3 2023,
as well as ongoing labour market tightness and totalling 705,600 sqm. This is a take-up level 21% below
challenges around materials delivery, has resulted the 10-year annual average of 892,996 sqm. However,
in elongated construction timeframes, and even the subdued take-up levels are ultimately a result of
deferment of some projects. Given this, the future an ongoing low vacancy environment rather than a
supply pipeline over the balance of 2023 is more substantial reduction in demand levels. The Outer
robust. As at Q3 2023, there is 1.2 million sqm of new Central West precinct accounted for the largest portion
industrial space expected to be completed, bring 2023 of annual leasing activity (47% or 238,950 sqm). The
annual supply to 2.2 million sqm. However, it must be Transport, Postal & Warehousing sector accounted for
noted that the expectation of further project delays is the largest portion of take-up over the past 12 months
likely to moderate current projected supply (Figure 6). (44% or 307,470 sqm). Pre-lease take-up was below
the 10-year average; we recorded 205,020 sqm of
Figure 6: National Industrial Development Pipeline pre-leasing activity over the year to Q3 2023 with the
10-year average being 334,050 sqm.
(2013-2026F) (‘000 sqm)
Prime Rents:
6,000
Solid rental growth continued over the 12 months to Q3
2023, driven by ongoing tight leasing availability. Annual
prime net face rental growth (by precinct) ranged
4,000
between 3.9% to 27.4% - the strongest growth being
10-year Average
in the Sydney South precinct. There are indications
2,000
that prime incentives are starting to increase for some
precincts as landlords look to lock in leases in light of
– a weaker macroeconomic environment. Average prime
2020
incentives reached a cyclical low of 5.0% in Q3 2022

2013
2014
2015
2016
2017
2018
2019
2021
2022
2023
2024
2025
2026
and have marginally increased to 6.8% in Q3 2023.

Complete | Under Construction | DA Approved | DA Submitted
Land Values:
Sydney land values have broadly decreased over
the past 12 months, as a result of rising cost of
Sydney: capital. Despite decreasing land values, rates remain
significantly elevated compared to historical averages.
Supply: Over the 12 months to Q3 2022, for 1 hectare lots,
There was a subdued level of supply brought to annual precinct declines ranged between 0% and
market over the over the 12 months to Q3 2023 with -12.7% and for 2-5 hectare lots, annual price declines
completions totalling 329,670 sqm. This was 39% below ranged between 0% and -13.5%.
the 10-year annual average of 543,900 sqm. Notably,
Sydney development activity in 2022 (1.1 million sqm)
Transaction Volumes & Yields:
was the highest annual figure since JLL began tracking
Sydney market investment volume totalled AUD 2.1
this metric in 1994. Elevated construction costs and
billion over the first three quarters of 2023. Sydney
development funding, in addition to limited available
industrial yields have continued to decompress over
the past year, with the current prime yield range being capital. Despite decreasing land values, rates remain
4.50%-6.00% across Sydney’s industrial precincts. significantly elevated compared to historical averages.
Average prime midpoint yield decompression by Over the 12 months to Q3 2023, for 2,000 sqm size
precinct has ranged from 112 basis points (bps) to allotments, precinct land rates moved between 0% and
137 bps over the 12 months to Q3 2023. It should be -6.9%. For 1 hectare lots, annual movements ranged
noted that nearly all industrial precincts had recorded between 0% and -6% and for 2-5 hectare lots, annual
transactions with a yield in the 3% range 12 months movements ranged between 0% and -13%.
ago and that strong rental growth has helped partially
counter balance the correction in capital values. Transaction Volumes & Yields:
Transaction volumes in the Melbourne industrial
Melbourne: market totalled AUD 1.7 billion over the first three
quarters of 2023. Transactions volumes for this year
Supply: are broader in line (1.2% higher) when compared to
There was a subdued level of supply brought to volumes in 2023. Buyers and vendors are gradually
market over the 12 months to Q3 2023, moderated by moving towards a middle ground as the period of
elevated construction costs and development funding, price discovery continues. Average prime midpoint
in addition to limited available land. A total of 527,200 yield decompression has ranged from 75 bps to 113
sqm of industrial space reached practical completion bps over the 12 months to Q3 2023. The current prime
over the past 12 months, a level 13% below the 10-year yield range across Melbourne’s industrial precincts is
annual average. Notably, 2022 was the highest annual 4.75%-5.75%. Similarly to Sydney, nearly all industrial
supply wave recorded since JLL commenced tracking precincts had recorded transactions with a yield in the
in 1994. Geographically, the largest proportion supply 3% range 12 months ago and that strong rental growth
over the last 12 months was delivered in the South East has helped partially counter-balance the correction in
precinct (59%). The pre-commitment rate dropped over capital values.
the past 12 months, with 59% of completions by area
being absorbed upon reaching practical completion. Brisbane:
Anecdotally, this is a result of landlords increasingly
building speculative warehouse space to capture rental Supply:
growth. JLL is currently tracking 1.0 million sqm of stock Supply delivery in Brisbane is expected to surpass
currently under construction for the Melbourne market, its historic high in 2023. Over the first nine months of
41% of which is already pre-committed. 2023, a total of 513,100 sqm of new warehouse space
has been completed with an additional 171,400 sqm of
Demand: developments expected to reach practical completion
Occupier activity in the Melbourne industrial market in Q4 2023. As a result, annual supply in 2023 will reach
(≥5,000 sqm) slowed over the past 12 months, totalling 684,500 sqm – the largest annual supply figure recorded
772,170 sqm - a level 22% below the 10-year annual since JLL began tracking this metric in 1994. The future
average of 993,060 sqm. However, the subdued take- supply pipeline is also very robust with almost one
up figure is ultimately a result of a lack of available million square metres of new supply currently expected
warehouse space to lease, rather than a substantial in 2024 (967,100 sqm). However, project delays due to
reduction in demand levels. The South East precinct labour shortages, material input inflation and timing of
accounted for the largest proportion of rolling annual occupier pre-commitments are likely to moderate
leasing activity (35%). On a business sector level, the this figure.
Transport, Postal & Warehousing sector accounted for
the largest portion of take-up over the 12 months to Q3 Demand:
2023 (41%). Pre-lease take-up was in line with the 10- Gross take-up has been positive in Brisbane over the
year average, with 42% of occupier moves being taken 12 months to Q3 2023, reaching 720,500 sqm. However,
up via pre-lease commitments. this elevated figure is mostly due to the strong wave
of demand recorded in 2022. Quarterly gross take-up
Prime Rents: levels over the first nine months of 2023 have been
Strong rental growth continued over the 12 months to comparatively low compared to the robust levels
Q3 2023, driven by ongoing tight leasing availability. recorded last calendar year. Rolling annual gross take-
Annual prime rental growth across the larger industrial up is currently 38% higher than the 10-year long term
precincts have ranged from 16.1% to 27.1%. Average average of 521,200 sqm.
prime incentives reached a cyclical low of 9.7% in Q1
2023 and have increased to 12.7% in Q3 2023. Geographically, most occupier demand over the last
12 months has been concentrated in the Southern
Land Values: precinct, accounting for 71% of total gross take-up.
Melbourne land values have broadly decreased This mirrors the medium five-year and long-term
over the past 12 months, as a result of rising cost of 10-year proportional averages where the Southern

Australia
precinct has accounted for 70% and 65% of demand, Whilst JLL has recorded positive levels of net
respectively. The balance of gross take-up over absorption across Australian office markets on an
the last 12 months has been recorded in the Trade aggregated level over the past year, this demand has
Coast precinct (24%). Occupiers continue to prefer varied substantially on a market-by-market basis.
existing warehouse space over new builds in the form Australian CBD net absorption has totalled 90,400 sqm
of pre-commitments and owner-occupier design & over the year to Q3 2023. This figure is well below the
construction commitments. 20-year average of 178,100 sqm.
Prime Rents: Positive CBD demand levels over the past year have
Average prime net face rents in Brisbane have been been witnessed in the Brisbane, Perth and Adelaide
increasing over the last 12 months, particularly in the CBD markets. Broad-based expansionary activity and
Trade Coast precinct where availability of modern centralisation activity have been the key drivers of this
warehouse space is lower. Over the 12 months to Q3 positive demand. Continued consolidation activity
2023, average prime net face rents have increased by by large corporates in the Sydney and Melbourne
24.2% in the Trade Coast, by 13.4% in the Southern CBD markets have weighed negatively on demand.
precinct and 10.7% in the Northern precinct. In One key theme across the CBD markets is that small
response to increased hesitancy from businesses tenant leasing activity (sub-1,000 sqm relocations) has
regarding relocation decisions, prime incentives have supported overall demand levels.
begun marginally increasing from an average of 7.3% in
Q2 2023 to 7.7% in Q3 2023. Figure 7: Australian CBD Office Market Balance
2013-2023
Land Values: sqm Vacancy rate (%)
Brisbane industrial land values have remained broadly
450,000 15%
stable across most suburbs over the 12 months to
Q3 2023 across 1 hectare and 2-5 hectare lots. Out
of the five tracked suburbs for 1 hectare lots, three of 300,000 12%
the suburbs recorded flat growth whilst the other two

suburb land values have increased (between 5.9%
150,000 9%
to 8.3%). For 2-5 hectare lots, three of the suburbs
recorded flat growth, whilst one suburb had land values
decrease by 6.0% (Geebung), and another suburb had 0 6%
land values increase by 9.1% (Lytton).
-150,000 3%
Transaction volumes in the Brisbane industrial market
have decreased significantly from the elevated levels -300,000 0%
recorded in 2021 and 2022. Over the first three quarters

2013
of 2023, transaction volumes totalled AUD 396.4 million

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
which is 71% lower when compared to volumes

Net absorption | Supply addition | Vacancy rate % (RHS)
over the same period in 2023. Against a backdrop Source: JLL Research as at Q3 2023
of economic uncertainty and increased cost of debt,
average prime yields in Brisbane have decompressed Whilst we recorded positive net absorption, the
rapidly from the record lows recorded during COVID-19. Australian CBD vacancy rate has marginally increased
Over the 12 months to Q3 2023, average prime midpoint over the past year, increasing from 14.1% in Q3 2022
yields have softened 63 bps to 5.50%. The current to 14.2% in Q3 2023. Continued office completions
prime yield range across Brisbane’s industrial precincts (partially counterbalanced by an uplift in withdrawal
is 5.00%-6.00%. activity) resulted in the minor upward trend in the
vacancy rate.
Australian Office Overview
Tenants upgrading into higher quality office
JLL tracks six CBD office markets, and 13 metropolitan accommodation has been a theme over the decades.
office markets across Australia. Australian office stock Tenants (particularly larger corporates) rarely
(based on these tracked markets) increased by 340,800 downgrade into inferior space. However, despite the
sqm to 29.0 million sqm over the 12 months to Q3 2023. prevalence of work from home (and a number of
The increase in stock levels was skewed more towards organisations downsizing as a result of this), there has
the metropolitan office markets. The Australian CBD been a resilience in demand for prime grade space,
markets expanded by 137,600 sqm to 18.3 million sqm, which is the umbrella term for Premium and A-Grade
whilst metropolitan office markets expanded by 203,200 office accommodation. Australian CBD prime grade
sqm to 10.7 million sqm. net absorption has totalled 203,600 sqm over the 12
months to Q3 2023. This figure is broadly in line with the billion for the first three quarters of 2023. This figure is
20-year average of 208,900 sqm. In contrast, secondary well below 2022 year-to-date (YTD) volumes (AUD 11.9
grade net absorption has totalled -113,200 sqm over the billion) and is the lowest YTD transaction result since
12 months to Q3 2023. This is well below the 20-year 2009. The largest transaction for the first three quarters
average of -30,800 sqm and is an indication that tenants of 2023 has been 44 Market Street, Sydney CBD which
are moving out of inferior stock at a great rate when was sold by Dexus to PAG for AUD 393.1 million.
compared to the long-term trend.
A rising interest rate environment, elevated cost of debt
It is important to note that this divergence in demand is and uncertainty about the macroeconomic outlook has
particularly pronounced in the Sydney and Melbourne dampened investor sentiment and pricing for office
CBD office markets, whereby prime net absorption is a stock has gradually adjusted over the past year. The
strong positive number and secondary net absorption average Australian CBD prime midpoint yield reached
is a strong negative number. Attractive financial metrics
a cyclical low of 5.06% in Q2 2022 and has softened to
(namely elevated incentives), organisations looking
5.96% in Q3 2023. Further yield softening is anticipated
to attract and/or retain the best talent as well as solid
over the short-term as buyers and vendors continue to
levels of pre-commitment activity into newer assets are
go through a period of price discovery.
key drivers of this trend.
JLL has observed the re-emergence of sublease space

being offered to market over 2023. Australian CBD
sublease vacancy peaked at 480,800 sqm (or 2.7% of Figure 8: Australian Office Transaction Volumes,
total stock) in Q1 2021 and trended down to 277,900 2013-2023 (AUD $ billion)
sqm (1.5% of total stock) in Q4 2022. Over the course of
2023, CBD sublease vacancy has trended up to 328,100 $25
sqm (1.8% of total stock) with the increase being driven
by the Sydney and Melbourne markets. The uptick
has been driven by larger corporates in the financial $20
services, technology and professional services industry

sectors. $15
JLL is projecting the completion of 402,500 sqm of

$10
office stock across 20 projects in Australia’s CBD
markets over 2023. The bulk of supply is concentrated
in the Melbourne CBD (119,200 sqm) and Adelaide $5
CBD (101,300 sqm). The Adelaide CBD is undergoing
a development boom with 2023 completions to be $0
the highest annual figure since 1988. Beyond 2023,
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
JLL is tracking a further 888,600 sqm of stock that is

under construction (across 30 projects) with scheduled Source: JLL Research as at Q3 2023
completion dates between 2024 and 2028. The majority
of development activity is in the Sydney CBD (259,300
sqm), Melbourne CBD (252,100 sqm) and Brisbane CBD Melbourne CBD:
(158,300 sqm).
Demand & Vacancy:
JLL has recorded landlords pushing up prime net face
rents over the past year across Australia’s CBD markets The Melbourne CBD office market has continued
(to varying degrees). Whilst this is partially a response to record subdued occupier demand throughout
to rising incentives to try and dampen the reduction 2023, as the office sector continues to establish
in effective rents, other markets have recorded strong an equilibrium post-pandemic. In the 12-months
levels of demand (such as in Brisbane and Perth) that to Q3 2023, -21,400 sqm of net absorption was
has pushed down the vacancy rate and supported rent recorded in the Melbourne CBD, which was primarily
growth. Australian CBD prime net face rents have grown a result of consolidation activity and large tranches
5.2% over the year to Q3 2022. Average CBD prime of sublease space being brought to market,
incentives have trended up from 37.4% in Q3 2022 to particularly amongst the finance and insurance
38.1% in Q3 2023. The uplift in face rents has outweighed services sector. Comparatively, the pre-pandemic
the upward trend in incentives, with prime net effective 10-year net absorption average to 2019 was 73,000
rents increasing by 2.1% over the year to Q3 2023. sqm per annum. The CBD recorded a weak net
absorption result of -9,800 sqm in Q3 2023, which was
Transaction volumes for Australia’s CBD and predominantly driven by contractions by small tenants
metropolitan office markets have totalled AUD 3.5 (<1,000 sqm), particularly in secondary grade stock.

Australia
As a result of negative leasing demand and one asset prime midpoint yields have softened by 75 bps to
withdrawal over Q3 2023, the Melbourne CBD rate 5.50% over the year to Q3 2023 with the current
remained broadly unchanged at 16.2% over the quarter. prime range being 4.75%-6.25%. A blend of rising
This remains as the highest vacancy rate in the market debt costs, persistently high vacancy and uncertain
since 1998. The 20-year annual average currently sits at macroeconomic conditions has led to the softening in
8.3%. office yields.
Figure 9: Melbourne CBD Office Market Balance, Melbourne South-East Suburbs:

2013-2023
sqm Vacancy rate (%)

Demand & Vacancy:
Occupier demand within Melbourne’s South-East
300,000 20.0%
Suburbs (SES) has maintained robust levels of net
absorption. In the 12 months to Q3 2023, there has
200,000 16.0% been 24,700 sqm of net absorption recorded in the SES,
which is marginally above the 10-year annual average
100,000 12.0% of 23,100 sqm per annum. The positive result has been
driven by positive pre-commitment activity in recently
0 8.0% completed office stock. Over Q3 2023, the flight-to-
quality theme remained evident, with prime grade net
-100,000 4.0%
absorption totalling 1,200 sqm whilst secondary grade
net absorption was -2,100 sqm.
-200,000 0.0%
Headline vacancy in the Melbourne SES has remained
resilient post-pandemic, reaching a cyclical peak of
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
12.8% in Q4 2020 and trending down to 11.7% in Q3

2023. This result was largely driven by a limited number
Source: JLL Research as at Q3 2023 of projects reaching practical completion and the
on-going demand from tenants centralising into the SES
from outer suburban markets. The current vacancy rate
Supply:
is trending above the 10-year annual average of 10.4%.
The Melbourne CBD recorded no office completions
over the quarter. This is on the back of three projects
Figure 10: Melbourne SES Office Market Balance,
reaching completion in H1 2023 (totalling 74,300 sqm).
2013-2023
The largest completion was Charter Hall’s delivery of
555 Collins Street, which brought 47,800 sqm to market. sqm Vacancy rate (%)
The Melbourne CBD supply pipeline remains active,
with six new office projects under construction and on
100,000 16.0%
track to deliver 223,300 sqm by mid-2026, with a further
five refurbishment and extensions (totalling 72,698 sqm)
expected to be completed by late 2024. Overall, there 50,000 12.0%
are 11 projects under construction in the Melbourne
CBD which are expected to bring 297,000 sqm to the
0 8.0%
market by mid-2026 (currently 23% pre-committed).
Rents & Incentives: -50,000 4.0%
The Melbourne CBD rental market remains favourable

for tenants, as prime incentives trended up to 41.2%, -100,000 0.0%
the highest level since 1994. Prime net face rents have
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
shown stable growth of 2.5% in the 12-months to Q3

2023. However, despite the increase in face rents, prime
net effective rents have decreased by -3.4% over the Source: JLL Research as at Q3 2023
last 12 months, driven by elevated incentives.
Supply:
Transaction Volumes & Yields: The SES has had two new office developments and
The Melbourne CBD has recorded AUD 553.7 million one refurbishment completed in the 12-months to Q3
in sales transactions throughout 2023 (Q1 to Q3). 2023, which delivered 13,800 sqm. These projects were
The largest transaction for 2023 has been the sale of brought to market with a blended pre-commitment rate
7 Spencer Street in Docklands, which was sold by of 58%.
Mirvac (50% interest) and purchased by the Daibiru
Corporation for AUD 313.0 million. Melbourne CBD
The SES supply pipeline currently has 66,600 sqm Figure 11: Perth CBD Office Market Balance, 2013-
of stock under construction across four projects. 2023
The largest project was APH Holdings’ 35,000 sqm sqm Vacancy rate (%)
development at 14-22 Wellington Street, Box Hill, which
is due for delivery in Q4 2024. 150,000 25.0%
Rents & Incentives: 100,000 20.0%

The SES rental market has continued to record steady
growth, with prime net face rents increasing 1.6% over
50,000 15.0%
the 12 months to Q3 2023. Average prime incentives
within the SES have increased 1.6 percentage points to
29.6% over the same time period. As a result, prime net 0 10.0%
effective rents have weakened 2.6% y-o-y in Q3 2023,
which is below the 10-year average of 0.9% per annum. 5.0%
-50,000

-100,000 0.0%
The Melbourne SES recorded AUD 94.0 million in sales
over the first three quarters of 2023, which was largely
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
led by the AUD 40.3 million sale of 436 Elgar Road, Box
Hill. The asset was sold by Garda Property Group to an Net absorption | Supply addition | Vacancy rate % (RHS)
undisclosed local buyer, which traded for an equivalent
yield of 5.89%. Comparatively, the Melbourne SES
recorded AUD 521.5 million in sales between Q1 2022 Supply:
to Q3 2022, across 10 transactions. JLL has recorded the completion of only one office
asset over 2023 totalling 54,000 sqm. Chevron relocated
Melbourne SES prime midpoint yields softened 12 bps from 250 St Georges Terrace (QV1) into the newly
completed development, occupying 45,000 sqm.
to 6.25% over Q3 2023, with the prime range being
Nevertheless, the existing supply pipeline is elevated
5.75%-6.75%. Similarly to the Melbourne CBD, general
with five office developments currently under
market sentiment towards the office sector as a result
construction, totalling 136,894 sqm. Plans are approved
of an elevated cost of debt environment and uncertain for a further nine projects in the CBD, totalling 171,089
economic conditions has driven the continued softening sqm. Proposed new office developments are likely to
in yields. require substantial pre-commitment to proceed.
Perth CBD: Rents & Incentives:

Given positive leasing demand since Q4 2021 from the
Demand & Vacancy: resources and professional services sectors, there has
Economic activity has been boosted by ongoing been a subsequent increase in face rents, and gradual
strength within the Western Australia resources sector, a decline in leasing incentives. Perth CBD face rents
significant contributor to both overall economic output have shown signs of an upward trend, with prime net
and demand for office space. Consequently, over the 12 face rents increasing 3.1% over the 12 months to Q3
months to Q3 2023, Perth CBD net absorption totalled 2023, significantly above the 10-year long-term average
72,717 sqm, which is significantly higher than the 20- of -1.6% per annum. Average prime incentives have
year long-term average of 18,432 sqm. The expansion decreased 0.8% to 47.9% over the past 12 months.
and relocation of existing CBD tenants into higher
quality office buildings dominated occupier activity and Transaction Volumes & Yields:
remains a key theme to the Perth CBD demand story. The Perth CBD recorded AUD 384.4 million in sales
Base demand from the resources and professional transactions over 2022 and AUD 373.0 million over the
services sectors remains robust, driving Perth CBD first three quarters of 2023. Both figures sit below the
office net absorption higher. 10-year rolling average of AUD 559.3 million.
Small tenants, particularly in the sub-500 sqm cohort Perth CBD prime midpoint yields held steady at 7.13%
of the market have shown a strong interest for over the quarter. The prime range is 6.00%-8.25% as at
fitted space and have acted quickly on securing Q3 2023.
office accommodation if it suits their office space
requirements.
The vacancy rate decreased 2.0 percentage points over

the past year to 17.3% in Q3 2023, driven by on-going
tenant expansionary trends as well as the centralisation
of tenants into the CBD.

Germany
Germany Macroeconomic Overview GDP Development (Index 1999 = 100)
In the third quarter of 2023, GDP has gone down 160

compared to the previous quarter, with a year-on-year
150
decline of 0.8%. The consensus forecast anticipates
a 0.4% decline for 2023. A rapid economic recovery 140
seems unlikely. The ifo Business Climate Index
continued its negative trend and other indicators, such 130
as export expectations, paint a similar picture. In light
of this, forecasts for economic growth next year have 120
recently been revised downward. The consensus is

110
projecting a weak recovery in 2024, with GDP growth
of 0.6%. 100
1999 2003 2007 2011 2015 2019 2023f 2027f
The negative economic development is expected
Germany | UK | EU (excl. UK) | Eurozone
to dampen demand for commercial real estate in
the upcoming months. A positive aspect is the still
very stable job market. The unemployment rate is
expected to increase only slightly in 2024. Current wage Unemployment Rate (% of Workforce)
agreements, along with decreasing inflation rates, lead
to a positive real wage development, which will support 14
private consumption as well as the industry and have
12
positive effects on the housing market, too.
10
The inflation trend peaked at the end of 2022 and 8

has declined significantly since then. In October,
6
inflation, according to the initial estimate by the Federal
Statistical Office, dropped to 3.8%. For the entire year 4
2024, an inflation rate of 2.7% is currently expected. 2

Thus, the European Central Bank’s (“ECB”) inflation 0
target of 2.0% will not be achieved. Given the recent
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023f
2025f
2027f
noticeable drops in inflation rates and the further
deterioration in the economic outlook, additional Germany | UK | EU (excl. UK) | Eurozone
interest rate hikes currently appear less likely. However,
rapid interest rate cuts are also not expected on the
other side. Stronger decreases in inflation or further
worsening economic conditions could prompt the ECB
to react earlier. Capital markets have recently priced Long-Term Interest Rate - 10-Year Government
in a prolonged period of high interest rates. Although Bond Yield (in %)
declining interest rates are still expected in the coming
months, it is happening slower than anticipated
and starting from a higher base. Upward pressure 6
on initial yields continues in this environment and 5
another adjustment cannot be excluded in the current
4
environment.
3
2
CAGR Forecast
1
Key Factors 2017-2022 2023-2024
0
Population growth + 0.4% + 0.1%
-1
Employment growth + 1.3% + 0.1%
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023f
2025f
2027f
Real Wage growth (in Euro) - 0.6% - 1.4%

Consumer Price Inflation + 3.2% + 2.7%
Germany | UK
Germany Industrial & Logistics Overview Development of E-Commerce (in € billion)
In 2020 and 2021, the market was strongly impacted 100 35%
by the pandemic and the associated difficulties. 90
Shutdowns and delays in the supply chains, coupled 80
30%
with rising parcel volumes, led to increased demand 70 25%
from companies for logistics properties. In 2022, the
60
Ukraine war, the energy crisis and inflation concerns 20%
50
followed. For investors, financing conditions have 15%
40
changed significantly, while users are contending with
high inflation and rising energy costs. Poor economic 20 10%
environment was reflected in both export figures and 30

5%
private consumptions. As a result, online retail fell by 10
around 2.5% or €2.2 billion to almost €84.5 billion in 0 0%

2022. Excluding the one-time effect of the pandemic,
2023P
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
-5%
the development of e-commerce turnover continues
to increase. For 2023, a positive year-on-year growth E-commerce Turnover in €bn | y-o-y Change in %
of 5.8% is forecasted (see graph). Overall, consumer

behavior in 2023 has developed less positively than
expected.
As a result of the economic uncertainties, the volume Number of Shipments Per Year (in millions)
of parcel, express and courier shipments in Germany
also fell by 8% in 2022 compared to the previous year.
By 2027, an average annual growth in shipment volume 6,000
of 3% to 4.9 billion shipments is expected. In the course
of the year, trading companies released strategically 5,000
leased space to the market in the form of sublet space 4,000

due to consumer restraint. However, these were directly
absorbed by the market due to the shortage of supply. 3,000
Therefore, it is not surprising that the share of trading
2,000
companies in total take-up has declined in 2023.
Currently, there is a healthy mix of demand across all 1,000
user groups.
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2026
2027f
In spring 2022, raw material and construction prices

exploded due to geopolitical conflicts. In the course
of 2023, prices have levelled off again, but remain at a
higher level than before the crisis in 2020.
The general uncertainty on the market created the Construction Price Index – Commercial Buildings
impression that demand had decreased. However, (in %)
a closer look at the market makes it clear that the
main reason for the low take-up in the TOP 8 logistics 20
locations is primarily the lack of supply and take-up 18
remains overall stable compared to pre-pandemic 16
levels. In addition, there is an intensification of the 14
shortage of land, which will have a direct impact on 12
the new construction pipeline as well as the take-up of 10

8
space in the TOP 8 regions. The development of rents
6
will continue to be assessed positively in the future.
4
Although a slowdown in rental growth is to be expected, 2
factors such as ESG, supply shortages and continued 0
high land costs will have a significant impact on -2 2018 2019 2020 2021 2022 2023
rental levels.

Germany
A total investment volume of roughly €4.3 billion was Transaction Volume Industrial & Logistics (in € million)
transacted within the German industrial and logistics
space in the first three quarters of 2023. That’s in line 10,000
with transaction volumes in Q1-Q3 2019 (€4.3 billion).
8,000
A long-term comparison shows how the market has
cooled with the latest results falling roughly 20% 6,000
short of the 5-year average and down roughly 41%
4,000
compared to the previous year’s record results. The
sector nevertheless performed well compared to the 2,000
overall market and posted a record market share of
25%, putting logistics assets in second place after 0
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
retail. Portfolio deals accounted for roughly 42% of
total transaction volume at the end of September (€1.8 Entire year | 1st - 3th quarter | 10-year average
billion) and had a particularly strong impact on Q3
results. Portfolio deals accounted for 32% and 45% of
deals in 2021 and 2022 respectively, with both of those
years bringing in record results. A 42% share is a clear
indication that the industrial and logistics real estate
market is on the road to recovery. Gross prime yields for
core logistics assets of over 3,000 sqm stood at 4.50% Gross Initial Yield
in Q3 2023. While the low number of transactions made (Class A Logistics Properties, in %)
it difficult to determine market yields in H1 2023, several
core assets changed hands in Q3 and gross prime 8.00
yields saw a 10 bps upwards adjustment. The trend
7.00
toward yields stabilising, which we already saw in Q2,
appears to have continued in Q3 with only minor price 6.00
corrections. High investor interest and double-digit 5.00
rental growth coupled with a recovery in leasing activity
in Q3 are having a positive impact on transaction 4.00
activity in the industrial and logistics segment. Although 3.00

2023’s annual result will most likely fall short of the
2.00
record in year 2022, we nevertheless expect to see
a substantial result roughly in line with the 10-year
Q3 2012
Q3 2013
Q3 2014
Q3 2015
Q3 2016
Q3 2017
Q3 2018
Q3 2019
Q3 2020
Q3 2021
Q3 2022
Q3 2023
average due to current market conditions.
Germany’s TOP 8 industrial and logistics markets

generated roughly 1.6 million sqm in total take-up in the
first nine months of 2023, down 37% y-o-y and around
29% shy of the five-year average. The y-o-y gap in
Take-Up of the Top Logistics Markets in Germany
take-up is narrowing with each quarter. While take-up in
the first two quarters of 2023 was down y-o-y by about (‘000 sqm)
half, the difference is now only about one-third. All of
Germany’s TOP 8 industrial and logistics regions posted
800
a y-o-y drop in take-up with the exception of Frankfurt.
Q3 was nevertheless the strongest quarter by far in 700
the Berlin, Frankfurt, Cologne and Stuttgart logistics 600
regions. Tenants’ interest primarily revolved around
the small-space segment of up to 3,000 sqm with 500
roughly two-thirds of all leases signed in this segment. 400

Locations such as Berlin, Frankfurt and Hamburg,
300
which have been characterised by large-scale leases
in the past due to their occupier structure, saw a 200
number of leases signed for over 10,000 sqm in Q3. We
100
expect low vacancy rates and the slump in new-build
construction to continue to put upward pressure on 0
existing rents. We are also seeing property developers
Berlin
Munich
Düsseldorf
Frankfurt
Hamburg
Cologne
Leipzig
Stuttgart
having to meet higher tenant expectations due to

the high cost of land, stricter ESG requirements and
persistent high debt costs. 2023 annual take-up results
will not be able to match the record results of previous 2021 | 2022 | 2023 Q1-Q3
years. Nevertheless, we expect the market to continue
its upward trajectory in Q4, which will have a positive
impact on the year-end result.
Top Logistics Markets in Germany: 12-month

Q3 2022 Q3 2023 Forecast
1. Hamburg
GIY (in %) 3.6% 4.5%
Prime Rent €/sqm per

€ 81.6 € 92.4
annum
2. Düsseldorf
1 GIY (in %) 3.6% 4.5%

€ 86.4 € 90.0
annum
6
3. Cologne
GIY (in %) 3.6% 4.5%

€ 81.0 € 90.0
annum
2 7
3 4. Frankfurt
GIY (in %) 3.6% 4.5%

€ 87.6 € 93.6
4 annum
5. Stuttgart
GIY (in %) 3.6% 4.5%

5 € 86.4 € 97.2
8 annum
6. Berlin
GIY (in %) 3.6% 4.5%

€ 84.0 € 92.4
annum
7. Leipzig
GIY (in %) 3.6% 4.5%

€ 56.4 € 67.2
annum
8. Munich
GIY (in %) 3.6% 4.5%

€ 94.8 € 102.0
annum

Germany
Stuttgart: Take-Up (‘000 sqm)
Occupational Market: 500 8.50 €/m2

The Stuttgart industrial and logistics real estate market
achieved a total take-up of around 176,900 sqm in the 400
394
337 8.50 €/m2
first nine months of 2023. This corresponds to a decline 300
324
of 19% compared to the same period in the previous 300 7.50 €/m2
year. Owner-occupiers accounted for around a quarter

177
of total take-up. Overall, tenants mainly rented in the 200 171 7.00 €/m2
128
small-space segment up to 3,000 sqm. Around 66%
100 6.50 €/m2
of all lettings took place in this segment. Traditionally,
production and manufacturing companies are the 0 6.00 €/m2
biggest space turnover drivers. Due to low vacancy
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
rates and the lack of space in the region, rents have
continued to rise. The top rent has now exceeded the
Take-up | Prime Rent
€8 per sqm mark. Since hardly any new space will come
onto the market in the future, the situation on the letting
market will continue to tighten, causing rents to rise Investment Volume (in € million) and Gross Initial
further. Yield (in %)
6.00
Investment Market: 400
The logistics region recorded an investment volume of

approximately €50 million by the third quarter of 2023, 300 5.00
a decrease of 49% compared to the same period in 242

217
218 235 221
the previous year’s result (approximately €99 million). 200 4.00
In the past, the market has shown stable investment
119
activity. Despite a very low vacancy rate, almost no new
100 3.00
development activity and a market structure which is 50
characterised by regional owners, the region is still very
attractive to investors. 0 2.00
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
Outlook:
The current economic situation is having an impact on Transaction volume | Gross Initial Yield
export figures and thus on industrial companies, making
it increasingly difficult for them to correctly assess
Take-Up by Size Category (in sqm) Q1-Q3 2023 (in %)
their space requirements. This will also have an impact
on the Stuttgart logistics region, which is primarily
characterised by production and manufacturing
companies. The recovery of the market has been visible
up to 500 sqm 2%
since Q3, which will have a positive effect on the market
501 - 1,000 sqm 4%
and the year-end results but will not match the results 1,001 - 3,000 sqm 9%
of the last two years. 3,001 - 5,000 sqm 11%
5,001 - 10,000 sqm 18%
above 10,001 sqm 56%
Take-Up by Sector Q1-Q3 2023 (in %)
Logistics Service Providers 15%

Production & Manufacturing 34%
Companies
Trading Companies 47%
Others 4%
Munich: Take-Up (‘000 sqm)
Occupational Market: 400 367

8.80 €/sqm
The Munich industrial and logistics real estate market
8.40 €/sqm
achieved a take-up of around 115,400 sqm in the first 300 283
nine months of 2023. Compared with the same period 251
227
8.00 €/sqm
in the previous year, there was a decline in take-up of 201 205 7.60 €/sqm
200
29%. This is due to the restricted supply on the one 7.20 €/sqm
hand, and on the other due to tenants still waiting and 115
6.80 €/sqm
sounding out the market. Furthermore, no relevant 100
owner-occupier deals took place. The production & 6.40 €/sqm
manufacturing sector was responsible for the majority 0 0.00 €/sqm
of take-up. The lettings in the third quarter took place
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
primarily in the small to medium space segment and
predominantly in the peripheral submarkets. Due Take-up | Prime Rent
to the shortage of space, a low vacancy rate and a
manageable new construction pipeline, rents continued
to rise. Compared with the previous year (Q3 2022 to Investment Volume (in € million) and Gross Initial
Q3 2023), prime and average rents rose by 8% and Yield (in %)
7% respectively. For the coming months, we expect 600 5.00
pressure on existing rents to increase further. 493
500 465
Investment Market: 400 4.00

The Munich industrial and logistics market registered
300 273
an investment volume of €144 million at the end of the 230
third quarter and thus increased by 19% compared 200 153 3.00
144
to the same period in the previous year. Due to the 105
100
structure of the market, there is increased investment in
light industrial and production. In addition, investments 0 2.00
in the first three quarters were predominantly in the 2022
2023 Q1-Q3
2017
2018
2019
2020
2021
small-volume sector below €50 million.
Transaction Volume | Gross Initial Yield

Outlook:
Due to the wait-and-see attitude of users, both demand
and supply on the market are expected to remain Take-Up by Size Category (in sqm) Q1-Q3 2023 (in %)
stable until the end of the year. The shortage of supply
in the city will continue to ensure that larger spaces
are increasingly rented in the surrounding areas.
Furthermore, low vacancy rates and a lack of new up to 500 sqm 4%
construction will continue to drive rents up. 501 - 1,000 sqm 6%

1,001 - 3,000 sqm 25%
3,001 - 5,000 sqm 32%
5,001 - 10,000 sqm 6%

Companies
Others 28%

Germany
Nuremberg: Take-Up (‘000 sqm)
Occupational Market: 250 236 7.00 €/m2

The Nuremberg logistics region is one of the 201
6.00 €/m2
established logistics regions outside of the TOP 8 200
locations. In the first three quarters of 2023, there 164 5.00 €/m2
was a total take-up of 448,000 sqm in the industrial 150 142
4.00 €/m2
and logistics real estate market in Nuremburg. This 107
3.00 €/m2
corresponds to a decline of 76% compared to the same 100
period in the previous year. Furthermore, there was one 45

2.00 €/m2
50
bigger extension (c. 11,000 sqm) which indicates that 31 1.00 €/m2
tenants have to prolong leasing due to a shortage of 0.00 €/m2
0
options. The two dominant user groups in the region
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
are logistics service providers and companies from the
manufacturing and electrical industries, due to its status
as a trimodal location. Compared to the same period Take-up | Prime Rent
in the previous year, the prime rent showed moderate

growth of 7%. Investment Volume (in € million) and Gross Initial
Yield (in %)
Investment Market:
The shortage of supply in the TOP 8 regions is 400 5.00
particularly visible in Nuremberg which benefits from 312
the proximity to Munich and Ingolstadt. In the first three 300 287
4.00
quarters of 2023, the Nuremberg investment market
198
recorded a transaction volume of €88 million which 200
192
is 65% under the previous year’s same period result. 135

3.00
Most of the investments were in the small-volume 100 88
sector below €50 million which is in line with the TOP 49
8 regions. Due to the market structure, investments are
0 2.00
increasingly being made in logistics properties.
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
Outlook:
For the coming months, we expect a well-filled new Transaction Volume | Gross Initial Yield
construction pipeline for the Nuremberg logistics
region, which will ensure a stable supply of space
with increasing demand. Due to its central location Take-Up by Size Category (in sqm) Q1-Q3 2023 (in %)
and proximity to the A6 and A7 motorway interchange,
the region is particularly attractive for trading companies
and logistics service providers. Furthermore, the rent
level is significantly more attractive than in the TOP 8
locations. 5,001 - 10,000 sqm 50%

Companies
Düsseldorf: Take-Up (‘000 sqm)
Occupational Market: 500

In the first nine months of 2023, the Düsseldorf 436 7.80 €/sqm
industrial and logistics real estate market generated 400 7.40 €/sqm
take-up of around 138,200 sqm. Compared with the 318 7.00 €/sqm
same period in the previous year, take-up fell by 42% 300
253 244 6.60 €/sqm
and is 25% below the five-year average. The focus of 218
tenants was primarily on the small-space segment up 200 161 6.20 €/sqm
138
to 3,000 sqm. Around 71% of all deals took place in 5.80 €/sqm
100
this segment. Logistics service providers are by far the 5.40 €/sqm
strongest user group, accounting for 62% of total take-
0 5.00 €/sqm
up. We see that users continue to act cautiously due to
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
the general economic conditions. However, there is still
excess of demand on the market that meets a restricted
supply, which has led to an increase in average prime Take-up | Prime Rent
rent compared to the previous year. We expect rental
growth to remain stable until the end of the year. Investment Volume (in € million) and Gross Initial
Yield (in %)
Investment Market:
Since the beginning of the year, around €158 million 500 5.00
have been invested in the Düsseldorf industrial and 412 413

400
logistics market. Compared to the previous year, this
314
represents an increase of 45%. This strong result was 300
4.00
achieved mainly through a transaction of over €100

million. In addition, there was hardly any suitable 200 162 158
investment product on the market due to a shortage of 112
3.00
land and declining new construction activity. 100 65
0 2.00
Outlook:
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
The investment market will continue to face a significant
lack of product resulting from a manageable project
development pipeline and a very low vacancy rate. The Transaction Volume | Gross Initial Yield
number of brownfield developments is increasing at
many locations in North Rhine-Westphalia, especially
Take-Up by Size Category (in sqm) Q1-Q3 2023 (in %)
the Rhine Ruhr area. This will also shape the Düsseldorf
market in the future. The recovery of the letting market
has been visible since Q3, which will also have a
positive effect on the Düsseldorf region, but will not up to 500 sqm 3%
be able to match the record result of recent years. 501 - 1,000 sqm 1%
1,001 - 3,000 sqm 14%
3,001 - 5,000 sqm 7%
5,001 - 10,000 sqm 8%
Take-Up by Sector Q1-Q3 2023 (%)

Companies
Others 5%

Germany
Cologne: Take-Up (‘000 sqm)
Occupational Market:
350 8.00 €/sqm
The Cologne industrial and logistics real estate market 323
305
generated a take-up of around 121,200 sqm in the 300 7.00 €/sqm
first nine months of 2023. This was 53% below the 250
248 6.00 €/sqm
previous year’s same period result and is 38% below 198 192 5.00 €/sqm
the five-year average. The third quarter represented 200
4.00 €/sqm
the strongest quarter to date and was responsible for 150 121 3.00 €/sqm
106
almost 50% of take-up. Overall, the focus of tenants 100 2.00 €/sqm
was primarily on the mid-range space segment. Around
50 1.00 €/sqm
74% of all leases took place in the space segment of
0
up to 5,000 sqm. The largest user group, with a share of 0.00 €/sqm
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
34% of total take-up, were trading companies. Due to
shortage of space and continued high financing costs,
rents showed double-digit growth compared to the Take-up | Prime Rent
previous year.
Investment Market: Investment Volume (in € million) and Gross Initial

In the first three quarters, around €137 million were Yield (in %)
poured into the Cologne investment market, which is a
350 5.00
decrease of 35% compared to the same period in the 286
previous year. Investments in the first three quarters 300 269
4.00
took predominantly place in the small-volume sector 250
206
below €50 million. In the future, the investment market 200 188
176
3.00
in Cologne will show an increase in transaction volume 150 129 137

2.00
due to brownfield developments, but a lower total
100
number of investment products. 1.00
50
Outlook: 0 0.00
2017
2018
2019
2020
2021
2022
By the end of the year, it can be assumed that there 2023 Q1-Q3
will be stable demand in the Cologne industrial and
logistics property market, despite the restraint of some Transaction volume | Gross Initial Yield
market participants due to the economic uncertainties.
Due to the long approval and construction periods, it
is forecasted that hardly any new space will come into Take-Up by Size Category (in sqm) Q1-Q3 2023 (in %)
the market in the short term. Consequently, pressure on
rents will continue to increase.
up to 500 sqm 0%
501 - 1,000 sqm 1%
1,001 - 3,000 sqm 11%
3,001 - 5,000 sqm 33%
5,001 - 10,000 sqm 34%

Companies
Others 23%

Singapore
Singapore Macroeconomic Overview 5.50%, the highest levels since the Great Recession. But
for the first time since 2022, the Federal Open Market
Based on advanced estimates1 by the Ministry of Committee (“FOMC”) decided not to raise interest rates
Trade and Industry (“MTI”), Singapore’s economy grew in the September 2023 review.
0.7%2 year-on-year (“y-o-y”) in 3Q 2023. On a quarter-
on-quarter (“q-o-q”) basis, it expanded by 1.0%3, an The Monetary Authority of Singapore (“MAS”), which
acceleration from the 0.1% q-o-q increase observed tightened its monetary policy five times since October
in the previous quarter. On a y-o-y basis, except for 2021, has since eased its policy, maintaining the
the manufacturing sector, all other sectors posted prevailing rate of Singapore dollar nominal effective
positive growth. exchange rate (“S$NEER”) since April 2023, as it
anticipates Singapore’s GDP growth in 2023 to be
The manufacturing sector contracted 5.0% y-o-y in 3Q below trend. As such, the Singapore Interbank Offered
2023, slightly improving from the 7.7% y-o-y contraction Rates (“SIBOR”) and Singapore Overnight Rate Average
observed in the preceding quarter, and translated to (“SORA”) have stabilised over the course of the year,
a 0.2% q-o-q increase. The weak performance was but remained elevated at their highest levels in the past
attributed to output declines across all manufacturing 15 years.
clusters except for the transport engineering cluster.
The influence of various global economic and
The construction sector experienced a 6.0% growth geopolitical factors continue to impact the growth of
y-o-y in 3Q 2023, extending the 7.7% y-o-y growth in the Singapore’s economy in 2023. Although China has
previous quarter. Growth was attributed to both public opened up its international borders, sentiments over its
and private sectors picking up this quarter. The sector economy has dampened. Similarly, the United States
recorded a 0.6% q-o-q growth in 3Q 2023, moderating of America (“USA”) and Eurozone continue to face
from the 2.7% q-o-q expansion in 2Q 2023. challenges in their domestic markets, leading to slow
growth. As Singapore is an export-oriented economy,
Net employment in Singapore was up for the 7th the contraction seen in exports (11th consecutive
consecutive quarter, with 2Q 2023 hiring activity month) and manufacturing output (11th consecutive
recording an increase in the construction sector but a month) had led to businesses cutting down on capital
decrease in the manufacturing sector. However, overall expenditure and hiring. As such, MTI has narrowed its
unemployment remained stable on a monthly basis, GDP growth forecast for 2023 to be between 0.5% to
recording an unemployment rate of 2.0% in both July 1.5%, from the initial range of 0.5% to 2.5%.
and August 2023. Retrenchments have also dropped
to 3,200 in 2Q 2023, after three consecutive quarters of Singapore Hi-Tech and Business Park
increases from 3Q 2022 to 1Q 2023, with retrenchments Market Overview
mainly driven by the information & communications
sector. Most of the retrenchments were due to
Business Parks are Master Planned Zoned Sites by the
reorganisation or restructuring rather than concerns of
Urban Redevelopment Authority (URA). They are larger
recession. With continued weakness in the economic
campus-style developments occupying at least five
environment, the Ministry of Manpower (“MOM”)
hectares of land with modern office-like specifications.
cautioned that total employment growth is likely to
The campuses typically have lush greenery, a full suite
moderate further as a result of cooling labour demand
of amenities and facilities, and high quality building
as well as slower resident labour force growth.
designs.
The ongoing Russia-Ukraine conflict since February
Hi-Tech industrial developments, on the other hand,
2022 continues to impede the global supply chain,
are modern industrial premises designed with higher-
disrupt the global supply of energy, and increase the
grade and more comprehensive building specifications
prices of commodities. This has further exacerbated
compared to conventional industrial premises. As
global supply chain issues and weighed on the global
such, they are seen as good alternatives to Business
economy. These factors have collectively contributed
Parks. For instance, the 4.8 ha Alexandra Technopark,
to global inflation and pressures on the growth of
situated in the City Fringe, is classified as a Hi-Tech
many global economies. To combat inflation, the USA
development. It has a campus-like environment and
Federal Reserve raised interest rates by 525 basis points
is equipped with communal spaces for collaborative
over eleven rate hikes from 2022 to 2023 Year-To-Date
and placemaking activities and a variety of lifestyle,
(“YTD”), pushing interest rates to a range of 5.25% to
wellness, sports, and social amenities.
1 Advance GDP estimates for the third quarter of 2023 are computed largely from data in the first two months of the quarter (i.e., July and August
2023). They are intended as an early indication of GDP growth in the quarter and are subject to revision when more comprehensive data
become available.
2 Gross Domestic Product (GDP) in Chained (2015)
3 Non-annualised, seasonally adjusted

Singapore
Existing Stock: Chart 1: Future Supply of Hi-Tech and Business Park

As of 3Q 2023, the overall stock of Hi-Tech space by Region (4Q 2023 – 2026)
increased by 21.9% y-o-y to 14.9 million sq ft. This
was a result of the pandemic, which delayed the
completion of some major Hi-Tech developments.
Major completions4 in the last four quarters include
165 Kallang Way (211,000 sq ft) in 4Q 2022, 161 & Central 44.8%
163 Kallang Way (504,000 sq ft), Tai Seng Exchange North East 49.8%
(906,300 sq ft) and Luzerne (198,000 sq ft) in 1Q 2023, West 5.4%
Harbourlink Innohub (602,000 sq ft) in 2Q 2023, and
7002 AMK (265,800 sq ft) in 3Q 2023.
In 3Q 2023, islandwide Business Parks stock held

constant on a q-o-q basis but expanded by 5.9%
y-o-y to 21.8 million sq ft. Major completions included
the completion of Perennial Business City (1,100,000 Chart 2: Future Hi-Tech and Business Park Supply
sq ft) in 4Q 2022, and Surbana Jurong Campus Estimated Net Lettable Area (‘000 sq ft)
(356,100 sq ft) and The Gear (111,700 sq ft) in 2Q
3,200
2023. There were no new completions in 3Q 2023.
2,700
Future Supply:
From 4Q 2023 to 2026, the total islandwide stock of 2,200
Hi-Tech and Business Park spaces is estimated to 1,700

increase by 3.9 million sq ft, with all pipeline supply
attributed to Business Park spaces. The North East 1,200
Region, Central Region and West Region will account 700

for 49.8%, 44.8% and 5.4% of the pipeline supply
respectively (Chart 1). 200
4Q 2023 2024 2025 2026

Average pipeline supply from 2024 to 2026 is
Hi-Tech | Business Park
approximately 1.2 million sq ft, which is approximately Source: CBRE
160% above the 5-year historical average net supply
of business park spaces from 2018 to 2022. Demand and Vacancy:
Over the past four quarters, total net absorption for Hi-
In 4Q 2023, Elementum (355,000 sq ft) in one- Tech spaces stood at 980,766 sq ft, against a total net
north, and Geneo at 7 Science Park Drive (273,000 supply of approximately 2.7 million sq ft over the same
sq ft), which are both within the Central Region, period. This has resulted in vacancy levels increasing
will be completed (Chart 2). In 2025, two major by 9.5 percentage y-o-y to 20.0% in 3Q 2023 (Chart 3).
developments will be completed, including the first Demand for new Hi-Tech spaces have been observed
phase of Punggol Digital District (2.0 million sq ft) in to emanate from new set-ups in the biotechnology and
the North East Region as well as 1 Science Park Drive semiconductor sectors in recent times, with centrally
(1.1 million sq ft). in the Central Region. An additional located spaces that are well-supported by amenities
212,000 sq ft will enter the market in 2026 upon the and smart building features key considerations for these
redevelopment of iQuest@IBP in the West Region. sectors.
Source: CBRE
Chart 3: Islandwide Hi-Tech Net Supply, Net Absorption and Vacancy Rates
1,700
20%
1,500
Net Lettable Area (‘000 sqft)
1,300 16%
1,100
Vacancy Rate (%)
12%
900
700 8%
500
300 4%
100
0%
-100
-300
1Q 2018
2Q 2018
3Q 2018
4Q 2018
1Q 2019
2Q 2019
3Q 2019
4Q 2019
1Q 2020
2Q 2020
3Q 2020
4Q 2020
1Q 2021
2Q 2021
3Q 2021
4Q 2021
1Q 2022
2Q 2022
3Q 2022
4Q 2022
1Q 2023
2Q 2023
3Q 2023
Net New Supply | Net Absorption | Vacancy Rate (RHS)

Source: CBRE
4 All floor areas stated in this report are in Net Lettable Area (NLA), unless otherwise stated
Islandwide net absorption for Business Park spaces more caution. Although pockets of spaces have been
over the past four quarters was -227,819 sq ft, against taken up, they were typically small-sized requirements.
a net new supply of 1.2 million sq ft. Islandwide net
absorption fell for the third consecutive quarter, with Rents:
3Q 2023 recording a net absorption of -207,414 sq ft. Rents in Hi-Tech industrial spaces were observed
Occupiers continued downsizing their current portfolio to have increased by 0.9% q-o-q and 4.1% y-o-y
amidst a slowdown in growth, with vacancy especially to S$3.54 per sq ft per month in 3Q 2023 (Chart 5).
pronounced in the Rest of Island submarkets. As such, Despite the rising vacancy rate due to injection of
islandwide vacancy rate increased by 5.8 percentage recent completions into the Hi-Tech stock, rents were
points y-o-y and 0.9 percentage points q-o-q to 20.0% observed to have increased in the past one year. Most
in 3Q 2023, the highest recorded over the past 5 years of these recent completions were better quality and
(Chart 4). Demand for business parks in the Central well-located in the Central Region. At the same time,
Region also softened, with negative net absorption to compensate for the increase in construction costs
observed within one-north and Mapletree Business City as a result of the COVID pandemic, landlords of these
over the past four quarters, but vacancy remained tight new developments have kept the rents high. This has
at 5.8% in 3Q 2023. resulted in the increase in average rents.
Although Business Park stock in central locations With increasing vacancy rates of Business Parks in the
remains limited, due to the current business climate, Rest of Island submarkets, rents fell by 1.4% q-o-q and
tenants have been more cautious, with most leasing remained flat on a y-o-y basis in 3Q 2023 at S$3.65 per
activity limited to renewals as occupiers exercised sq ft per month (Chart 5).
Chart 4: Island-wide Business Park Net Supply, Net Absorption and Vacancy Rates
1,100
20%
1,000
900 18%
Net Lettable Area (‘000 sqft)
800 16%
700 14%
Vacancy Rates (%)

600 12%
500 10%
400 8%
300
6%
200
4%
100
2%
0
-100 0%
-200
-300
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Net New Supply | Net Absorption | Vacancy Rate (RHS)

Source: CBRE
Chart 5: Hi-Tech and Business Park Rents ($ per sq ft per month)
6.00
5.50
5.00
4.50
4.00
3.50
3.00
Q3 2023
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Hi-Tech | Business Park - City Fringe | Business Park - Rest of the Island
Source: CBRE

Singapore
Business Park rents in the City Fringe submarket was improved compared to a year ago, the net supply of
also lacklustre. Although rents increased 0.8% y-o-y Hi-Tech projects has outstripped net absorption by
to S$6.05 per sq ft per month in 3Q 2023 (Chart 5), it more than 2.7 times. While there is an influx of Hi-Tech
remained flat on a q-o-q for three consecutive quarters spaces, especially in the Central Region, and occupiers
as a result of the availability of newly completed options are spoilt for choices, the current macroeconomic
in the Hi-Tech market that are centrally located . environment has resulted in companies focusing
on managing operational costs, with most opting to
Business Park spaces in the City Fringe submarket renew leases to save on relocation and fit-out costs.
have always commanded a rental premium compared This is likely to be a similar scenario for Alexandra
to those situated within the Rest of Island submarket,
Technopark, which is in a relatively strategic location
due to its strategic location and proximity to the
within the City Fringe and in close proximity to the CBD.
Central Business District (“CBD”). As future supply
As such, current occupiers are less likely to consider
continues to enter the Rest of Island submarket, rents
newer options in the vicinity, which are relatively more
of business park spaces in these regions will be under
expensive. Plans for the revitalisation of the Greater
further pressure, and the divergence in rents between
Southern Waterfront area will improve the accessibility
the City Fringe and Rest of the Island submarkets is
and appeal of the development. Additionally, the
likely to become more apparent, further cementing the
advantage of Hi-Tech developments over Business Park
two-tiered market within the Business Park submarket.
spaces is that Hi-Tech developments can incorporate
Business Park spaces located in the Rest of Island
submarket are likely to attract tenants who are cost- light industrial uses, positioning itself as an option for
sensitive with regard to their operations. tenants who require both office and industrial space.
Investment and Capital Values: Due to the recent completions in the Central Region in
Hi-Tech investments totalled S$138.4 million from 4Q 2023, ample quality choices have been made available
2022 to 3Q 2023, representing a 21.4% y-o-y decrease to occupiers. But the lacklustre market has led to a
from the last four quarters (4Q 2021 to 3Q 2022). slow take-up rate. For instance, the recently completed
Harbourlink Innohub (2Q 2023) in the Alexandra vicinity
In 4Q 2022, Chip Eng Seng acquired 12 Tai Seng Link for is only about 20% occupied.
S$35.0 million (S$300 psf Gross Floor Area (GFA)) from
OKH Global. The 10-storey, 260,600 sq ft GFA industrial Between 2023 to 2025, approximately 44.8% of the
development is located in the Central Region, with future supply of Business Park spaces will emanate
major tenants such as NETS, Secretlab and Electrolux. from the City Fringe, with most from Singapore Science
KA Place at 159 Kampong Ampat, a seven-storey, Park. Vacancy is still relatively tight, with most of this
109,394 sq ft GFA industrial development in the Central space only entering the market in 2025. On the back of
Region, was acquired by Paeonia Capital for S$35.4 cautious sentiments and ample impending supply of
million (S$494 psf GFA) from Capitaland Ascendas REIT Hi-Tech space options, take-up is expected to remain
in 2Q 2023. In 3Q 2023, Sime Darby Business Centre
lukewarm. Elementum, which will be completed in 4Q
at 315 Alexandra Road, which consists of a 5-storey
2023, is already over 80% pre-committed. However, for
industrial building with a 3-storey annexe at the rear
the Rest of Island submarket, due to higher vacancy
was purchased by Eagle Land Credit, a car dealership
and occupiers’ preference for newer and more centrally
business for new and used vehicles, for S$68 million
located assets, rents in this submarket are likely to face
(S$379 psf GFA). Previously occupied by Performance
downward pressure. This will further accentuate the
Motors, the building is most likely purchased for owner
two-tier market between City Fringe and Rest of Island
occupation as the current building’s design and use are
submarket.
suitable for a car business.
For Business Park investments, in the past four quarters, Moving forward, in the near term, with the ample
there was only one transaction in 2Q 2023, where supply of quality options as a result of the recent
Seagate Singapore sold The Shugart at 26 Ayer Rajah completions, landlords of older assets may have to
Crescent to CapitaLand Ascendas REIT for S$218.2 offer more incentives to attract new tenants. Despite
million (S$496 psf GFA) on a sale and leaseback tighter global financial conditions and a slowdown in
scheme. The first year net property yield based on the tech sector that could weigh on the overall demand
post-transaction costs was reported to be 7.8%. for Hi-Tech and Business Park spaces, well-located
Hi-Tech and Business Park developments, particularly
CBRE observed that, in general, corporate real estate within the City Fringe, are still expected to remain
valuations of industrial assets, including hi-tech and attractive to prospective tenants and new industries,
business park assets, have been firm with no expansion such as biomedical science, digital and technology.
in capitalisation rates, as of September 2023. In the long-term, City Fringe Hi-Tech and Business
Park developments, along with the new clusters such
Market Outlook:
as Punggol Digital District, will continue to be the top
In the past four quarters, CBRE noted that although
locations for these Hi-Tech industries in Singapore.
pre-leasing activities for Hi-Tech projects have

United Kingdom
UK Macroeconomic Overview weekly earnings have grown by record levels, reaching

7.8% for regular pay and 8.5% for total pay in the
The UK economy grew 0.2% in the three months to July three months to July. The primary causes are the
but has been fluctuating month on month. The tight one-off payments made to the National Health Service
monetary environment and high inflation has quelled (“NHS”) and civil servants as part of the Government’s
both business and consumer activity and will continue ‘public sector settlement’. These high rates of growth,
to weigh heavily on market activity, resulting in weak, if combined with lower levels of inflation, mean that real
not flat, growth in 2023. earnings are now in positive territory for the first time since
February 2022, with real average weekly earnings growth
Inflation is expected to be close to the Bank of England’s reaching 0.6% for regular pay and 1.2% for total pay.
(“BOE”) 2% target by the end of 2024, allowing it to
start cutting interest rates. Cheaper borrowing should Unemployment is forecasted to peak at 4.7% in Q3
encourage business activity and restore household 2024, a historically low peak, but will recover once the
income levels as mortgage payments decrease. By Q3 BOE begins cutting rates, which would ease pressures
2024, unemployment is expected to have peaked and on businesses and supporting activity.
real wage growth will have resumed. GDP growth in 2023
is forecast to be flat and grow by 0.4% and 1.7% in 2024
UK Unemployment Rate (in %)
and 2025, respectively. Similarly, the Eurozone and the
US are expected to exhibit weak growth patterns. 9
8
7
UK Real GDP, June 2019 = 100 6
5 Forecast
105 4
100 3
95 2
90 1
85 0
80
2000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
75
70 Source: ONS Macrobond, CBRE Research
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Inflation in both the UK and the Eurozone continues to

Real GDP | Pre-pandamic GDP trend downward, at 6.7% and 4.3% respectively. The
ONS, Oxford Economics, CBRE Research
decline in UK headline CPI can be largely attributed
to the decrease in goods prices, with the biggest fall
in food in August. Still, the effects were somewhat
The key risk to the outlook remains to be inflation.
counteracted by an increase in motor fuel prices,
The BOE has been reactive to data releases in recent
primarily stemming from supply reduction from the
months, for example, hiking by 50 bps in June and then
Organization of the Petroleum Exporting Countries
holding unchanged in September post inflation data
(“OPEC”). Brent crude oil prices have risen almost 30%
releases. Any adverse shocks could cause another rate
in the last three months, and the UK is exposed to
hike or delay any reduction in rates, dampening our
future energy price volatility. However, given the global
forecasts for growth and respective recovery.
inflationary challenges, it is likely that
non-OPEC production will increase to bridge the
The UK’s labour market has started to cool, and the
gap (left by OPEC cuts). This should prevent further
unemployment rate increased to 4.3% in the three
prices rises feeding through and creating additional
months to July, 50 bps higher than in the previous
inflationary pressures.
outlook. Forward-looking indicators suggest a
continued softening in the UK labour market. For
Core CPI rose 6.2%, declining from 6.9% in July and
example, the Purchasing Managers’ Index (“PMI”), an
returning to the same level as March this year. Core CPI,
indicator of business activity, fell below 50 in August
which excludes volatile goods such as food and energy,
and continued to fall in September; at 46.8, the lowest
has been stubbornly high in 2023, and is inextricably
level in three years. This level (below 50) indicates
linked to service inflation. Record wage growth is also
business activity is contracting. Business insolvencies
putting upward pressure on the core component, and
have increased 38% since the end of 2021, which was
the BOE will need to see disinflation in both headline
the start of the interest rate hiking cycle.
and core CPI before beginning cutting interest rates.
In addition, job vacancies have declined for the 14th
consecutive month and are now below one million for
the first time since July 2021. Paradoxically, average

United Kingdom
UK: Consumer Price Index (CPI), Annual Rate (%) In 2022, the Manufacturing Industrial & Energy sector
was the dominant sector, contributing to 37% of total
12
Forecast take-up, followed by Creative Services at 25%, Business
10
Services at 13%, and Public Sector/Regulatory Body at
8
8%. The market is a hub for creative companies such
6
as ITV Plc, Three UK, Amazon, Canon and InterSystems
4
2
Corporation.
0
-2
Take-up by the Manufacturing Industrial & Energy
sector was driven by a 282,000 sq ft deal at Eden
2014
2015
2016
2017
2018
2019
2020
2021
2021
2023
2024
2025
2026
Campus, Kingston Upon Thames by Unilever Plc and
Food | Petrol | Energy | Others | CPI
by a 115,000 sq ft letting at The Heights, Brooklands
Source: ONS, Macrobond, CBRE Research Business Park, Weybridge by Haleon.
Our house view is that inflation will fall to 4.8% by the South East Take-Up By Sector, 2010-2022 (in %)
end of 2023. However, while goods prices will continue
to provide a tailwind to disinflation, the core component
remains a laggard. As a result, we only expect inflation Banking & FInance 5%
to reach the BOE’s 2% target in early 2025. Business Services 19%

Creative Industries 25%
Consumer Services & Leisure 17%
UK Office Overview Insurance 1%
Manufacturing Industrial & 22%
Energy
South East Office Market: Professional 3%
Public Sector / Regulatory 8%
The South East market is split into three distinct Body
geographical areas: Thames Valley (which includes the

Blackwater Valley market), M25 North and M25 South.
Source: CBRE Research
The market currently has a stock of approximately 167.5
million sq ft, of which 45% is in Thames Valley. The
South East has attracted a mix of office occupiers in Take-up across South East office markets totalled
the last decade with a wide range of high-quality office 430,000 sq ft during the third quarter of 2023 and
space in town centre environments and some of the increased by 120% from the previous quarter. Despite
largest business parks in the UK. the quarterly increase, take-up remained below (24%)
the five-year quarterly average at 568,200 sq ft. The
Take-Up: nine-month total take-up was recorded at 0.9 million
Take-up across the South East was recorded at 2.1 sq ft across the South East market.
million sq ft in 2022, a 13% decrease from the 2021
figure and 20% below the 10-year average of Thames Valley accounted for 77% of all the space
2.7 million sq ft. transacted during the quarter. However, take-up in all
markets was below the five-year quarterly average.
The fall in take-up in 2022 was driven by a 38% decrease Take-up for pre-let space increased significantly during
in take-up in the Thames Valley. A different trend was Q3 to a total of 101,800 sq ft, representing 24% of the
observed in M25 North and M25 South markets, where quarterly total. Secondhand and newly completed
take-up increased year-on-year by 5% and 104% space accounted for 71% and 5% of the total take-up,
respectively in 2022. respectively.
South East Office Take-Up (million sq ft) In the first nine months of 2023, three transactions for
space over 50,000 sq ft were completed. The most
4.0 significant transaction of the year was X & Why Limited
3.5 taking 65,800 sq ft of space at Unity Place, Grafton Gate,
3.0
2.5
Milton Keynes.
2.0
1.5 In the last 12 months to Q3 2023, Manufacturing
1.0
0.5
Industrial & Energy sector was the most active,
0.0 accounting for 24% of take-up, followed by Business
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD
2023
Services at 21%.
Thames Valley | M25 North | M25 South | 10-Year Average
Demand: Investment:
Under offers across all unit sizes rose by 30% q-o-q to In Q3 2023, the total investment volume in the South
a total of 1.4 million sq ft at the end of Q3, the highest East was £103 million, comprising 13 investment deals.
figure recorded since Q2 2000. This was 88% above the Total investment fell by 74% in Q3 compared to the
five-year quarterly average of 748,000 sq ft. Under offers previous quarter. In Q3 2023, investment volumes fell
were above the five-year quarterly average for all of the by 75% from the same period in 2022. In the last 12
South East submarkets. months to September, £1.6 billion was deployed into
the South East office market, which was 56% lower
There were 74 units under offer at the end of the compared to the previous 12 months. Year-to-date
quarter across all unit sizes, eight of which were investment volumes in the South East totalled £1.0
greater than 50,000 sq ft. The largest unit under offer billion. The largest deal of the quarter was represented
was 116,200 sq ft of newly completed space at 400 by Citibank’s purchase of Kia UK Headquarters from
Longwater Avenue, Green Park, Reading. Abrdn for £12 million.
Most of the space under offer at the end of the quarter Demand from local buyers drove investment volumes
was in the Thames Valley market (63%), which were in the South East, accounting for 81% of the quarterly
spread over 48 deals. M25 North and M25 South total. Investment volumes by foreign purchasers were
accounted for 16% and 21% of the total, respectively. 19% of the quarterly total, compared to 61% in Q2 2023.
Supply: Prime yields for the South East market increased from
Availability in the South East increased by 4% to 17.7 5.75% in Q3 2022 to 7.00% in Q3 2023.
million sq ft, remaining well above the five-year average
of 12.9 million sq ft (37%).
South East Space Under Offer (million sq ft)
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Despite a marginal fall in newly completed supply South East Investment Volumes (in £ million)
during Q3, secondhand and new early marketed
space increased by 7% and 1% taking the availability 4,500
to 13.7 million sq ft and 1.5 million sq ft, respectively. 4,000
65% of total supply was located in the Thames Valley 3,500
3,000
market, with 48% being Grade A space (5.5 million
2,500
sq ft) and 52% being Grade B (5.9 million sq ft). The 2,000
largest speculative building at the end of the quarter 1,500
was Building One, Station Hill, Reading which totalled 1,000
500
278,300 sq ft. 0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
YTD 2023


United Kingdom
Prime Rents & Incentives: Banking & Services sector being the most dominant
Prime rents in the South East are slowly increasing, over the last five years, accounting of 27% of the total
signifying rising occupier demand for quality space and space.
decreasing Grade A supply. The prime rent for Thames
Valley stood at £47.50 psf in Q3 2023, unchanged from Only six deals were transacted in Camberley over the
Q3 2022. In the M25 markets, prime rents were £42.50 last five years, totalling 114,600 sq ft. Of these, there was
psf in the North region (increasing from £42.00 psf in no space taken in town, reflecting the limited supply on
Q3 2022) and £38.50 psf in the South region (remaining offer to prospective occupiers.
unchanged from Q3 2022).
In 2022, there were two deals over 10,000 sq ft
Towns such as Oxford and Cambridge have attracted a which totalled 30,183 sq ft. This was 31% below the
premium on these rents for lab space which requires a five-year annual average for take-up over 10,000
higher level of fit out. West London towns such as White sq ft in Farnborough, and 39% below the ten-year
City and Ealing have also witnessed an uplift as Central annual average. The largest deal in 2022 was Lenovo
London occupiers become more footloose. taking 20,000 sq ft at Farnborough Business Park. In
Camberley, the most recent transaction was in 2021.
Prior to the pandemic, a typical rent free period on a
five-year lease term was 12 months. In order to maintain
headline rents, this had increased to 15-18 months for Camberley & Farnborough Office Take-Up (‘000 sq ft)
Thames Valley and 15 months for M25 markets. 450
400
Blackwater Valley Office Market: 350
300
The core Blackwater Valley office market stretches 250
along the M3 motorway and includes the major office 200
sub-markets of Farnborough, Camberley, Fleet, Frimley, 150
Aldershot and Hook. 100
50
Farnborough and Camberley both feature in the 0
Blackwater Valley market although positioned under 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD
2023
two separate local authorities: Rushmoor and Surrey Camberley | Farnborough
Heath. Located approximately 30 miles from London, Source: CBRE Research
these towns are connected by the A325 as well as
serviced by trainlines which run directly into London
Waterloo. Farnborough airport is located just a Supply:
10-minute drive from the town centre, whilst Heathrow The local authority of Rushmoor, which encompasses
airport is a 30-minute drive away. the Farnborough market, is bordered by the borough
of Surrey Heath where Camberley lies. Together they
Over the past 10 years, a great deal of office stock in have a combined office stock of 4.3 million sq ft.
Camberley town centre has been lost to other uses The combined availability for the two markets in Q3
including residential, through permitted development. 2023 was 389,800 sq ft (313,500 sq ft and 76,300 sq
As a result, out-of-town business parks have flourished ft respectively). The current average vacancy rate for
in Camberley and Farnborough which has led to rental these boroughs is 8.2%.
growth.
Prime Rents & Incentives:
Demand & Take-Up: Prime rents in Farnborough at the end of Q3 2023
Due to the small size of the market, the Farnborough decreased from £30.00 psf to £29.00 psf in Q3 2022,
and Camberley office market is subject to demand while rents in Camberley are lower but remained
fluctuations, and annual take-up may not be consistent unchanged at £24.50 psf in Q3 2023. The Farnborough
through the years as a single large transaction will market had seen significant increases in the last few
invariably skew take-up figures. The YTD 2023 take up years following a period of stability during 2011-2014.
for Farnborough was 30,185 sq ft, with no take-up in the However, with COVID-19 and subsequent lockdowns
Camberley market. As such, the total YTD 2023 take-up dramatically affecting demand, rents have been
was below the annual 10-year average of 112,900 sq ft. downgraded slightly from £30.00 psf. Notwithstanding
the slight decrease, prime rents are expected to return
Out of the 15 deals transacted in Farnborough in the to the pre-pandemic levels as occupiers continue to pay
last five years, five took place in Farnborough Business premiums for the best quality office space.
Park and another seven took place in Farnborough
Aerospace. These areas accounted for 34% and 53% Prior to the pandemic, occupiers could expect to receive
of the total take-up in Farnborough, demonstrating a rent free period of 12 months on a five-year lease. In
the demand for Business Parks in the market. A mix of order to maintain headline rents, this has increased to 15
tenants have been attracted to Farnborough, with the months for Farnborough and 18 months for Camberley.
Bracknell Office Market: Supply:

Supply totalled 567,666 at the end of Q3 2023, an
Bracknell is located 28 miles west from Central increase of 30% on the 2022 figure. Supply to date
London, situated between junction 3 of the M23 and in 2023 was 151,500 sq ft, all of which were second-
junction 10 of the M4. Historically the market has hand space. The last major release of space in
attracted occupiers from the Creative Industries sector, Bracknell was Spedan House, where 40,100 sq ft of
representing 44% of all space taken-up in the last 10 Grade B secondhand space became available in
years. Companies looking to move into Bracknell have March 2023.
often come from less established office locations, such
as Wokingham, where the increase in rent would not be There are two developments in the pipeline, totalling
as substantial as what would be paid in the prime M4 178,700 sq ft of speculative space. The largest
markets of Reading and Maidenhead. development is the construction of Fitzwilliam
House, Skimped Hill Lane, Bracknell by Bracknell
Demand & Take-Up: Regeneration Limited.
Bracknell benefitted substantially from the technology
boom of the 1990s and 2000s. Since then, annual take- Supply in Bracknell has been generally falling over
up has been reduced to the current 10-year annual the last 10 years, however supply to-date in 2023 is
average of 71,500 sq ft. 38% higher than the average of the last three years.
In recent times, Maxis Business Park, which was Bracknell Office Supply (‘000 sq ft)
completed in 2009, has been particularly successful
in attracting occupiers. In the last 10 years, eight deals
took place in the building which together totalled 1,400
176,000 sq ft. There was only one deal in the Bracknell 1,200
market in YTD 2023, involving the take-up of 23,801 sq ft 1,000
at Maxis 2, Western Road by Evelyn Partners. 800

600
In 2022, there was one deal in suites over 10,000 sq ft, 400
totalling 13,819 sq ft. This was 46% below the five-year 200
0
annual average for take-up of suites over 10,000 sq ft
2022
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Q3 2023
in Bracknell (25,552 sq ft), and 76% below the ten-year
annual average (56,680 sq ft). The largest deal was
Berkshire Healthcare NHS Trust taking 13,819 sq ft at Modern Secondhand | Other Secondhand | Early Marketed | Newly Completed
London House. Source: CBRE Research
The highest take-up in the last ten years was in 2013, Prime Rents & Incentives:
where six deals over 10,000 sq ft transacted, totalling Prime rents in Bracknell increased by £1.50 psf to
150,883 sq ft. The largest deal that year was Honda £29.00 psf compared to £27.50 psf in Q3 2022 due to
Motor Europe Limited taking 57,436 sq ft at Reflex. limited availability of prime stock. In Bracknell, rent free
periods for five-year leases have risen to 18 months
Over the last two years, the Professional sector has from 12 months prior to the pandemic.
taken the most space, totalling 23,801 sq ft.
Bracknell Office Take-Up (‘000 sq ft)
300
250
200
150
100
50
0
2012
2019
2021
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2013
2014
2015
2016
2017
2018
2020
2022
YTD 2023
Modern Secondhand | Other Secondhand | Pre-let | Newly Completed


United Kingdom
West Midlands Business Park Market: The Production sector, largely being driven by an
uptick in automotive manufacturing from firms such as
The West Midlands business park market has been Jaguar Land Rover, continues to be the biggest driver
predominantly based in the Birmingham Out of Town of demand in Solihull and Birmingham OOT, accounting
(“OOT”) and Solihull markets. The majority of the OOT for 40% of the overall take-up. Business Services and
business parks were initially built during the 1980s and Trade are the next most active sectors accounting for
1990s and are situated to the south east of Birmingham, 22% and 12% of take-up respectively.
approximately ten miles from the city centre. The
business parks are very accessible by car, located Supply:
adjacent to the M42, with good access to the M40, M5 Stock was estimated to be at 12.6 million sq ft in 2022
and M6 motorways. In addition to good road access, this for the Solihull and Birmingham OOT market. Supply in
area is served by Birmingham Airport and Birmingham the Solihull & Birmingham OOT markets are in line with
International train station. the Big 6 OOT average of 11.8 million sq ft.
Demand & Take-Up: According to PMA, office supply in Solihull and

In the six months to Q2 2023, take-up fell by 31% to Birmingham OOT totalled 875,000 sq ft in the first half
57,000 sq ft. of 2023, an increase of 57% on the previous six months.
This increase can be attributed to a large return of
Year-to-date, there has only been a few deals in the secondary stock to the market, coupled with low levels
OOT market, the largest of these being Holman, a fleet of take-up. The largest return of stock was 70,000 sq ft
management company, taking up 16,000 sq ft of space at Air on Homer Road, followed by 61,000 sq ft of space
at 4020 Lakeside in Birmingham Business Park. Property at Portland House being vacated by Tarmac. Availability
Market Analysis (“PMA”) recorded take-up of 240,000 sq at the end of Q2 2023 equated to a vacancy rate of
ft for 2022, a y-o-y decrease of 11%. Take-up was lower 6.9%, below the 9.6% in the Big 6 OOT market area.
than the long-term average of 304,000 sq ft and can
be attributed to the lack of larger deals in the market. Prime Rents:
However, there were some large deals, including the Prime rents in the Birmingham’s OOT submarket
Secretary of State taking up 22,000 sq ft of space at increased to £27.00 psf in the first half of 2023 due to
3010 The Crescent in Birmingham Business Park, and limited availability of prime stock, having remained flat
the Department of Digital, Culture, Media and Sport at £25.00 psf over 2022.
(DCMS) taking up 15,000 sq ft at 3020 The Crescent.
Birmingham OOT & Solihull Office Take-Up (‘000 sq ft)

600
500
400
300
200
100
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Long-Term Average
Source: PMA
Birmingham OOT & Solihull Office Supply (‘000 sqft)

1,400
1,200
1,000
800
600
400
200
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1
Long-Term Average 2023
Source: PMA
UK Industrial & Logistics Market Overview under construction or newly completed speculative
units, with the remaining 26% being second-hand
The UK logistics occupational market has suffered space.
the effects of general uncertainty impacting
macroeconomic conditions in 2023, with take-up for UK Logistics Availability Q3 2023 (million sq ft)
the nine months ending Q3 2023 at 13.3 million sq ft.
Although a comparatively lower figure than previous 40
years, 2020 to 2022 was a period of extraordinary
20
demand, boosted by the pandemic.
20
Occupiers are displaying caution and deals are taking
10
longer to get over the line due to slower decision
making. The 9M 2023 figure is 56% lower than 9M 2022 0
Q3
and 37% lower than the 10-year 9M average. There 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2023
has been a significant decrease in online retailers’ Secondhand | Spec Under Construction | Spec Completed | 10-Year Average
expansion activity due to the normalisation of physical Source: CBRE Research
retail after the pandemic and a wider slowdown in
goods consumption in favour of services expenditure. In total, there was 24 million sq ft of vacant space
Take-up from online retailers went from 40% of total across the UK at the end of Q3 2023, an increase from
take-up in 2021 to less than 1% during the first nine the 6.5 million sq ft of vacant space at the end of Q3
months of 2023, whilst the main share went back to 2022. In Q3, there has been a reduction in the amount
third-party logistics parties (31% to 39% in the same of newly completed space available compared with Q3
time period). 2022, representing 74% of available space versus 82%.
The UK vacancy rate has increased from 2.6% in Q1
Occupiers are also favouring smaller units, which 2023 to 4.6% at the end of Q3 2023 but remained low
represents a change in the previously growing average by historical standards, and new project starts have
deal size – across the 58 deals recorded in 2023, the almost stopped, considerably reducing the pipeline.
average size was 229,000 sq ft. There were only 5
deals for XXL facilities (over 500,000 sq ft), contrasting North West Logistics Market:
with the 18 XXL deals in 2022 and 2021 and 21 XXL
warehouses transacted in 2020. Within the size band Leasing activity in the North West has been lower than
between 300,000 and 500,000 sq ft, only 8 deals were previous years across 9M 2023, with take-up YTD
recorded. just short of 1 million sq ft across five deals, which
was lower than the record take-up of 4.7 million sq
The largest percentage of deals closed in 2023 was for ft achieved in 9M 2022. As a share of the UK take-up
secondhand units (41% of total take-up), while both to-date this year, the North West has contributed 7.5%,
built to suit and new speculative units saw a significant less than half the share of the previous year.
decrease year-on-year.
Across 9M 2023, the largest share of take-up in the
North West has been in speculative units accounting
UK Logistics Take-Up Q3 2023 (million sq ft)
for 61% of take-up. The remainder has been in
secondhand units (23%) and build-to-suit (16%). The
50
occupiers behind the deals recorded in 2023 came
40
from a variety of sectors, with the largest unit being
30 taken by an omni-channel retailer.
20
10
North West Logistics Take-Up Q3 2023 (million sq ft)
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD
2023
6
Secondhand | BTS | Speculative | 10 Year Average
Source: CBRE Research 5
4
3
At the end of Q3, availability across the UK was at 36.3
2
million sq ft, sitting above the 10-year average of 21
1
million sq ft. Supply included a number of large and 0
somewhat mistimed speculative developments. Most 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD
2023
of those projects began in 2022 and are completing,
Secondhand | BTS | Speculative | 10-Year Average
adding to the availability and vacancy figures. Currently, Source: CBRE Research
74% of available space is either speculative space

United Kingdom
Availability in the North West stood at 4.1 million sq ft secondhand space representing a higher proportion
at the end of Q3 2023. Available units in the North West of take-up YTD in 2023 compared with YTD 2022 and
were fairly evenly distributed compared to previous 2021.
years: 40% of space was speculative completed, 36%
was speculative under construction and 24% of space West Midlands Logistics Take-Up Q3 2023 (million sq ft)
was secondhand. Vacancy rate in the North West was
4.2%, up from the historical low of 1.0% in Q3 2022.
7
6
5
North West Logistics Availability Q3 2023 (million sq ft)
4
5 3
2
4 1
0
3
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD
2023
2
Secondhand | BTS | Speculative | 10-Year Average
1 Source: CBRE Research
0
Q3
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2023 Availability in the West Midlands stood at 5.6 million
Secondhand | Spec Under Construction | Spec Completed | 10-Year Average
sq ft at the end of Q3 2023. 78% of available space
Source: CBRE Research in the West Midlands was either speculative space
under construction or newly completed speculative
Prime logistics rents have grown in the North West, in units, with the remaining 22% being second-hand
line trends across the UK. This reflects how, despite the space. A few new speculative developments such as
increase in vacancy, prime units and particularly those Ansty Park in Coventry or Redditch Gateway are due to
with ESG standards, are still very much in demand. complete at the end of 2023 or early 2024, making up
Prime rents across major logistics hubs in the North most of the available speculative space currently under
West including Manchester Airport, Trafford Park and construction in the region. The amount of space under
Warrington, grew 15% y-o-y, up from £8.25 psf in offer at the end of Q3 2023 stood at 0.5 million sq ft, a
Q3 2022 to £9.50 psf in Q3 2023. decline of 33% from the same period last year.
Big box prime logistics yields in the North West region Vacancy rate in the West Midlands remained low at
remained stable during 2023, in line with trends seen 3.9%, up from the historical low of 1.5% in Q3 2022.
across all UK regions outside the Inner South East
(M25) region. Yields across the three logistics hubs in West Midlands Logistics Availability Q3 2023
the North West were 5.25% at the end of Q3 2023. (million sq ft)
7
West Midlands Logistics Market: 6
5
Take-up YTD 2023 stood at 2.9 million sq ft, lower than 4
the record levels seen in previous years. The majority 3

2
of take-up YTD 2023 was achieved in Q1, which saw
1
1.2 million sq ft of take-up. For the 9M 2023, the West
0
Midlands has had the second largest demand of all 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 Q3
the UK. 2023
Secondhand | Spec Under Construction | Spec Completed | 10 Year Average

On a sector basis, take-up in the West Midlands Source: CBRE Research
remained dominated by 3PLs, with also two built-to-suit
units taken by manufacturing companies. This is similar Prime big box rents in the West Midlands continued to
to past trends, although the motor industry did not take rise in 2023, up year-on-year from £9.00 psf at the end
any units despite their historical link in the region. of Q3 2022 to £9.75 psf at the end of Q3 2023. This has
been driven by low levels of modern, ready to occupy
There was a fairly even split between new and stock and robust demand.
secondhand take-up during YTD 2023. Secondhand
space accounted for 54% of take-up in the West In line with the trend seen outside of the Inner South
Midlands, while new developments stood at 46% East region, yields remained flat in the prime West
of take-up. There has been a shift in market activity Midlands logistics market in 2023. Yields were at 5.25%
over the last two years in the West Midlands, with at the end of Q3 2023.

The Netherlands
The Netherlands Macroeconomic CAGR Forecast

Key Factors 2016-2022 2022-2023
Overview Population growth +0.7% +0.5%
Employment growth +1.8% +1.9%
At the beginning of the third quarter of 2023, the
Real Wage growth +1.3% +0.4%
Netherlands officially entered a technical recession.
Consumer Price Inflation +3.2% +4.1%
The Dutch economy contracted by 0.3% in the second
quarter compared to a quarter earlier when the
economy also contracted by 0.4% quarter-on-quarter.
Year-on-year, Q2 saw a contraction of 0.2%, the first GDP Development (Index 2012=100)
time since the COVID-19 pandemic. These figures were
mainly caused by higher interest rates and high inflation 130
causing negative effects not only in the Netherlands, 120

but throughout the eurozone. A negative trade balance
and declining consumer spending in particular are the 110
main culprits of the shrinking economy. Manufacturing 100

is suffering relatively badly due to high production
costs and declining domestic and foreign demand. 90
Consequently, the export of goods is falling sharply.

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023p
2024p
2025p
2026p
The rate of decline however is bottoming out. The
Purchasing Manufacturer Index (“PMI”) for the Dutch Eurozone | Germany | Netherlands
industry is moving around the 44 level, with a marginal

gain of 0.2 in October 2023 to 43.8.
Long Term Interest Rate - Government Bond
Consumer spending has declined mainly as consumers
spend less on goods, due to higher inflation, while Yields (10 years)
services consumption for culture and recreation are %
still growing. Retailers are therefore struggling, and the 4
number of bankruptcies seems to be increasing among
3
this group. Interestingly, however, more money is being
spent on culture and recreation. Here, catching up on 2
activities and outings after the pandemic may still play 1
a role. Thus, the number of hotel stays and spending 0

on holidays in the Netherlands is back above pre- -1
pandemic levels.
2016
2017
2018
2019
2020
2021
2022
2023p
2024p
2025p
2026p
At the same time, unemployment in the Netherlands Eurozone | Germany | Netherlands

is still low at 3.5%, with labour shortages still high so
unemployment is not expected to rise any time soon.
Together with inflation, this is causing wages to rise
faster. Meanwhile, expected wage growth is even higher Unemployment Rate (% of workforce)
than inflation.
%
The outlook remains uncertain for the Dutch economy. 12
The ongoing war in Ukraine and the associated 10
geopolitical tensions may still create unforeseen
8
economic risks whilst rising interest rates and possible
6
debt issues also play a role. In addition, due to the
4
collapse of the Dutch government it is uncertain if
planned regulation will be introduced. Dossiers such 2
as nitrogen or climate issues, where there is no final 0

agreement yet, are therefore delayed. On the other
2016
2017
2018
2019
2020
2021
2022
2023p
2024p
2025p
2026p
hand, there are also positive signs. Inflation in the

Netherlands is falling and the savings rate is still high. Eurozone | Germany | Netherlands
When consumers start spending this money, the
economy may also receive a boost.

The Netherlands
The Netherlands Industrial & Logistics as a result. Ongoing issues around nitrogen and grid
Overview congestion are also causing fewer and fewer building
permits to be granted. This will further limit supply in
Occupier Market: the future. These supply problems will not be remedied
Take-up volume amounted to just over 3 million sqm of in the short term, because the current government is
industrial and logistics space in the first three quarters demissionary, and the formation of a new coalition may
of 2023, approximately 20% lower compared to last take a long time after the upcoming elections.
year. This decrease in take-up is caused by a limited
number of transactions in the segments above 5,000 Occupier Market (‘000 sqm)
sqm. In addition, it is also due to the limited supply.
Supply, however, has been stable albeit on a historically 18,000
low level. In Q3 2023, approximately 6.8 million was 16,000
on offer, compared to 6.9 million in Q3 2022. This, in 14,000
combination with the great demand for industrial and 12,000
logistics space, caused vacancy levels to be low as 10,000
well. This is similar to Q3 2022, when 6.9 million sqm of 8,000
space was offered. 6,000

4,000
2,000
Despite the increased activity in Q3 2023 with
0
approximately 1,125 transactions on the occupier
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023 Q1-Q3
market, take-up volume was lower compared to
Q2 2023 when just over 1,100 transactions took place.
In the third quarter of 2023, approximately 950,000 Supply | Take-Up
sqm was taken up on the occupier market; 20,000 sqm
less than Q2 when around 970,000 sqm was taken up.
This fits with the perception that the market seems to Transaction Volume Industrial & Logistics (in € billion)
be cooling down. Trends in transaction duration and
rents are levelling off, with the number of searches also 2023
decreasing. This goes along with the decline in business Q1-3
activities. Production, being the number of new orders 2022

and the number of open orders are falling rapidly due
2021
to the tightening economic policy. The higher interest
rates and high inflation make financing more expensive 2020
and have led to an economic slowdown. 2019
Investment Market: 2018
Up to September 2023, a total of €1.6 billion has been

invested in industrial and logistics real estate this year. 0 1 2 3 4 5 6
Although this represents a decrease of around €2.5 Q1 | Q2 | Q3 | Q4
billion or 60% compared to the same period last year,
the industrial and logistics real estate market remains
the largest sector in terms of investment volume in
the Netherlands. The main reason for the decrease in Gross Initial Yield (Prime Yield, in %)
volume is the current economic conditions. Higher
interest rates have caused financing costs and yield 8%
requirements to increase, resulting in lower activity

7%
among investors. Now that interest rates will stabilise
and inflation is expected to fall, activity is expected 6%
to increase again. Investors may consequently see
the upcoming period as a good entry point as the 5%
fundamentals, with high demand and low vacancy,

4%
will remain strong. The investment volume is therefore
expected to increase again. 3%
Besides economic conditions, public opinion, grid 2%
congestion and political conditions affect industrial and

Q3 2015
Q3 2016
Q3 2017
Q3 2018
Q3 2019
Q3 2020
Q3 2021
Q3 2022
Q3 2023
logistics real estate. Public opinion has increasingly

turned against large-scale logistics and local and
regional governments have altered their zoning plans
Outlook: Top Logistics Markets in The Netherlands:

Despite the current technical recession in the
Netherlands, the long-term outlook for industrial
and logistics real estate remains positive. Market
fundamentals remain strong; there is a shortage of
supply, while demand is high. Vacancy will therefore
remain low in the foreseeable future.
Companies in the Netherlands that are looking to

expand face constraints as suitable supply is low and
available building sites for new projects are slim. At the 1
same time, online shopping is expected to continue 2
to grow in the coming years. This means that demand
for warehousing and distribution will largely remain in
place. These constraints still put upward pressure on 3
the rents, especially on prime locations.
4 5
From a policy side, the Dutch government is working
on a national policy to prevent large-scale distribution 6 7
centres in undesirable locations. The intention was to

present this policy in March but has been postponed
to the end of 2023. However, there is great uncertainty
about this this due to the fragmented political
landscape, with the government falling in July and a 12-month
new coalition potentially taking a long time to form Q3 2022 Q3 2023 Forecast
after the upcoming elections.
1. Amsterdam
The uncertainty regarding this subject and the way GIY (in %) 4.00% 4.90%
in which the logistics real estate market is headed
Prime Rent €/sqm
is highlighted by the latest advice from the national €85 €105
per annum
advisor. The report calls continuing to build large
distribution centres and warehouses a ‘dead end’. The 2. Schiphol Region
question here, however, is what politicians and a new
GIY (in %) 3.80% 4.75%
coalition will do with this advice after the upcoming
elections. Prime Rent €/sqm €90 €95
per annum
The coming period will therefore also be challenging
3. Rotterdam
for the industrial and logistics market from a policy
perspective. More clarity will be desirable for all GIY (in %) 3.70% 4.75%
stakeholders. From a market perspective, the outlook Prime Rent €/sqm
is more positive. Market fundamentals remain strong €90 €95
per annum
with low supply, high demand and low vacancy rates.
This, combined with the Netherlands’ geographic 4. West-Brabant
location and its connections to its hinterland, ensures GIY (in %) 3.75% 4.90%
that the Netherlands will remain an interesting location
for investors. Prime Rent €/sqm €70 €80
per annum
5. Tilburg
GIY (in %) 3.75% 4.75%
Prime Rent €/sqm €65 €80
per annum
6. Eindhoven
GIY (in %) 3.75% 4,90%
per annum
7. Venlo-Venray
GIY (in %) 3.80% 4.75%
per annum

The Netherlands
Yield Development: Gross Initial Yield by Region (in %)

The ample availability of capital and favourable
developments in the industrial and logistics sector, led 6%
to growing interest in the sector and consequently high

5%
investment volumes in recent years. Gross initial yields,
combined with a limited supply, declined as a results, 4%
whilst yields fell by 100 bps on average during the
period Q1 2020 until Q2 2022. 3%
The macroeconomic development since then has 2%
changed and prompted the ECB to raise its interest
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
rates. Interest rates have been raised by as much as
450 bps in 10 consecutives steps at a record pace
since July 2022. Investors have taken a more cautious Amsterdam | Amsterdam Schiphol | West-Brabant | Tilburg - Waalwijk
approach as financing projects and investments

has become more expensive, yield requirements
consequently increased as well. As a result, realized Gross Initial Yield by Region (in %)
yields for industrial and logistics real estate have 6%
increased by up to 160 bps as of Q3 2023.

5%
The current 4% base rate is expected to be held 4%

by the ECB until mid-2024. This ensures that initial
expectations for yields related to industrial and logistics 3%
properties will remain stable in the coming months.
However, should the circumstances be such that the 2%
ECB raises the base interest rate, yields may also move
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
slightly higher as a result.
Eindhoven | Rotterdam | Venio - Venray

Enterprise-wide Risk Management
Enterprise-wide risk management (“ERM”) is an integral of its outstanding borrowings via the issuance of fixed
part of the business strategy and activities of FLCT. rate notes, entry into fixed rate loans and the usage
The objective of enterprise-wide risk management of derivative financial instruments or other suitable
is to identify key risks and put in place controls, and financial products. Interest rate derivative instruments
to allocate appropriate resources to proactively are used for the purpose of hedging interest rate risk
manage the identified risks. The Board of Directors and managing the proportion of fixed and floating
is responsible for governing the overall risk strategy rate borrowings. The Manager also monitors, on an
and ensuring that the Manager implements sound ongoing basis, economic conditions and interest rate
risk management and internal control practices. The movements, and reviews its hedging strategy on an
Board of Directors is supported by the Audit, Risk on-going basis.
and Compliance Committee (“ARCC”). The Manager
maintains a risk management system to proactively Operational Risk
manage risks to support the achievement of FLCT’s Operational risk refers to (i) increased market
business objectives. competition in attracting and retaining tenants, as
well as changing customer requirements, and (ii)
The ERM framework covers key business areas any unanticipated disruption impacting business
such as investment, financial management and continuity (e.g. outbreak of contagious diseases, natural
operating activities, as well as aspects of information disasters like floods and earthquakes). In mitigating
technology, environment and climate change risks. these risk factors, the Manager maintains strong
The risk exposures and potential mitigating measures tenant relationships and understands their business
are identified, and key risk indicators (“KRIs”) are and requirements with early engagement to secure
established to monitor risks. The KRIs are presented in lease renewals. Annual tenant surveys are carried out
the form of a report and reviewed by the Management to measure tenant satisfaction. Other steps taken to
and the ARCC on a regular basis. FLCT’s risk tolerance mitigate these risk exposures include active asset
statement and risk thresholds have been developed by management and maintaining properties to a high
the REIT Manager and reviewed and approved by the standard, as well as improving asset functionality and
Board. The risk tolerance statement and thresholds set sustainability benefits.
out the nature and extent of significant risks which the
Manager is willing to take in achieving FLCT’s strategic The Manager has in place well-established standard
objectives. The risk tolerance statement is reviewed operating procedures designed to identify, monitor,
annually. report and manage operational risks associated with
the day-to-day management and operation of the REIT’s
An ERM validation exercise was held at the end of the properties. These include actively managing lease
financial year to assess the validity of the existing key renewals and marketing of space to minimise rental
risks and to review emerging risks where Management voids, as well as actively monitoring and managing
provided assurance to the ARCC that the system of risk property expenses and rental arrears.
management is adequate and effective as at the end of
the financial year to address risks in key areas which are In mitigating the risks associated with unanticipated
considered relevant and material to the operations. and/or catastrophic events, insurance is procured to
minimise any potential impacts of property damage and
KEY RISKS IN FY2023 business disruption.
Regulatory Risk The Manager also has in place property operating

This refers to the likelihood of adverse changes in the procedures and business continuity plans that enable
economic, regulatory (including tax), social and political the continuity and/or resumption of critical and time-
environment affecting business operations in the sensitive business operations with minimal disruption.
markets which FLCT operates in. In mitigating regulatory Such procedures and business continuity plans are also
risks, the Manager has measures in place to monitor the reviewed and tested regularly to ensure their continued
markets closely, such as through engaging with local relevance and effectiveness.
authorities and Frasers Property’s offices in Australia
and Europe (including the UK), and participating in During the year, the Manager has updated its Business
industry events organised by professional, tax and Continuity Management (“BCM”) Policy and procedures
legal professionals in the various jurisdictions where to comply with the revised BCM Guidelines issued by
FLCT operates. The Manager also reviews expert the Monetary Authority of Singapore in June 2022. The
opinions and market indicators to keep itself informed revised BCM Guidelines is effective June 2023 and
of significant changes. Operationally, the Manager applies to the processes of the Manager.
practises prudent capital management to allow for
sufficient available liquidity to buffer for potential Funding and Liquidity Risk
adverse impact. The Manager actively manages FLCT’s capital structure,
and ensures that the gearing of FLCT is maintained
Interest Rate Risk at a prudent level and adheres to the applicable
The Manager proactively manages interest rate risk by aggregate leverage limit under the Code on Collective
adopting a policy of fixing interest rates for a portion Investment Schemes issued by the Monetary Authority
of Singapore and loan facility agreements (where for a period of six months forward on a rolling basis
applicable). Refinancing risk is also monitored, taking using mainly currency forwards for hedging actual
into account the maturity profile of debt facilities and underlying foreign exchange requirements. There is a
available sources of funding. As far as possible, the partial natural hedge on the investment in assets to the
maturities of debt facilities are spread out to mitigate extent that related borrowings are in the same currency
re-financing risks in any single financial year. In addition, or if not, swapped to the currency of the underlying
a suitable level of working capital is maintained to meet investment. The net positions of the foreign exchange
the requirements of the REIT’s operations. The Manager risk of investments in overseas assets are not hedged
also seeks to broaden its sources of funding to ensure as such investments are long-term in nature.
liquidity, fund capital expenditure requirements and
investment opportunities as well as to refinance Information Technology Risk
existing debt. Digital disruption and the future of work that are
enabled by digital technology offer new opportunities
Credit Risk and challenges. Frasers Property, of which the Manager
Credit risk is the potential financial loss resulting from is part of, builds digital capabilities and invests in new
failure of tenants to fulfil their rent payment obligations. technologies to ensure our business is future-ready.
To mitigate credit risk, credit evaluations are performed
on prospective tenants before the lease agreements Technology solutions were implemented to manage
are entered into. Credit risk is also mitigated by risk exposures such as cyber-attacks, phishing and
collecting security deposits, bankers’ guarantees or malicious software such as ransomware. Incident
corporate guarantees from some tenants prior to the management procedures and disaster recovery plans
commencement of leases. Quarterly billing in advance have been established to respond and recover from
for certain properties also reduces credit risk. Arrears IT security incidents. Ongoing IT security training are
by tenants are actively monitored and acted upon provided for new and existing employees to institute
promptly. awareness on evolving threats. External professional
services are engaged to conduct proactive threat and
Investment Risk vulnerability management.
All investment proposals are evaluated against a
comprehensive set of investment criteria and due In November 2022, the Manager adopted the REIT
diligence is carried out to mitigate potential investment Technology Policy that incorporated the requirements
risks. The evaluation process for all investment activities under the Technology Risk Management Guidelines
includes consideration of the location, macroeconomic issued by the MAS. Following such adoption, the Chief
condition, quality of tenants, building condition and Information Officer and Chief Security Officer updates
age, environmental impact, competitive landscape, the ARCC on technology risks and measures taken to
investment return, long-term sustainability and manage such risks on a regular basis.
growth potential.
Environment and Climate Change Risk
The Manager places importance in managing the
Human Capital Risk
environmental and climate change risks in our
The Manager has in place a career planning and
operations. We recognise the implications and
development system and conducts regular
consequences that climate-related risks have on
remuneration and benefits benchmarking to attract
the environment and the potential impact to FLCT’s
and retain appropriate talent for the business.
properties and operations.
Regular training and development opportunities
are also provided to upgrade the skills of the staff. In mitigating our exposure to environmental and
Organisational culture surveys are also deployed to climate change issues, the Manager has put in
measure employee engagement and sentiments. place a sustainability strategy for FLCT since 2017.
The sustainability targets established as part of the
Fraud Risk sustainability strategy are updated on a two-yearly
Robust approval processes for purchasing and basis. Progress updates are provided to the Board on
procurement and a whistle-blowing policy are in place a quarterly and annual basis. Following the Sponsor’s
to mitigate fraud risk. These are subject to regular refresh of FPL Group’s ESG goals in FY2023, FLCT has
internal audit reviews which are scheduled based on aligned its target with the Sponsor to achieve net-zero
the internal audit work plans approved by the ARCC. carbon in operation by 2050. FLCT has also adopted
GRESB as its key assessment tool for the portfolio
Foreign Currency Risk and incorporated it as a key measure of sustainability
FLCT is exposed to risks associated with exchange performance in its sustainability finance framework.
rate fluctuations and changes in foreign exchange
regulations, as FLCT’s operations are currently in
Australia, Germany, Singapore, the United Kingdom
and the Netherlands where revenues are in the natural
currency while distributions are declared in Singapore For more information on our sustainability objectives and
dollars. To mitigate this risk, FLCT has in place a policy progress-to-date, please refer to the ESG Report section on
to hedge Singapore dollar distributions to Unitholders page 110 of this report.
FY2023 ESG Report
Contents Glossary
112 Board Statement A glossary of the abbreviations used in this report:

114 FY2023 Performance
ARCC : Audit, Risk and Compliance Committee
115 Our Approach to ESG
BBP : Better Buildings Partnership
120 Acting Progressively BCA : Building and Construction Authority, Singapore
120 Risk-Based Management BREEAM : Building Research Establishment Environmental Assessment
123 Responsible Investment Method
124 Resilient Properties BVP : Blythe Valley Business Park
130 Innovation CPF : Central Provident Fund
CSR : Corporate Social Responsibility
130 Consuming Responsibly
DGNB : German Sustainable Building Council
131 Energy and Carbon EAP : Employee Assistance Program
133 Water ERM : Enterprise-wide Risk Management
135 Waste ESG : Environmental, Social and Governance
136 Materials and Supply Chain FBP : Farnborough Business Park
GBCA : Green Building Council of Australia
136 Biodiversity
GBP : Green Bond Principles
138 Focusing on People GLP : Green Loan Principles
138 Diversity, Equity and GFA : Gross Floor Area
Inclusion GHG : Greenhouse Gas
140 Skills and Leadership GRI : Global Reporting Initiative
141 Health and Well-being HSE : Health, Safety and Environment
143 Community Connectedness IEQ : Indoor Environment Quality
ISO 9001 : International Organisation for Standardisation (Quality
145 About This Report
Management System)
146 Independent Assurance ISO 14001: International Organisation for Standardisation (Environmental
Statement Management System)
149 GRI Content Index ISO 45001 : International Organisation for Standardisation (Occupational
Health and Safety Management System)
ISO 50001 : International Organisation for Standardisation (Energy
Management System)
K : A unit of measurement representing one thousand
MAS : Monetary Authority of Singapore
NABERS : National Australian Built Environment Rating System
NGOs : Non-governmental Organisations
OH&S : Occupational Health and Safety
PUB : Public Utilities Board
PV : Photo-voltaic
RCP : Representative Concentration Pathway
REIT : Real Estate Investment Trust
REITAS : REIT Association of Singapore
SBTi : Science Based Targets initiative
SDG : Sustainable Development Goal
SIAS : Securities Investors Association (Singapore)
SLBP : Sustainability Linked Bond Principles
SLLP : Sustainability Linked Loan Principles
SSC : Sustainability Steering Committee
TAFEP : Tripartite Alliance for Fair and Progressive Employment
Practices
TCFD : Task Force on Climate-related Financial Disclosures
UN : United Nations
UNGC : United Nations Global Compact
UNWEP : United Nations Women Empowerment Principles
Y-o-y : Year-on-year
Board Statement
Dear Fellow Stakeholders,
As a leading logistics and industrial-focused REIT, with a portfolio of industrial and

commercial properties across five developed markets, the Board recognises FLCT’s
ability to influence positive change, and that advancing ESG initiatives is integral to
strengthening our resilience, reputation as well as in maintaining stakeholder trust.
Further, we recognise that occupiers are increasingly leaning towards sustainability,
which positions properties with strong ESG credentials favourably in meeting tenants’
requirements and thereby enhancing occupancies.
FLCT’s sustainability agenda is guided by three pillars: Acting Progressively, Consuming

Responsibly and Focusing on People. FLCT works closely with our Sponsor, Frasers
Property Limited (“Frasers Property”, or the “Group”) to deliver sustainable value to our
stakeholders while moving towards a net-zero future.
In FY2023, our Sponsor refreshed the Group’s ESG goals following a benchmark and
review of the progress against targets announced in FY2021. The refresh took in a
range of considerations including a market review of global sustainability trends, a
FY2022 stakeholder survey exercise, and evolving regulatory requirements. Accordingly,
FLCT has aligned its net-zero target with the Sponsor to achieve net-zero by 2050. The
Board also views diversity at the Board level as an essential element for driving value in
decision-making and has, as part of its board diversity policy, put in place a target for
achieving 25% female representation on the Board by 2025.
We continued to progress our FLCT’s sustainability objectives in FY2023. We maintain

FLCT’s standing as having the highest Green Star Performance rated industrial portfolio
in Australia and retained our 5-star GRESB rating, and have also validated our near-term
targets and roadmap with the Science Based Targets initiative (“SBTi”).
We are also pleased to report a number of sustainability initiatives, including the

implementation of smart water monitoring systems to our German properties in FY2023.
Further, we have also embedded sustainability criteria in investment evaluations and
adopted responsible financing practices, with 64% of FLCT’s total borrowings as at 30
September 2023 in the form of green or sustainable financing.
In recognition of our strong corporate governance performance and stakeholder

engagement efforts, we were awarded silver for Best Annual Report and bronze for Best
Investor Relations, under the REITs and Business Trusts category at the 18th Singapore
Corporate Awards this year.
Our achievements are built upon the dedication of our staff and support of the
communities in which we operate making them the cornerstone of our success. We
continue to invest in our staff and the communities where we operate by prioritising their
overall safety, inclusivity and well-being. We also continued our year-long participation
in the Milk & Diapers programme which supports low-income families by providing milk
and diapers for their children up to three years old.
As we look ahead, continuing to foster strong collaborative relationships with our

stakeholders will be key to FLCT achieving its sustainability goals and in fortifying our
long-term resiliency. In closing, we would like to thank all our stakeholders for supporting
us in our journey for a more sustainable future.
Board of Directors
REIT Manager of Frasers Logistics & Commercial Trust
Sustainability
FY2023 Performance – The Year at a Glance
Best Annual Report (Silver)

and Best Investor Relations
64% of FLCT’s total borrowings (Bronze) – both under the
are in the form of green or REITs & Business Trusts
sustainable financing category, at the 18th Singapore
Corporate Awards 2023
Maintained
5-star GRESB Rating Highest Growth in Profit
ACTING After Tax (PAT) Over Three
PROGRESSIVELY Years (Winner) and Overall
Maintained the highest Green
Sector (Winner) - both under
Star performance rating for
the REITs category at The Edge
industrial in Australia
Singapore Billion Dollar Club
2023
Validated near-term
Science-Based Targets At Central Park in Perth, the
facade modernisation project
includes the recycling of
approximately 95% of the
replaced material including all
aluminium panels, polyurethane
cores and temporary steel
CONSUMING Expansion of the installation structures.
RESPONSIBLY of Smartvatten (water
consumption monitoring devices) Collected 301 tonnes of waste
from our Netherlands assets to for recycling with a recycling
our properties in Germany rate of 17%
Year-long participation in
Community Investment –
Milk & Diapers programme
80% of female
FOCUSING representation
ON PEOPLE in the REIT Manager’s
Senior Management
Team
Our Approach to ESG

Embedding Sustainability Within Our Core
We are cognisant that the integration of key global environmental and social considerations in the way we do
business is critical in today’s rapidly changing world. In addition to risk management, we regard sustainability as a
platform for us to create value, bolster our resilience, enhance customer offerings, and safeguard our business for
the long-term. These key considerations form the foundation of our sustainability framework which guides FLCT’s
sustainability approach focusing on three pillars – Acting Progressively, Consuming Responsibly and Focusing
on People.
FLCT’s Sustainability Framework

C
ACTING PROGRESSIVELY
ogressive
g Pr
means challenging the way we operate by
in ly O
t embracing flexibility and resilience.
Ac We focus on the future and actively consider
R people and the planet when making decisions.
E
Co n s u m i n g
CONSUMING RESPONSIBLY
means being thoughtful about the way we use
and dispose of our resources.
n Pe o p l e
We have set ambitious targets to drive

A our approach to water, waste, energy and
biodiversity, and are taking action across our
portfolio and supply chain.
R
Re
g o
p
on
s
sib
in
FOCUSING ON PEOPLE
ly E
us
means creating communities that are diverse,

F oc inclusive and safe.
A Our approach is anchored upon social
connectedness and enabling more
sustainable lifestyles.
S
Our Sustainability Roadmap
To execute our strategy, we have established a sustainability roadmap that outlines a clear action plan which
features interim goals and key milestones. In FY2023, our Sponsor refreshed the Group ESG goals following
a benchmark and review of the progress against targets announced in FY2021. The refresh took in a range of
considerations including a market review of global sustainability trends, a FY2022 stakeholder survey exercise, and
evolving regulatory requirements. Accordingly, FLCT will also be targeting net-zero carbon by 2050.
Our Sponsor’s Refreshed ESG goals:

• Achieve net-zero carbon across Scopes 1, 2 and 3 by 2050.
• Install 215 MW of renewable energy capacity on properties by 2030.
• Deploy a group-wide climate risk analytics platform to identify, assess and manage climate-related risks by
FY2024.
• Have 100% by Gross Floor Area (“GFA”) of new development projects, and 85% of owned and asset-managed
properties, to be either green-certified or have been submitted for green certification by 2030.
• Engage 75% of suppliers by spend on our Responsible Sourcing Policy by FY2025.
• Develop a framework to assess and prioritise biodiversity risks and opportunities by FY2025.
Sustainability
Managing Sustainability representatives from business units As part of Frasers Property, we are
GRI 2-9 across the group to support the also aligned with sectoral, national
SSC. In alignment with the net-zero and international platforms to
A robust governance framework goal, FLCT’s near-term carbon elevate standards and scale up best
stands as a cornerstone in reduction targets have been practices. These include:
achieving our sustainability validated by the SBTi.
goals and targets. Furthermore, • GRESB Real Estate Assessment
effective management serves as Participation in Membership • Property Council of Australia
the foundation of how we operate Associations and Alignment with • Science Based Targets initiative
and collaborate with our Sponsor (“SBTi”)
Recognised Standards
on sustainability. The Sponsor’s • Task Force on Climate-related
GRI 2-28
Sustainability Steering Committee Financial Disclosures
(“SSC”) drives the sustainability • United Nations Global Compact
As a part of the real estate industry
strategy and consists of senior (“UNGC”)
and a member of Frasers Property,
management personnel from the • United Nations Women’s
FLCT sees the importance of
Sponsor who meet six times a Empowerment Principles
creating and increasing our positive
year. The SSC meets to assess (“UNWEP”)
impact. We do this by actively
sustainability performance based • Urban Land Institute (“ULI”)
participating, either independently
on key material metrics and Singapore
or through Frasers Property, in
endorse action plans and policies • Tripartite Guidelines on Fair
international and local movements
aimed at internalising sustainability Employment Practices (“TAFEP”)
to advance shared sustainability
practices. • Net Zero Carbon Buildings
goals, sharing our knowledge and
Commitment of the World Green
experience with industry bodies on
FLCT is supported by the Building Council (“WGBC”)
sustainability matters.
Sponsor’s sustainability team, as • Singapore Green Nation Pledge
well as a dedicated sustainability by Ministry of Sustainability and
REIT Association of Singapore the Environment
manager who is responsible for
monitoring and improving the (“REITAS”)
REIT’s sustainability performance, Stakeholder Engagement
including the tracking of our REITAS serves as the representative GRI 2-29
sustainability goals. At the advocate for the Singapore REIT
Group level, the SSC’s efforts (“S-REIT”) sector, facilitating Engagement with our stakeholders
are championed by the Frasers member engagement in policy
fosters collaboration, helps us gain
Property Group Sustainability consultations. REITAS supports
valuable insights and maintain
Team to foster close collaboration the growth of the S-REIT industry
alignment for the achievement
with FLCT in crafting sustainability by improving transparency and
governance for investor decision- of sustainable and impactful
action plans and monitoring
making, collaborating with outcomes. Continuous and
advancements.
regulators for industry-friendly consistent engagement with our
policies. FLCT plays an active various stakeholders is vital for
Frasers Property and FLCT
have committed to being a net- role as a member of REITAS, us to understand and address
zero organisation by 2050. To participating in industry events their evolving expectations and
realise this goal, our Sponsor organised by the association concerns. Through our various
has established a dedicated as well as relevant surveys e.g. engagement avenues, we can
advisory group made up of senior by the regulators which seek to pinpoint key material issues to
management representatives from gather feedback from S-REITs. address to support continuous
various corporate functions and FLCT, through Frasers Property, improvement. Refer to the table on
is also represented on REITAS’ Key Stakeholders on page 117.
Sustainability Taskforce.
Key Stakeholders Key Topics of Concern Mode and Frequency of Engagement

Tenants ● Clean, safe and pleasant environment ● Annual tenant surveys
● Reliable and efficient buildings ● Held regularly throughout the year through the REIT
● Tenant engagement Manager or property managers
● Tenant satisfaction ● Tenant engagement programs
● Quality of facilities and services ● Joint community programs with tenants
● Health and safety ● Tenant meetings
● Tenants’ corporate social
responsibility (“CSR”) goals
● Improving the energy and water
efficiency of our properties
Employees ● Friendly, inclusive and safe working ● Twice a year performance reviews
environment ● Employee culture survey conducted every two years
● Fair and competitive employment ● Orientation programme for new staff upon joining
policies ● Annual employee pulse surveys
● Staff development
● Health and safety Held regularly throughout the year:
● Business’ impacts on the environment ● Communication via Frasers Property intranet and the
and society Workplace platform
● Training
● Employee personal development plans
● Environmental and Health & Safety awareness activities
● Team bonding and employee wellness activities
Contractors/ ● Health and safety ● Established action plan for regular interactions with key
Consultants/ ● Business performance contractors, consultants and suppliers starting from
Suppliers ● Environment FY2023
● Diversity and inclusion ● Evaluation during market engagement of alignment
with the Sponsor’s HSE policies. Stakeholder
acknowledgement and acceptance of HSE policies during
onboarding.
● Requirement for acknowledgement and acceptance
of our modern slavery statement during contractor /
supplier onboarding and we assess contractor / supplier
commitment to diversity during the market engagement
process.
Property Managers ● Key performance indicators for Held regularly throughout the year:
property managers ● Meetings and discussions
● Operational performance of the ● Emails and phone calls
properties
Unitholders and ● Sustainable distribution ● Throughout the year, FLCT participated in six local and
investor community ● Operational and financial performance overseas conferences, corporate days and roadshows; as
● Business strategies and outlook well as two business updates and two results briefings for
● Timely and transparent reporting analysts and investors. In aggregate, FLCT engaged with
● Good corporate governance over 150 institutional investors
● Annual General Meetings
● Ongoing website, announcement, management
presentations, press release, webcasts of half-year and
full-year results briefings, bilateral communication,
one-on-one meetings and site tours
● Regular ESG surveys
● Maintained our 5-Star Rating and achieved a score
of 88 at the 2023 GRESB Real Estate Assessment
Local Communities ● Build and nurture relationships with ● Social and community events and activities
the wider community ● Annual ESG Report
● Community investments
● Business’s impacts on the
environment and society
Regulators/ ● Government policies on S-REITs or the ● Annual ESG Reporting in alignment with SGX regulations
Non-Governmental real estate sector and GRI Standards
Organisations ● Compliance with rules and regulations
(NGOs)/ ● Engagement with industry forums and Participate regularly throughout the year:
Industry bodies trade associations ● Meetings, briefings and consultations
● Corporate governance ● Industry conferences and seminars, and memberships in
industry bodies such as REITAS
Sustainability
Materiality Assessment
GRI 3-1, 3-2
Regular review of material focus areas is essential to ensure both relevance and that the most significant focus
areas that impact FLCT, our stakeholders and global trends are prioritised. This in turn, enables informed decision-
making, resource allocation, and strategic planning. Our Sponsor conducts a global market review of sustainability
trends and a survey with internal and external stakeholders to understand views on material ESG topics every two
years. The next review is scheduled to be completed in FY2024. This year, we have aligned our material focus areas
with that of our Sponsor’s, resulting in the addition of three new material topics, being water, materials and supply
chain, and biodiversity. This alignment of material focus areas with our Sponsor affirms that these topics continue
to remain relevant with our stakeholder expectations and aligned with the GRI Universal Standards.
The table below lists the significant impacts for each of our material focus areas and where we have caused or
contributed to the impacts through our business relationships.
GROUP
SUSTAINABILITY
FRAMEWORK MATERIAL
PILLARS FOCUS AREAS RATIONALE
Risk-based We must maintain high standards of integrity, accountability and responsible
ACTING Management governance and comply with the relevant laws and regulations to earn the trust of our
PROGRESSIVELY stakeholders.
Responsible Achieving long-term value is a priority for the REIT. It is critical to ensure the
Investment sustainable growth of FLCT’s economic performance.
Resilient Being flexible and resilient in the way we operate is crucial in responding to a rapidly
Properties changing industry. We need to build our properties’ resilience to better face climate
change and future challenges, as well as to grow our business.
Innovation Fostering an innovation culture that creates value and strengthens our competitive
edge. We deliver added value to our tenants through innovative solutions.
Energy & Energy consumption in the building sector is one of the largest sources of energy
CONSUMING Carbon usage around the world. We endeavour to improve overall energy performance for our
RESPONSIBLY properties and proactively work with our tenants to help them manage the properties’
energy consumption.
Water Water is a scarce resource. We strive to optimise water usage at our properties and to
work with tenants to conserve water, where possible.
Waste Waste is a natural byproduct of our operations. Our objective is to substantially
minimise waste generation by adhering to the 3Rs hierarchy: Reduce, reuse and
recycle.
Materials & As a responsible business, it is important that we have oversight of the materials and
Supply Chain supply chain activities, minimising risks along our value chain.
Biodiversity Biodiversity forms a critical piece for the built environment. We strive to safeguard
and cultivate local ecosystems to enhance biodiversity in our properties.
Diversity, Equity Empowering and promoting social inclusion for all, irrespective of age, sex, disability,
FOCUSING ON & Inclusion race, ethnicity, origin, religion, economic or other status.
PEOPLE Skills & It is paramount that the REIT Manager has the capabilities and capacity to manage
Leadership and expand FLCT’s portfolio to create value for our stakeholders. We seek to attract,
develop and retain a workforce with diverse skills and knowledge that forms the
cornerstone of our success.
Health & As landlords, our priority is to create places where people feel comfortable, safe and
Well-being assured of their well-being. We ensure that our employees, suppliers, contractors, and
tenants have a safe working environment.
Community Through our properties, we have the potential to create significant positive impacts in
Connectedness the communities in which we operate. We endeavour to run a business that responds
to our communities’ needs.
BOUNDARIES
FLCT/REIT SUPPLIERS/ CUSTOMERS AND GOVERNMENT, NGOs AND

MANAGER CONTRACTORS TENANTS LOCAL COMMUNITIES
√ √ √
√ √ √
√ √
√ √
√ √
√ √
√ √
√ √
√ √ √
√ √
Sustainability
Acting Progressively
FLCT’s commitment lies in building lasting value for our portfolio and our
stakeholders through the careful integration of ESG factors in our decision-
making processes. This comprehensive approach allows us to build resilience
and effectively manage risks inherent in our industry, positioning us as industry
leaders. Our corporate governance culture is grounded in a solid framework of
policies and a forward-thinking ethos. This entails formulating relevant policies to
steer our processes toward business and sustainability goals, embracing green
building certifications, engaging in responsible investment and nurturing an
innovation-driven culture.
Focus Area Our Goals Our Progress in FY2023

Risk-Based Management ● Establish holistic overarching internal • Incorporated environmental risk as a
policies to govern and guide management distinct key area to manage as part of the
of the focus areas overall Enterprise-wide Risk Management
framework
• “A” MSCI ESG Ratings by MSCI ESG
Research LLC
Responsible Investment ● Achieve green certification for at least 80% • Achieved with 80% of our properties and
of our industrial and commercial portfolio 100% of our new development projects
by FY2024 by GFA are green building certified or
● Achieve at least an average 4-Star Green have been submitted for green building
Star Performance as assessed by the Green certifications
Building Council of Australia (“GBCA”) for • FLCT retained its standing of having the
the Australian industrial portfolio highest Green Star Performance rated
industrial portfolio in Australia, maintaining
an average 4-Star rating across our
Australian industrial portfolio
• Obtained BREEAM In-Use certification
for five of our Dutch assets and 16 of our
German assets
● Achieve at least BCA Green Mark Gold ● Alexandra Technopark A is certified
Certifications for all commercial assets in Green Mark GoldPLUS by the Building
Singapore by FY2024 and Construction Authority (“BCA”) of
Singapore
● Endeavour to continue structuring ● 64% of FLCT’s total borrowings as at
new borrowings in the form of green, 30 September 2023 are in the form of
sustainable or sustainability-linked green, sustainable or sustainability-linked
financing financing
Resilient Properties ● Carry out climate risk assessments and ● The Board’s oversight over FLCT’s
implement asset-level adaptation and sustainability strategy was expanded in
mitigation plans aligned to the TCFD FY2022 by redefining the remit of the Audit,
framework by 2024 Risk and Compliance Committee
● A climate risk and climate ‘value at-risk’
portfolio-level assessment of our portfolio
and developed action plan was completed
in FY2022 to address and mitigate key
physical and transition risks
Innovation ● Foster an innovation culture to create value ● Continue to embrace design thinking as a
for all by 2030 tool to spur innovation
● Fostering an innovation culture that creates ● We deliver added value to our tenants
value and strengthens our competitive edge through innovative solutions.
Risk-Based Management long-term value for our portfolio. To achieve this, we are
mindful of evaluating and mitigating the environmental,
health and safety, and social risks associated with
Our Approach
our business. This allows us to uphold the highest
GRI 3-3 standards of integrity and accountability throughout our
operations, enhancing the trust and confidence that our
To be equipped with robust policies and procedures is stakeholders have in us.
important to future-proof our business while creating
To strike an appropriate balance between risks and • Technology Risk Management Policy
performance, the FLCT Board provides oversight to • Treasury and Hedging Policy
the REIT Manager, ensuring that a sound system of risk • Valuation Policy
management and internal controls is maintained. An • Whistle-blowing Policy
independent evaluation of the adequacy of existing
processes and controls is carried out through the REIT These policies are approved by the senior leadership of
Manager’s established audit process, guided by the the REIT Manager, and where required, by the Board.
Sponsor’s internal audit function – For details, please
refer to page 187 of the Annual Report. Anti-Bribery, Anti-Corruption and Anti-Competition
At FLCT, we endeavour to uphold the highest standards
Moreover, the REIT Manager remains vigilant in of ethical business conduct and refrain from any
identifying, reviewing and closely monitoring key risks. involvement in unlawful practices. This is exemplified
Identified risks are mapped to our Risk Register and in our policies, namely the Anti-Bribery Policy, the
monitored quarterly. Some of the key risks that are Competition Act Compliance Manual and the Policy for
actively monitored include operational and investment Prevention of Money Laundering and Countering the
activities, capital and financial management, human Financing of Terrorism.
capital, fraud, foreign currency, information technology
and environmental risks. As a demonstration of our FLCT takes a proactive approach to ensure compliance
commitment to enhancing corporate governance, with all applicable laws and regulations within the
FLCT has been a signatory of the Security Investors markets we operate in. This year, there were no records
Association (SIAS) annual Corporate Governance of any breaches of laws and regulations in relation to
Statement of Support since its listing in 2016. environment, bribery and corruption, anti-competitive
behaviour and violations of anti-trust and monopoly
Our Actions and Progress legislation, or industry codes around marketing
GRI 2-23, 2-24, 2-25, 2-26, 2-27, 205-1, 205-2, 205-3, communications regarding the environment, health
206-1 and safety regulations. As a proactive step, 90% of
our employees in Singapore attended anti-corruption
Strong corporate governance goes beyond compliance training sessions.
with laws and regulations. Our commitment to
maintaining fair and ethical business practices coupled Whistle-Blowing and Raising Concerns
with our zero-tolerance stance against corruption Our whistle-blowing policy plays a crucial role in
and fraud, helps instil trust and confidence in our promoting transparency and accountability within FLCT.
stakeholders. Employees and stakeholders can access independent
feedback channels which provide a secure avenue for
Furthermore, periodic reviews and updates of our key reporting any concerns without fear of reprisal. These
corporate policies are carried out by the respective concerns can be reported through mail, electronic
policy holders to ensure that they remain relevant and mail or by calling a hotline. Particularly, employees and
aligned with our corporate purpose and operations: stakeholders are encouraged to raise their concerns on
any of the following issues relating to FLCT and its staff:
• Anti-bribery Policy
• Board Diversity Policy • Financial fraud and mismanagement;
• Business Continuity Management Policy • Bribery, corruption, conflict of interest and anti-
• Code of Business Conduct competitive behaviour;
• Competition Act Compliance • Violation of any laws and regulations;
• Complaints/Feedback Handling Policy • Violation of legal or professional obligations;
• Policy for Continuing Education of Capital Markets • Discrimination and harassment;
Services Representatives • Deliberate concealment of any of the above; and
• Corporate Social Responsibility Policy • Any other unethical behaviour that is inconsistent
• Documents Management and Retention Policy with FLCT’s internal policies and procedures.
• Diversity & Inclusion Policy
• Investor Relations Policy Individuals who wish to file a whistle-blowing report
• Personal Data Protection Policy may refer to the details on our website.
• Personal Data Breach Incident Management Policy
• Policy for Disclosure and Approval of Purchase of Any report submitted through these channels are
Property Projects received by our Sponsor’s Head of Group Internal Audit,
• Policy for Investment Management who has been designated as an independent function
• Policy for Prevention of Money Laundering and to investigate all whistle-blowing reports. Every incident
Countering of Financing of Terrorism reported is handled in strict confidence and FLCT
• Policy on Dealings in Units of Frasers Logistics & condemns any retaliatory actions taken against whistle-
Commercial Trust and Reporting Procedure blowers. Should there be any incidences of retaliation
• Procurement Policy be found, appropriate disciplinary action can be taken
• Responsible Sourcing Policy against the individuals involved.
Sustainability
In FY2023, we did not receive any cases via our whistle- Sourcing Policy. For more information, please refer to
blowing channels. We will continue to foster close the Materials and Supply Chain section on page 136
collaboration with stakeholders and ensure that we of this report.
pre-empt and mitigate any risks throughout our value
chain. Additionally, our stakeholders can provide us with Data Privacy
feedback, which can be done through various avenues Data privacy is important for building a secure and
such as email, and/or through our culture survey. ethical business environment. Ensuring that the
confidentiality of our customers’ data is maintained
Supply Chain Management develops trust with our stakeholders and complies
Effective supply chain management is not only with regulatory requirements. Through our Personal
important for optimising operational efficiency but Data Protection Policy, we educate our employees on
also for minimising risks. This conveys resilience their responsibilities, thereby enabling us to safeguard
and ensures a sustainable supply chain. For this, it the data confidentiality, security and protection of our
is essential to continue to foster close partnerships information assets. In the event of any breach, the
through regular engagement with our suppliers which Personal Data Breach Incident Management Policy
can facilitate alignment with our sustainability visions sets out clear procedures for employees to effectively
and values. In turn, this ensures that our high quality manage and mitigate potential negative impacts.
environmental, health and safety standards are upheld.
These elements are clearly laid out in our Responsible There was no recorded information on security
breaches in FY2023.
Aligning with the Monetary Authority of Singapore (“MAS”) Guidelines on Environmental Risk
Management for Asset Managers
The guideline was issued by MAS to enhance the management of environmental risk for asset managers.
Environmental risk arises from the potential adverse impacts from changes in the environment on economic
activities and human well-being. Consequently, environmental risk has the potential to financially impact funds
managed by asset managers. The guideline details MAS’ expectations over five key areas of environmental risk
management. In alignment with this, we have implemented processes and practices that are essential to allow us to
meet MAS’s expectations.
Key Areas of MAS Guidelines on Environmental Risk Management Status
Governance and strategy We expanded the Board’s oversight over the FLCT
The Board and senior management should oversee integration of sustainability strategy by redefining the remit of the Audit,
environmental risk considerations into asset managers’ roles and Risk and Compliance Committee (“ARCC”).
responsibilities, policies, strategies, business plans and product
offerings.
Research and portfolio construction Operational indicators (such as greenhouse gas emissions,
Asset managers should evaluate the potential impact of energy, waste and water and indoor air quality) are
environmental risk on the return potential of our investments. measured, monitored, and evaluated as they can influence
Where required, asset managers should include measurement and tenant demand – Please refer to the Energy and Carbon
management of material environmental risks present within the section on pages 131-133 of this report for further details.
portfolio.
Portfolio risk management FLCT has implemented processes to manage
Asset managers should put in place appropriate processes and environmental risk – for further information, please refer
systems to systematically assess, manage and monitor the impact to Risk-Based Management - Our Approach on pages 120-
of any risk. 121 of this report for further details.
Asset managers should also be well equipped through capacity Climate risk assessment comprising scenario analysis
building and training to assess, manage and monitor environmental from rising temperatures was completed. The scenarios
risk. used were the below 2°C scenario (RCP 2.6) and below
Where material, scenario analysis should be carried out to assess 4°C scenario (RCP 8.5) from the IPCC AR5. Following this,
the environmental risk impact, portfolio resilience and their FLCT established a roadmap to achieve net-zero by 2050.
alignment with climate goals.
Stewardship We have implemented asset enhancement initiatives with
Asset managers should engage and where possible, work measures to improve energy and water efficiency and
collaboratively with investee companies to improve risk profile, waste management.
support their efforts in the transition towards more sustainable
policies and practices.
Disclosures We continue to enhance disclosures to further align to the
Clear and meaningful disclosures referencing well-regarded TCFD recommendations.
international reporting frameworks. Disclosures should also be
regularly reviewed for improvements, completeness, clarity and
relevance.
Responsible Investment As at 30 September 2023, 64% of FLCT’s total

borrowings are in the form of green, sustainable or
Our Approach sustainability-linked financing.
GRI 3-3
Our Green Portfolio
Responsible investment at FLCT entails making Certification of our properties with recognised green
prudent investment choices that incorporate and building certifications assures that FLCT is aligned with
elevate the social and environmental performance sustainable practices. This alignment also allows us to
of our properties, creating long-term value for our contribute to creating an environment which is more
stakeholders. Moreover, it ensures sustainable resilient and sustainable. As of 30 September 2023, 80%
commercial benefits for our properties. This of our portfolio by GFA is green building certified or has
encompasses the implementation of sustainable been submitted for green building certifications.
financing, obtaining green building certifications and
benchmarking our performance against established With an average 4-Star Green Star Performance
standards such as the GRESB Real Estate Assessment. portfolio, FLCT retains its position as having the highest
rated Green Star industrial portfolio in Australia. During
Our Sustainable Finance Framework guides our the year, three of our properties in the Netherlands were
approach for our sustainable financing activities. To certified with a BREEAM New Construction Certificate
ensure that we have a robust framework, it has gone with a Very Good score.
through an independent third-party assurance to ensure
that it adheres to the following international principles Five of our existing assets in Germany were certified
and guidelines: with a DGNB Gold certificate at the completion of
their construction, in 2017-2018. In 2022, 16 German
• Green Bond Principles (“GBP”) 2021, Sustainability existing assets obtained BREEAM In-Use Certification,
Bond Guidelines (“SBG”) 2021 and Sustainability with nine further assets currently being certified. We
Linked Bond Principles (“SLBP”) 2020 by the are going to continue the BREEAM In-Use certification
International Capital Market Association (“ICMA”) project in FY2024. In the Netherlands, five assets will be
• Green Loan Principles (“GLP”) 2021 and recertified, and one asset will be certified for the first
Sustainability Linked Loan Principles (“SLLP”) 2021 time. In Germany, six assets will be certified for the first
by the Loan Market Association, Asia Pacific Loan time.
Market Association and Loan Syndications and
Trading Association In the UK, we acquired the prime logistics development
Ellesmere Port located in Northwest England. The
In keeping with our aim of elevating the environmental state-of-the-art facility will be leased to Peugeot upon
performance of our properties and enhancing our completion, providing strong sustainability credentials
sustainability offerings, we endeavour to certify our through achieving a BREEAM Outstanding rating,
properties against established green building standards EPC A, and reaching net-zero carbon in operation for
such as the BCA Green Mark 2021 and PUB Water CAT A works.
Efficient Building in Singapore, Green Star and/or
NABERS in Australia as well as BREEAM in Germany, the
Netherlands and the UK. FLCT Portfolio Green Certification Status (by GFA)
Besides environmental performance, we actively

monitor our performance against the internationally
recognised GRESB ratings (formerly known as the
Global Real Estate Sustainability Benchmark). GRESB
provides a benchmark for us to gauge our sustainability
progress, allowing us to identify areas for growth.
Our Actions and Progress
Green & Sustainable Financing

FLCT is committed to further strengthening our green
and sustainable financial practices, ensuring that they
are in alignment with international standards. Our
objective is to harness financing opportunities to realise
our sustainability goals. We endeavour to structure Certified or submitted for certification 80%
FLCT’s new borrowings in the form of sustainability- Not certified 20%
linked or green/sustainable loans or bonds.
Sustainability
Benchmarking Our ESG Performance via GRESB

In tandem with our green building certifications, our GRESB Real Estate Assessment scores play a pivotal role in
providing both greater transparency and accountability for our investors to assess our sustainability performance.
The GRESB Real Estate Assessment captures ESG performance and sustainability performance by assessing
what investors and the industry consider to be material issues in the sustainability performance of real asset
investments. The methodology that the assessment uses is aligned with international reporting frameworks.
FLCT maintained our 5-Star GRESB Real Estate Assessment rating this year, with an overall score of 88 points out of
100 and we are ranked second out of 18 in Asia-Pacific under the “Diversified – Office/Industrial” category. We remain
steadfast in our commitment to advancing our sustainability progress, generating positive impact to our stakeholders.
Resilient Properties
Our Approach
GRI 3-3
Climate change has been shown to present significant risks to businesses. These risks range from supply chain
disruptions, increasing operational risks requiring adaptation and changing regulations and consumer preferences.
FLCT recognises that these risks have the potential to negatively impact our business financially. As an investor and
manager of real estate, enhancing the resilience of our properties in the face of these future risks remain a priority.
The integration of these risks into our financial risk management processes will enable us to effectively measure
and manage our climate risks and opportunities.
In line with global climate goals, FLCT has set reduction targets, aiming to be net-zero across our business and value
chain by 2050. Our near-term targets, in line with the 1.5°C warming scenario outlined in the Paris Agreement, have
been validated by the SBTi. We will also be tapping on green and sustainable financing to facilitate this transition.

GRI 201-2
The table below outlines our approach and progress towards managing climate-related risks and opportunities.
TCFD core element Our activities to support TCFD Alignment

Governance
Describe the The Board of FLCT provides oversight on broader sustainability trends, risks and opportunities and
organisation’s FLCT’s sustainability strategy (redefining the scope of the audit, risk and compliance committees). This
governance around would facilitate linking sustainability with corporate purpose and strategy.
climate-related risks
and opportunities. The Board is supported by the Sponsor’s Sustainability Steering Committee and Group Sustainability team.
We have expanded the Board’s oversight over the FLCT sustainability strategy by redefining the remit of
the Audit, Risk and Compliance Committee.
Describe Sustainability metrics for senior management’s respective climate risk responsibilities were established,
management’s role including the identification of potential opportunities. Updates on progress towards the management
in assessing and of climate-related risks are delivered to the Board quarterly to support decision making. As part of the
managing climate- senior management’s incentive plans, sustainability-related KPIs are set as targets and achievements are
related risks and measured against the pre-agreed targets at the end of the financial year.
opportunities.
To enhance the proficiency in evaluating climate risks and opportunities, three members of senior
management underwent training in 2023 which focused on increasing alignment with the TCFD
recommendations and how to develop a robust risk management for our strategy.
Strategy
Describe the We have prioritised key physical and transitional climate-related risks to FLCT based on their potential
climate-related risks financial impact. We have also identified potential opportunities that we can leverage on.
and opportunities
the organisation has For further details on our assessed material risks and opportunities, please refer to Table A on page 127
identified over the of this report.
short, medium, and
long term.

Describe the The evaluation of the various climate-related risks and opportunities encompassed financial impacts on
impact of climate- operational revenue and costs in the absence of mitigation and the potential cost of damages to assets.
related risks and
opportunities on FLCT developed an action plan to address and mitigate key physical and transition risks and prioritised
the organisation’s strategies to achieve net-zero carbon by 2050. This includes (but is not limited to):
businesses, strategy,
and financial • Improving greenhouse gas data coverage to facilitate more targeted decision-making;
planning. • Developing enhanced green leases to help our tenants reduce power consumption while improving
our visibility over energy usage patterns; and
• Building partnerships for greater supply chain resilience
Describe the Property managers for our Australia portfolio at FLCT have developed a Resilience Policy and Framework
resilience of the to guide the sustainability strategy’s implementation and embed resilience across these assets.
organisation’s
strategy, taking The readiness assessment provided key recommendations for closer alignment with the TCFD
into consideration recommendations and provided inputs to update the Resilience Policy and Framework.
different climate-
related scenarios, We have reassessed climate-related risks in our assets in line with Green Star performance. This process
including a 2°C or is conducted every three years to ensure a continuous review of risks and trends.
lower scenario.
We have performed a readiness assessment of our practices as they relate to managing climate-related
risk. This informed a roadmap to align more closely with TCFD recommendations. Examples of actions
within the roadmap include:
• Better integrating climate change risks and opportunities into strategic decision making
• Providing annual training for business leaders
• Strengthening processes to identify, assess, and manage climate-related risks and improving the
quality of climate-related financial disclosures
This roadmap, approved by the FLCT Board, enables us to methodically address and mitigate physical
and transition risks that are key to our business.
Risk Management
Describe the Cognisant of the serious impact that climate-related risks have on our properties and operations,
organisation’s environmental risk has been included in the FLCT Risk Register for monitoring. The relevant key risk
processes for indicators include retaining a 4-Star GRESB Real Estate Assessment rating for the FLCT portfolio and
identifying and future-proofing FLCT’s assets via green initiatives.
assessing climate-
related risks.
Describe the We strive to ensure that our investment process accurately captures physical and transitional climate risks.
organisation’s
processes for Further, climate-related risk is managed through the inclusion of ‘Climate Adaptation Plans’ across all
managing climate- Australian developing activities to help manage, mitigate, and where appropriate, adapt to climate change
related risks. and its impacts.
We have integrated mandatory criteria on climate-related risks into our acquisition process, including:
• Availability of climate risk assessments

• Availability of climate change adaptation plans
• Attributes including solar capacity, rainwater tank capacity, and availability of LED and EV charging
stations
• Certification against recognised green building standards
In addition, FPUK, which supports us in the management of FLCT’s properties in the UK, has
implemented a sustainability acquisitions checklist which considers, among other factors:
• Availability of climate risk assessments

• Risk rating for various flood risks
• History of climate-related events causing damage on site
We include provisions within new and renewed lease agreements for tenants to share environmental data
with our asset managers. This enables us to monitor the usage of the property and provide performance
benchmarks and guide tenants’ electrical and water consumption to align with our own performance
goals closely and consistently.
Sustainability

Describe how We have implemented an Environmental, Health & Safety Policy and an Environmental, Health & Safety
processes for Management System aligned to the ISO 14001 and ISO 45001 standards in our key operating regions.
identifying,
assessing, and We included climate related issues in our environmental risk identification and commenced integrating
managing climate- our climate related risk identification activities within FLCT Enterprise Risk Management processes and
related risks are associated risk register practices.
integrated into
the organisation’s
overall risk
management.
Metrics and
Targets
Disclose the To ensure that we are on track to meet our target of net-zero carbon emissions by 2050, we measure and
metrics used by disclose our performance using metrics including:
the organisation
to assess climate- ● Scope 1, 2 and 3 energy consumption (GJ)
related risks and ● Scope 1, 2 and 3 energy intensity (GJ/m2)
opportunities in line ● Absolute Scope 1, 2 and 3 greenhouse gas emissions (tCO2e)
with its strategy and ● Scope 1, 2 and 3 greenhouse gas intensity (tCO2e/m2)
risk management
process. FLCT has also restructured this ESG Report to better align with recommended TCFD disclosures.
Across asset classes and regions, we certify our properties using third-party green building standards.
As at 30 September 2023, 80% of our portfolio by GFA is certified or has been submitted for certification
against third-party green building schemes such as Green Star, NABERS, BREEAM and BCA Green Mark.
Refer to “Green Building Certification Progress” under the Responsible Investment section on page 123
of this report for a full list of certifications.
Founded by GBCA in 2003 and built on a quality process accredited to ISO 9001 standards, the Green
Star rating system and certification process is a benchmark for healthy, resilient, positive buildings
and places. While our industrial properties in Australia are certified to an average of 4-Star Green Star
Performance ratings, the highest in the country, we are targeting a minimum of 5-Star Green Star Design &
As Built ratings for all new industrial projects.
Disclose Scope We are continuously increasing our carbon and climate related data coverage under Scopes 1, 2, and 3.
1, Scope 2 and, if Examples of new data disclosed in this ESG Report include:
appropriate, Scope
3 greenhouse gas ● Scope 3 energy consumption (GJ)
(GHG) emissions ● Scope 3 energy intensity (GJ/m2)
and the related ● Absolute Scope 3 greenhouse gas emissions (tCO2e)
risks. ● Scope 3 greenhouse gas intensity (tCO2e/m2)
Please refer to the Energy and Carbon section for further information on metrics related to greenhouse
gas emissions.
Describe the Each year, we track and disclose Our Actions and Progress against our targets. Key initiatives include
targets used by developing a road map to achieving net-zero carbon emissions by 2050, including setting interim carbon
the organisation to emissions targets, and submitting these targets to the SBTi for validation.
manage climate-
related risks and As at 30 September 2023, 64% of our total borrowings are in the form of green, sustainable and/or
opportunities sustainability-linked financing.
and performance
against targets. FPUK, which supports the management of our properties in the UK, has also targeted to reduce its
carbon emissions in its business parks, by taking steps such as phasing out gas in new developments,
installing rooftop solar photovoltaics and greening the supply chain.
Table A: FLCT’s Climate-related Physical Risks
Physical Climate Risk

Risk Description Description of Potential Business Response
Business Impact
Floods (flash floods Exposure of assets to As a minimum, all new developments are built to meet local planning
and general/river river floods or heavy rain requirements including flood management. This includes meeting site
floods) fall damaging both the permeability requirements through landscape design.
built and surrounding
More frequent and infrastructure and natural In Australia, customers are given access to a dedicated online customer
intense levels of rainfall environment. This platform which is monitored by facilities management teams. The
can lead to flooding as impairs accessibility and response rate is measured in monthly Business Unit Reviews and enables
well as rising sea levels damages functionality the business to identify recurring impacts and improve design and
of buildings for tenants construction decisions.
as well as stored goods.
Consequentially, this In Australia, roof and all external facades are designed to handle extreme
necessitates increased weather conditions. For example, by selecting roofing products that are
frequency of repair and hail-resistant and durable (long warranties), it is intended that this product
maintenance. will minimise damage to assets.
Closure of operations
and repairs and In Europe, assets are being designed with rainwater retention where
maintenance possible, which also reduces rainwater fees to the municipality.
expenditures lower net Additionally new developments are designed with rainwater tanks.
income
Rising temperatures Higher temperatures The impacts of increased heat on the thermal comfort of occupants are
Higher mean reduce durability of considered as part of development/asset-level climate adaptation plans,
temperatures, building materials and while the use of on-site and off-site renewable will help mitigate the
heatwaves affect the indoor climate. emissions associated with the need for additional cooling. Some design
This leads to higher responses to these climate adaptation plans include:
expenses and more
frequent maintenance • High performance double glazing with low e-coating (Australia), triple
checks and higher glazing (in Europe) to minimise the ingress of heat transmission into the
energy consumption office spaces.
required for cooling.
• Loading canopies and outdoor shade areas are provided. Office areas
Extreme temperatures and lunch/break rooms are conditioned. Shade and conditioned
also pose health and spaces provide workers with refuge from extreme heat during
safety risks to workers. heatwaves.
Restricting/shifting
working hours can affect FLCT has also implemented a due diligence checklist for all acquisitions
business productivity. which incorporates questions regarding the availability of a climate risk
assessment and climate change adaptation plan.
Fire risk Destruction of assets In Australia, developments are designed to be provided with a fire
Increased potential and the surrounding protection system, estate-based water supply, and complete vehicle
and frequency of fire- environment. Increased perimeter access around all buildings. This will provide protection in the
related events linked expenditure due to event of a fire and/or mains cut-off.
to the warm and dry having to re-build and
conditions due to replace assets lost. In Australia, it is an ongoing performance requirement that this fire
climate change protection system is regularly tested and uses at least 80% recycled
water.
In Europe, the sprinkler system is tested monthly.

Sustainability
Table B: FLCT’s Climate-related Transition Risks and Opportunities
Transition Risks
Risk Description Description of Potential Business Response
Business Impact
Carbon pricing Increasing carbon FLCT has committed its alignment with FPL group to achieving net-zero
prices across countries carbon emissions by 2050 to prioritise deep emissions reductions and
would lead to increased mitigate the potential impacts of any carbon pricing.
operating costs due
to direct and indirect The due diligence checklist for acquisition incorporates green building
carbon taxes on energy certification and sustainability attributes. Green building certification
consumption and of a new acquisition is important for FLCT as it serves as a proxy for
from within the value performance. Increased uptake of green building certifications across the
chain. These increased regions where FLCT operates, many of which target increased resilience
operating costs would to physical and transitional climate-related shocks and stresses, is better
affect revenue and positioning our organisation to unlock opportunities as a partner and
customers/tenants may landlord of choice.
move towards landlords
who are able to mitigate/ For Europe, a carbon price is already in place, and strategies to reduce
avoid these costs. carbon emissions (e.g. PV strategy, refurbishment paths, etc.) are currently
developed. Acquisitions are also checked against their carbon emissions.
Policy requirements With evolving building The latest building standards and codes have been integrated into a new
for low carbon sector standards and standard design brief.
buildings regulations and national
policies, businesses In Australia, potential customers interested in existing facilities complete
may need to upgrade an ESG survey from which the business gains insights about their current
existing assets or ensure decarbonisation goals and initiatives as well as their willingness to
new builds or assets engage with the development team to achieve them. These insights form
comply. This could lead decisions around which assets need to be upgraded (e.g. installing more
to increased expenditure solar or smart metering) and which customers can help the business
to retrofit existing manage this risk.
assets and ensure new
builds comply. Failure For Europe, negotiations with external parties are currently underway to
to meet these policy keep abreast of rapidly evolving regulatory requirements. New standard
requirements can lead to design is ahead of legal requirements especially with regards to energy
reputational risks. efficiency and carbon emissions where possible.
Transition Opportunities
Opportunity Opportunity Description Description of Potential Business Impact
Improving the Improving energy FLCT is increasing its commitment to renewable energy to further unlock
resilience and energy efficiency would help to associated benefits including reducing energy costs for our customers,
efficiency of our reduce operating costs. accelerating decarbonisation, and reducing overall asset level energy
portfolio New technologies are demand.
becoming increasingly
available to increase Increased uptake of green building certifications across the regions
the energy efficiency of where FLCT operates, many of which target increased resilience to
buildings. physical and transitional climate-related shocks and stresses, is better
positioning our organisation to unlock opportunities as a partner and
landlord of choice.
One of the key performance requirements of these green building

certifications is providing evidence of energy and water metering.
Consumption is tracked through automatic data monitoring systems,
which raise an alarm when the energy or water use increase beyond
certain parameters and instantly issue an alert to the facilities manager.
Increased access to In appropriately FLCT continues with its green/sustainability-linked finance coverage
green and sustainable managing our climate- with FY2023 seeing FLCT reaching 64% of overall financing being green/
financing related risks we can sustainability-linked.
improve our alignment
with sustainable
financing criteria,
unlocking greater access
to capital with more
favorable lending terms
and reduced borrowing
costs. This will also help
position us a partner
of choice for lenders
looking to reduce their
financed-emissions and
reinforce our market
leadership in this area.
Deepening As a landlord, collective In Australia, all new logistics & industrial leases include a GreenPower
partnerships with our efforts with our tenants clause as standard practice to encourage future customers to purchase
tenants are a crucial part for renewable electricity.
the decarbonisation of
our operations. These An ESG checklist is included during the on-boarding of new tenants,
partnerships enable to understand their sustainability commitments and to identify
us to drive sustainable opportunities to collaborate on initiatives.
practices within our
shared spaces. The business also worked closely with tenants to achieve their
decarbonisation goals, such as Climate Active‘s carbon neutral building
certification. This included agreeing in the lease to subsidise the
tenant‘s purchase of carbon offsets.
For Europe, all new leases or lease addendums are signed with a
green clause covering support with (consumption) data sharing, usage
of sustainable products and where possible green power. Further
sustainable topics are covered in tenant discussions and different
strategies/papers/measures aim to increase tenant partnerships (energy
guide, PV Strategy, Refurbishment paths, LED measures).
Sustainability
Innovation
Our Approach
GRI 3-3
Innovation drives continuous growth, fosters adaptability, and allows us to create unique solutions to meet evolving
market demands. As an employer, having a culture of innovation fuels creativity and empowers our team to
contribute fresh ideas, strengthening our competitive edge in a rapidly changing business landscape.
To help them take their innovation to the next level, FLCT ensures that our employees undergo training, equipping
them with the necessary skills to promote and implement new ideas. Employees are also encouraged to participate
in workshops that teach them how to effectively collaborate online while working remotely.

As the business landscape rapidly changes, we are also cognisant of the need to leverage technology to adapt to
new challenges. We have started implementing digital solutions to manage our portfolio of properties and make
better-informed decisions. This includes a tenant application, MyICEPortal, which was soft-launched across our
Sponsor’s and FLCT’s commercial properties in Singapore. This application aims to bring convenience to our office
tenants that include the booking of amenities to assess the latest building updates and events.
Consuming Responsibly
In managing our industrial and commercial property portfolio across five
developed markets, FLCT recognises our dual responsibility and valuable
opportunity to minimise environmental impacts throughout our value chain.
This entails the adoption of energy-efficient solutions, increased utilisation
of renewable energy and collaborative partnerships for sustainable property
practices. Continually adapting to meet evolving stakeholder needs, FLCT
actively engages with and supports our tenants in their environmental objectives.
Our approach encompasses establishing sustainable operational policies and
conducting regular reviews to identify areas for improvement.
Our Progress
Energy & Carbon ● Be net-zero carbon in operation • Developed roadmap to achieve net-zero carbon emissions
from 2050 by 2050, including setting interim carbon emissions targets
● Submitted carbon reduction targets to the SBTi for
validation which was received in April 2023
● Enhanced data coverage for Scope 1 and 3 emissions,
monitoring closely on refrigerant and fuels purchased
Water ● Achieve 20% water usage intensity • Water intensity remained relatively unchanged at 0.4 kL/m2
reduction by 2030 from a baseline ● Alexandra Technopark in Singapore is a certified Water
of 2015 for Singapore assets Efficient Building by PUB
Waste ● Develop a general waste and ● Increased scope of disclosure in this Report to include
recycling program, a partnership metrics on waste and recycling for landlord-controlled
with tenants under the green lease areas
initiative in Singapore ● Reduction in waste generated in our commercial
properties by 11.1% y-o-y
● Sent 17.0% of waste for recycling, a 15.6% y-o-y increase
in recycling rate
Materials & Supply ● Establish a responsible sourcing ● Implementation of Group Responsible Sourcing Policy
Chain policy and implement it by the underway
start of 2021 ● Frasers Property Australia, Frasers Property Industrial
Australia and FLT Australia Trust jointly published their
third Modern Slavery Statement
● FPUK published its fourth Modern Slavery Statement
Biodiversity ● Improve biodiversity outcomes ● Initiated across all business parks. FBP & BVP had
and engagement activities with surveys conducted in FY2023 to establish levels & state of
occupiers in the UK by FY2024 biodiversity. Proven through FBP’s 2023 Green Flag award.
Energy and Carbon Our Actions and Progress
Energy
Our Approach GRI 302-1, 302-3, 302-4, 305-2
GRI 3-3
Energy consumption1 across our landlord-controlled
In the face of the climate emergency, businesses play areas arises mainly from electricity consumption,
an important role in adopting sustainable practices to natural gas consumption and diesel purchased. The
actively reduce their impact and contribute to global total electricity consumption at common areas across
efforts. Reducing our energy consumption and carbon our Singapore, the UK and Australia operations in
emissions stands as an essential part of responsible FY2023 continues to decrease as a testament to our
business. As a REIT, we are aware of the importance efforts of identifying and implementing more energy
of collaborating with our stakeholders in driving the efficient practices. A total of 23 GWh of grid electricity
transition to a low-carbon economy. Through these consumption was reported within FY2023, a 14.8%
collaborations, we seek out potential avenues to y-o-y decrease. Close to 23,000 GJ of natural gas
decarbonise each stage of the building construction was consumed in our Australia and UK commercial
and operations. properties, a 16.9% reduction compared to FY2022.
During the year, we have successfully validated our We have also recorded the purchase of 200 kL of diesel
near-term Science-based Targets. FLCT has committed at Alexandra Technopark in Singapore during the year.
to the reduction of carbon emissions. In this process, we This leads to a total 105,072 GJ of energy consumed in
have developed our roadmap to being net-zero by 2050, FY2023, with a relatively unchanged energy intensity
complete with interim carbon emission targets. Guided by of 0.1 GJ/m2.
these, we continue to take the following approaches:
Amongst our properties, FLCT’s logistics & industrial
• Measure and monitor our energy consumption and properties are fully tenant-controlled. Nevertheless, we
greenhouse gas (GHG) emissions continue to take proactive measures to engage with
• Implement policies that would support sustainable our tenants to reduce energy consumption. In FY2023,
business operations and the efficient use of resources we have obtained more than 90% of our Australian and
• Increase awareness and promote responsible European industrial tenants’ electricity and natural gas
consumption practices amongst tenants and data. This is significant as most of the energy usage
customers in tenant-controlled areas stems from these two key
regions. A large portion of the energy consumption in
Our carbon inventory development is based on the our tenant-controlled properties can be attributed to
requirements within the internationally recognised GHG electricity use of 105 GWh and natural gas consumption
Protocol Corporate Accounting and Reporting Standard of 389,289 GJ. With a better understanding of our tenants’
as well as Corporate Value Chain (Scope 3) Accounting consumption behaviours, this enables us to give practical
and Reporting Standard. The operational control enhancement inputs.
approach is adopted for carbon inventory establishment.
This ensures that we take ownership of emissions
FLCT Landlord Energy (GJ) and Intensity (GJ/m2)
generated by activities from which economic profit is
derived. 0.2
0.1
To generate meaningful insights for decarbonisation,
we strive to enhance the accuracy and quality of 0.1 123K
our database. A more detailed set of environmental 105K

96K
performance data will be published on our website in the
ESG Databook, which is expected to be made available in
due course.
FY2021 FY2022 FY2023
Energy (GJ) | Intensity (GJ/m )

2
1 Energy data for the reported periods are restated to factor in replacement of previous estimates with actual data. Fuel consumption has been
restated for FY2021 and FY2022 to reflect overall performance over the years
Sustainability
FLCT Tenant Energy (GJ) and Intensity (GJ/m2) Carbon Emissions

GRI 305-1, 305-2, 305-3, 305-4, 305-5
FLCT’s Scope 1 includes direct emissions from natural

gas consumption, diesel purchased and refrigerant
0.3 leakages2 across our assets with direct operational
0.3
control, while Scope 2 includes indirect emissions from
0.2 711K
791K
purchased electricity consumed at common areas of
FLCT at our managed buildings.
409K
In FY2023, FLCT’s total Scope 1 and Scope 2 location-
based carbon emissions amounted to 1 and 9 kilo
FY2021 FY2022 FY2023
tonnes of CO2 equivalent (ktCO2e) respectively3, a
Energy (GJ) | Intensity (GJ/m2) 17.1% decrease compared to FY2022 and a reduction
of 39.7% as compared to the base year of FY2019. Our
Green energy, particularly solar power supports FLCT’s total Scope 2 market-based emissions was 7 ktCO2e,
commitment to achieving its goal of net-zero by 2050. with majority of the avoided emissions coming from our
Solar power represents a clean and sustainable energy commercial properties in Australia and the UK.
source that not only reduces our carbon footprint but
also fosters energy self-sufficiency. We seek to advance As FLCT’s logistics & industrial properties are fully
our commitment towards sustainable energy practices by tenant-controlled, these do not contribute to our
implementing solar installation plans on our properties. In Scope 1 and 2 emissions. Four of the relevant Scope
FY2023, we have installed 10,509 kW of solar panels on our 3 categories include emissions arising from upstream
properties, including 3,636 kW installed in Europe and the energy-related transmission activities, employee remote
remaining 6,873 kW in Australia. working and commuting, waste generated in operations,
as well as downstream leased assets. This year, our
The amount of renewable energy generated on-site has Scope 3 emissions was 90 ktCO2e, representing a 4.8%
shown steady growth over the years, with a 19.2% increase increase from FY2022.
to 7.1 GWh from FY2022 to FY2023. We have also recorded
a total of 1.7 GWh of solar energy exported out of our FLCT Scope 1 & 2 Location Based Emissions
premises in FY2023.
(tCO2e) and Intensity (kgCO2e/m2)
In FY2023, our assets in the UK and Europe have
purchased more than 9 GWh of renewable energy offsite. 12.8
Such consistent rise in purchased green energy reflects 11.1

10.0
the proactive measures taken to fortify our commitment to 12K
renewable energy sources. 10K 10K
Renewable Energy Generated Onsite (kWh)
FY2021 FY2022 FY2023

7,146K Emissions (tCO2e) | Intensity (kgCO2e/m2)
5,996K
4,283K
Scope 3 GHG Emission (tCO2e)
Category 3, 5, 7 & 13
90K 90K
69K
FY2021 FY2022 FY2023
FY2021 FY2022 FY2023
2 Refrigerant leakages are computed via proxies including top-up amount documented and 2% of overall machine specifications
3 Scope 1, 2 and 3 carbon emissions for the reported periods are restated to factor in replacement of previous estimates with actual data and
updates in emission factors
Scope 3 Emissions by category FY2023 emissions (ktCO2e)

Category 3 Fuel- and energy-related activities 0.8
Category 5 Waste generated in operations 1.2
Category 7 Employee commuting4 <0.1
Category 13 Downstream leased assets 87.9
Our Decarbonisation Initiatives

We continue to make significant progress towards our target to be net-zero by 2050 through optimising our energy
performance and reducing our reliance on non-renewable energy sources.
In FY2023, our key decarbonisation efforts include:

• Fully-electrified Air Source Heat Pumps have been installed at 150 Farnborough, thus eliminating the
dependence on natural gas and has the potential of reducing primary consumption of energy by up to 60%. This
initiative has reduced its energy use intensity (EUI), thereby attracting a potential new occupier.
• Installation of solar PV at Maxis Business Park – covering 8,746 square feet, this installation will save 45 tCO2e
per year, equivalent to planting 2,055 new trees.
• CarboniCa in-house carbon calculator tool for Maxis Business Park – with the extensive reuse of furniture, a
reduction of 5.6 tCO2e in embodied carbon was calculated.
• Climate Active certified – meeting the requirements of the climate active carbon neutral standard which are to
measure, reduce and offset remaining carbon emissions.
To benchmark our energy efficiency efforts, several of FLCT’s properties are certified by renowned third-party
green building standards. Our properties in Australia are assessed against the National Australian Built Environment
Rating System (NABERS) Energy ratings, which evaluates building efficiency across four areas (energy, water,
waste and indoor environment). Out of six stars, each of our Australia commercial properties has at least a score
of 4.5 stars, with 357 Collins Street achieving a 6-star score, showcasing a pinnacle level of performance. Besides
NABERS, Alexandra Technopark in Singapore is certified ISO 500015 and ISO 140016, demonstrating optimal energy
efficiency.
FLCT’s business parks in the UK are all certified against ISO 14001 standards and aligned with FPUK’s roadmap.
The roadmap outlines FPUK’s path to achieving net-zero carbon emissions across all its landlord-controlled areas
by 2030. In addition to this, FLCT’s UK properties are aligned with Better Buildings Partnership’s (“BBP’s”) UK
net-zero carbon framework.
Water
Our Approach
GRI 3-3, 303-1, 303-2
Water is essential to our business and operations, from its use in construction activities to our domestic and
process uses. With more than 50% of FLCT’s assets located in countries faced with high or extremely high water
stress7, this emphasises the importance of consuming water sustainably and responsibly. Coupled with the effects
of climate change, the effects of water scarcity are set to increase. As such, reducing our water footprint remains
one of our biggest priorities that needs to be managed.
With the importance of water for our business and location of some of our assets, we have set a goal to reduce the
water footprint intensity of our Singapore assets by 20% by 2030 compared to the baseline year of 2015. Given our
role as owner and manager of logistics and commercial properties, this goal requires us to work closely with our
tenants. We have accomplished this by measuring, monitoring, and managing their water use, along with evaluating
our properties against established third-party building certifications.
4 47 tCO2e is calculated for Category 7 based on 43% of response rate from our annual employee commuting survey.
5 ISO 50001 – energy management requires the organisation to establish, manage and improve energy consumption and efficiency
6 ISO 14001– specifies requirements for an environmental management system that an organisation uses to enhance environmental performance
7 According to the classification by the World Resources Institute’s research (2013)
Sustainability
Our Actions and Progress For tenanted areas, total water consumption in our
GRI 303-1, 303-2, 303-3 properties across all five geographies that we operate in
saw a 16.2% decrease y-o-y, to 230 megalitres9. Tenants
Water for FLCT’s industrial and commercial portfolio is at our industrial assets in Australia consumed 156
supplied by municipal water suppliers, which are from megalitres of water within FY2023. In tandem, their water
various sources (i.e. surface water, groundwater and intensity decreased by 19.2% compared to FY2022.
seawater). The water discharged is also handled by
municipalities. As our tenants form the major source of water
consumption, working together with our tenants is a
In FY2023, we saw a decrease of 13.3% y-o-y in water key to managing consumption. As an essential starting
consumption at the common areas of our commercial point, we have been collating water consumption
properties. Water intensity remained relatively data from our tenant-controlled areas and we strive to
unchanged, landing at 0.4 kL/m2. In Singapore, 30 continually enhance our coverage of these areas.
megalitres of NEWater8 were consumed at Alexandra
Technopark. We have also reused over 4 megalitres With the data collated, we would be able to identify our
of rainwater at Caroline Chisholm Centre for multiple top water usage intensive properties and subsequently
purposes such as irrigation and cleaning. engage the tenants within them. In these engagements, we
present recommendations for improvements and ways
to incorporate these into FLCT’s development activities
Landlord Water Consumption (kL) and
or asset enhancement deliveries, where possible.
Intensity (kL/m2)
0.5
0.4 0.4 WATER CONSUMPTION

223K MONITORING
Riding on a successful
175K pilot of using Smartvatten
152K devices in our industrial
assets in the Netherlands,
installation was expanded
to our properties in Germany. This required us
to engage with our German tenants through
interactive training and workshops. These
sessions provided insights into the importance
of monitoring water consumption and how the
FY2021 FY2022 FY2023 Smartvatten devices can help to increase water
Landlord Water Consumption (kL) | Intensity (kL/m2) efficiency. These workshops provided tenants an
avenue to voice their specific needs, enabling
Comparing our performance against established us to ensure the effective installation of devices.
third-party building certifications not only allows us Currently 90% of our German properties have
to assess our adherence to industry standards but Smartvatten devices installed.
also to gauge the effectiveness of our sustainable
water management initiatives and identify areas for Leveraging on these smart water systems allows
improvement. Both our properties at 357 Collins Street our customers to obtain their water usage data
in Melbourne and Caroline Chisholm Centre in Canberra straight from the meter, saving time and effort.
have retained their NABERS water ratings of 6.0 and 5.5 Particularly, this would be important to identify
stars respectively. Central Park in Perth holds a 3.5-star and mitigate potential leaks, thus prevent wastage
NABERS rating. In Singapore, Alexandra Technopark and allow for efficient water use.
was certified as a Water Efficient Building by PUB having
installed water efficient fixtures.
8 In Singapore, NEWater is reclaimed water produced through advanced water treatment processes, including microfiltration, reverse osmosis,
and ultraviolet disinfection. It is primarily used for non-potable purposes such as industrial processes, cooling water for power plants, and
irrigating public spaces
9 Water data for the reported periods are restated to factor in replacement of previous estimates with actual data, covering around 95% of water
consumption at tenanted areas.
Waste Some recycling initiatives that we continue to maintain

include recycling of used cooking oil into other
products such as biofuel and livestock feed at 357
Our Approach
Collins Street in Australia. In Singapore, to encourage
GRI 3-3, 306-1, 306-3
our commercial tenants to recycle electronic waste
(“e-waste”) we have continued to partner with ALBA
Waste generation is an inevitable byproduct of our
E-waste and recycled 319 kg in FY2023 from Alexandra
various activities such as construction materials and
Technopark. The e-waste collected in Singapore is
activities and from domestic and process use during
processed under a national regulated e-waste management
operations. Managing our waste remains important
system. These recycling initiatives in Singapore are some
not only for complying with regulatory requirements
of the steps we are taking towards achieving the general
but also aligns with our commitment to consuming
waste and recycling programme under our green lease
responsibly. Furthermore, effective management
initiative, in partnership with our tenants.
is crucial to our group-wide efforts of reducing
our environmental footprint and aligning with our
commitment to operate sustainably. Waste Generated (tonnes) and Waste Intensity
(kg/m2)
If not carefully managed, the waste we produce can
impact our business, environment and reputation. 3.7
Conversely, when well-managed, can have several 3.3
3.2
benefits including cost savings through efficient use
of resources and possibly promote innovative thinking 1.992
on how to reduce and reuse various resources. FLCT 1.771
takes a partnership-based approach towards waste

1.316
management. For our properties in Singapore, our
goal is to implement a general waste and recycling
programme through close collaborations with our
tenants under our green lease initiative.
Our Actions and Progress FY2021 FY2022 FY2023

GRI 306-2, 306-3, 306-4, 306-5 Waste Generated (tonnes) | Waste Intensity (kg/m2)
All waste collected at our various properties are

handled by licensed waste collectors. Singapore
adopts waste-to-energy incineration to handle most Waste Recycled (tonnes) and Recycling Rate (%)
domestic waste produced, alongside various recycling
initiatives such as the national recycling programme 21.5%
which involves collecting smaller recyclables including
paper and plastics to more specialised types such as
electronic waste. 17.0%
14.7%
Across our commercial properties, the amount of waste
generated continued to decrease whereby a total of
301
1,771 tonnes of waste10 was collected. Correspondingly, 283 292
waste intensity decreased to 3.2 kg/m2. For all general

waste collected, 19.0% was incinerated, 21.6% was
sent for landfill, 42.4% was sent to unknown destination
and the remaining was recycled. We have successfully
recycled 301 tones of waste in FY2023, including
31.7% of comingled recyclables, 20.3% of paper and
cardboard, and the rest being various materials such as FY2021 FY2022 FY2023
glass and metal. A 15.6% y-o-y increase in recycling rate Waste Recycled (tonnes) | Recycling Rate (%)
was observed, stemming from increased participation
rates amongst our tenants and the public through
various engagements and initiatives at our properties.
10 Waste data for the reported periods are restated to factor in replacement of previous estimates with actual data. Waste generated and recycled
is based on whole building area for properties we have direct operational control on. We do not report our waste generation for industrial
properties as it is largely dependent on tenants’ economic activity and are hence not meaningful
Sustainability
Materials and Supply Chain slavery in our operations. Eliminating modern slavery is
our commitment towards improving the well-being of
In FY2023, our Sponsor set a new goal of engaging 75% our stakeholders across our Australian portfolio. This
of suppliers by spending on our Responsible Sourcing also emphasises our commitment to ethical practices,
Policy by the end of FY2025. This will be achieved transparency and upholding human rights.
through our supplier e-learning programme, designed
to strengthen sustainability awareness and capabilities Together with Frasers Property Australia and Frasers
across our supply chain, along with other direct Property Industrial, we have published our third
engagement strategies. We will be onboarding suppliers Modern Slavery Statement which is based on a robust
of the REIT Manager onto the programme, which aims framework focusing on identifying, mitigating, and
to encourage and equip our stakeholders to implement remediating modern slavery risks and assessing the
sustainable business practices. This will serve as a effectiveness of these actions.
springboard towards reducing environmental and social
impacts in our value chain. In FY2023, 123 suppliers completed the Modern
Slavery Supplier Assessment in partnership with the
Our Approach Property Council of Australia, the technology company
GRI 3-3 Informed365, and other leading property developers
through the Property Council of Australia Supplier
As an investor of industrial and commercial properties, Platform. As we further develop our understanding of
we are aware of our position in influencing our supply and approach to reducing the risks of modern slavery,
chain and use of materials within our value chain. Our we will expand our engagement by rolling out the
Responsible Sourcing Policy is aligned to our Sponsor’s assessment to other suppliers. To ensure relevance, all
Group Responsible Sourcing Policy and governs our suppliers that have gone through the assessment will
approach to sustainable procurement. Through mapping be required to do an annual resubmission.
of our value chain, we identified our key suppliers based
on the level of environmental and social risks. With Continuous engagement with our various stakeholders
this assessment, we engaged our key suppliers on our is crucial to building strong relationships and fosters
Responsible Sourcing policy, which was implemented collaborations. These partnerships are instrumental
detailing the expectations of our contractors and in achieving our sustainability goals and objectives
suppliers across the following four key areas: effectively. For our industrial tenants, we have
incorporated a green lease standard which promotes
• Environmental management – To manage the the use of sustainable materials and efficient
environmental impacts of their products and management of properties.
services and continuously seek to improve their
environmental efforts Biodiversity
• Human rights and labour management – To eliminate
human rights violations and oppose human Our Approach
trafficking in their operations and supply chains and GRI 3-3
provide fair and transparent employment conditions
to their employees Biodiversity underpins economic development,
• Health, safety and well-being – To manage health providing several key ecosystem services such as clean
and safety risks and ensure that workers are safe air and water, as well as promoting both physical and
and protected mental well-being through recreation. Despite this,
• Business ethics and integrity – To uphold strong biodiversity remains under threat from various activities
business ethics and ensure that business is such as habitat destruction, climate change and
conducted lawfully and with integrity pollution. In the built environment, avenues for creating
positive impacts include incorporating habitat creation,
Our Actions and Progress conserving or restoring natural areas and implementing
At FLCT, our Modern Slavery Statement demonstrates sustainable landscaping practices that support local
our zero-tolerance stance toward any form of modern flora and fauna.
The introduction of the Kunming Montreal Global Biodiversity Framework alongside complementary frameworks
such as the Taskforce on Nature-related Financial Disclosures (“TNFD”) and the Science-Based Targets for Nature
(“SBTN”), presents us with the opportunity to mitigate FLCT’s impacts on biodiversity. This provides a platform for
identifying strategic focal points where our actions can best contribute to biodiversity protection and conservation.
Recognising the importance of biodiversity in sustaining our environment, we are committed to exploring ways to
measure and address our impacts on nature, together with our Sponsor. One of our Sponsor’s refreshed Group-wide
ESG Goals involves developing a framework by FY2025 to guide the assessment and prioritisation of biodiversity risks
and opportunities. The framework will be a foundational step within a wider roadmap to promote sustainable use of
biodiversity within the organisation.
As part of our evolving goals, we are committed to exploring ways to measure and address our impacts on nature.
Sustaining Urban Biodiversity at Farnborough Business Park
Farnborough Business Park exemplifies biodiversity within a suburban commercial environment and values
the surrounding natural areas, heritage, and diverse built form. In combination with modern sustainable offices
and accessible public spaces, Farnborough Business Park stands as a resilient and adaptable business park.
In FY2023, through baseline and ongoing surveys, engagement with the local community and ecological
advice, the team managing Farnborough Business Park created an action plan to continue enhancing
biodiversity throughout the park. Urban trees, better woodland management, modified grasslands, roadside
landscaping, ornamental ponds, and open mosaic habitats, are all key natural features either currently found
or are planned to be introduced throughout the business park.
Key urban greening initiatives introduced prior to 2023 include the exterior green walls on the double stacked
car parks which sit opposite the main building at Farnborough Business Park – which was once the main
terminal building of Farnborough airport – serving as a visual testament of our efforts towards the natural
environment. Additionally, the Grade I listed hangar frame and surrounding green spaces offer our occupiers
an open green space to relax, work and interact.
Sustainability
Focusing on People
At FLCT, we recognise that people are our greatest asset, and we strive to create
an environment where they can thrive and reach their full potential. We foster the
development of core skills such as resilience and design thinking by investing
in continuous employee growth, while cultivating a progressive, respectful, and
diverse culture.
FLCT’s goal is to create lasting value and contribute to the well-being of

the communities in which we operate. As part of our commitment to social
responsibility, we continually invest in our local communities and establish
policies that strengthen human capital and ensure equitable outcomes.
Additionally, we actively engage stakeholders through collaboration, education,
and advocacy to make a positive impact in the core areas of Health, Education
and the Environment.

Diversity, Equity & Inclusion ● To embed diversity, equity and inclusion in • Women made up 12.5% and 80% of the
our culture through employee engagement Board of Directors and senior management
● To provide training and education that respectively
raises employee awareness of diversity and
inclusion and associated benefits
● To enhance processes and policies to
encourage greater flexibility and diversity
Skills & Leadership • To ensure continuous learning to build a • Achieved 19 learning hours per employee
resilient organisation per year
Health & Well-being ● To transform our workplace by building a ● Zero incident of injuries for employees and
wellness culture that positively engages zero incident of high-consequence or work
employees related injuries for contractors
● To create awareness of health ● ISO 45001 certification for our commercial
management, support mental wellness and property in Singapore
foster a connected workforce
● To create a safe working environment and
achieve zero injuries
Community Connectedness ● To seek meaningful long-term relationships ● Supported the Milk and Diapers
that respect local cultures and create Programme with employee volunteering
lasting benefits
● To identify measurements to quantify
positive contributions
Diversity, Equity, and Inclusion (“DEI”) Frasers Property, of which the REIT Manager is a part
GRI 2-8 of, is a signatory to Singapore’s Tripartite Alliance
for Fair & Progressive Employer Practices (“TAFEP”),
Our Approach underscoring our commitment to implementing fair and
GRI 3-3, 2-29 progressive HR practices. Additionally, as a member
of the Singapore National Employer Federation, we
FLCT embraces diversity and is deeply committed to ensure alignment with the latest statutory guidelines
cultivating an inclusive workplace. We firmly believe that and national standards. We maintain an open appraisal
a diverse talent pool is a catalyst for fostering growth system for all REIT Manager employees, with rewards
and driving innovation. At FLCT, job opportunities are based on meritocracy.
offered based on merit, regardless of age, race, gender,
religion, marital status or disability. We view diversity In addition to this, all employees are expected to
as an asset that empowers us to create a thriving and uphold the principles of fairness and equality as
vibrant workplace. The diversity significantly enhances enshrined in the Code of Business Conduct and Frasers
our business performance by boosting our productivity Property Group’s Diversity and Inclusion Policy. We are
and retaining our talented employees. also in alignment with our Sponsor’s Group DEI Policy
and Framework. The framework comprises four key
equity strands: gender equity, generation equity, cultural
equity and ability equity.
GENDER EQUITY CULTURAL EQUITY
Continue to advance women at the workplace, enable Promote a positive environment where employees
flexible working arrangements and support all families can deliver their best regardless of race, ethnicity or
sexual orientation
GENERATION EQUITY ABILITY EQUITY
Develop strategies and support for an age-diverse Develop awareness and understanding of recruiting
workforce, rethink learning and development for and employing talent with disabilities, provide
long-life learning solutions at properties for inclusive spaces
Our human resources department is tasked with the Our Actions and Progress
responsibility of overseeing these policies, as well as GRI 2-7, 401-1, 404-3, 405-1
handling instances of discrimination and harassment
that may arise. Employees can report such incidents All permanent employees received a performance and
through our Sponsor’s whistleblowing channels. FLCT is career development review in FY2023. In addition, we
committed to resolving all cases and implementing the had a participation rate of over more than 90% for our
necessary remediation measures. Culture Survey led by our Sponsor every two years.
The strong level of participation in the culture survey
To foster a culture of diversity and inclusivity, we enabled us to obtain a meaningful understanding of the
regularly engage our employees in surveys, such as the organisational culture and employee considerations.
biennial Culture Survey led by our Sponsor. The insights Following the survey, employee engagement sessions
gained from these engagements not only enhance our were organised, where the survey results were shared
understanding of our teams’ work dynamics but also and feedback from employees were also collected.
promote improved communication and cooperation The feedback were shared with management for
among employees. their strategic action planning to strengthen our
organisational culture.
FLCT recognises the importance of building a
sustainable talent pipeline. We carry out yearly We also embrace a workforce that spans diverse age
performance evaluations that encompass an open groups, demonstrating our commitment to equal
and transparent appraisal approach, enabling our opportunity employment. Recognising the significance
employees to evaluate their performance and gain of age diversity, FLCT values the unique perspectives
insights into their career growth. All staff eligible and experiences that each generation brings to our
for incentives receive a performance and career operations. This inclusivity enhances innovation,
development review. Our reward system is rooted in collaboration, and a dynamic work environment,
meritocracy, ensuring that employees are recognised enabling us to better serve our customers and navigate
and incentivised based on their achievements. the ever-changing business landscape.
Moreover, we are committed to fostering equal
access to opportunities for all, promoting a pathway
for professional development. This underscores our
dedication to fostering a work environment that nurtures
individual growth and potential.
Sustainability
Hiring & Turnover Rates
Female Male Age Age Age Singapore Rest of the

under 30 30 – 50 over 50 world
Hiring rate 13% 5% 5% 13% 0% 16% 3%
Turnover rate 11% 11% 3% 13% 5% 13% 8%
We measure progress against applicable international Skills and Leadership

standards by tracking and disclosing our employee
composition in alignment with relevant GRI Our Approach
recommendations. GRI 3-3
As at 30 September 2023, all 38 employees of the In recognition of the substantial digitalisation and
REIT Manager were permanent, full-time employees, innovation reshaping the real estate sector, FLCT
with no temporary or part-time employees. 76% of the strives to proactively empower our team with the
employees are based in Singapore and the remaining necessary competencies. We aim to ensure that our
24% outside of Singapore. Women made up 63% team possesses not only the ability to keep pace
of REIT Manager employees and 80% of its senior with industry changes but also to be leaders in this
management. They also held 12.5% of positions on evolving landscape. We are confident that by investing
the Board. in our people, we will continue to thrive in a world
that is constantly evolving. To this end, we collaborate
In FY2023, seven employees were hired, while eight closely with our Sponsor’s Talent & Learning team,
employees contributed to the total turnover over the which identifies and curates comprehensive training
year. A breakdown of hiring and turnover rates during programmes to meet the diverse needs of our
the reporting period by gender, age group and region is employees.
presented in the table above.
GRI 404-1, 404-2
FLCT participates actively in learning needs dialogue

discussions alongside our Sponsor’s Talent & Learning
team. During these sessions, we engage in constructive
discussions about our employees’ learning needs,
devising solutions that align with our business priorities.
19 Average Learning Hours in FY2023
Average Learning Hours by Gender Average Learning Hours by Employment Category
20.0 19.6 19.4 25.4
Female | Male Executive | Non-Executive
Gender Employment Category

Female 20.0 Executive 19.4
Male 19.6 Non-Executive 25.4
In FY2023, our employees continued to participate As part of our unwavering dedication to safety, we
actively in learning and development programmes, with consistently inform to the Audit, Risk and Compliance
each employee undergoing an average of 19 learning Committee and our Board of any material events and
hours as at 30 September 2023. By equipping our actions to rectify any incidents.
employees with knowledge on sustainability concepts
and practices, we ensure that they are empowered In addition, all employees are encouraged to report any
to integrate eco-conscious decisions into their roles work-related hazard they observe and have the freedom
and responsibilities. This enables them to develop to remove themselves from potentially hazardous
a deeper appreciation for sustainability and its situations, without fear of reprisal. Employees can also
implications across various aspects of our operations. look to the whistle-blowing channels to make these
All our new hires undergo sustainability training via an reports.
e-learning module. Further, to ensure that sustainability
is incorporated into our strategy at the highest levels, Furthermore, we take guidance from our Sponsor’s
every member of our Board underwent SGX-prescribed Enterprise Risk Management (“ERM”) framework, which
sustainability training in FY2023. encompasses the tracking of health and safety risks.
Health and Well-being Cultivating Holistic Employee Health, Safety and

Well-Being
Our Approach GRI 403-6, 401-2, 401-3
GRI 3-3
We recognise that maintaining a healthy work life
Recognising the global reach of FLCT’s portfolio balance is pivotal for the overall satisfaction, long-term
and the diversity within our workforce, our utmost success and productivity of our employees. A balanced
priority lies in safeguarding the holistic well-being work-life equation not only enhances employee morale
of our stakeholders, be it our employees, tenants but also contributes to reduced stress levels, increased
or the local communities that we engage with. To job satisfaction and higher retention of top talent.
ensure this, we maintain rigorous safety and well-
being standards across our workplace practices and As a part of Frasers Property, all our full-time and
in the development and management of our assets. contract employees have access to a suite of welfare
We acknowledge that our actions have an impact that and benefits. These include insurance, medical and
extends beyond our organisation and can significantly dental benefits, maternity and parental leave and family
affect our stakeholders. We are committed to creating care leave. In line with the social security policies
a secure and healthy environment for people to work, legislated, we make monthly contributions to our
live and enjoy leisure activities. This commitment is Singapore employees’ Central Provident Fund accounts
underscored by our unwavering efforts to uphold the and, to our Australian employees’ superannuation fund
highest safety standards within our workplace and accounts. These contributions are a vital component of
across all our business operations. our comprehensive benefit package, aimed at ensuring
our employees have a secure financial future.
Upholding the Highest Occupational Health and
Safety Standards Across Our Properties
GRI 403-1, 403-2, 403-4, 403-7, 403-8
We are dedicated to safeguarding the well-being and

safety of our employees, contractors, clients and the
neighbourhood in which we operate. At FLCT, we
prioritise the creation of healthy working environments
within our properties through a well-established
safety framework guided by our Health, Safety and
Environment Policy. In line with this framework,
we have established a robust occupational health
and safety (“OHS”) management system that aligns
with ISO 45001:2018 within two of our properties,
Alexandra Technopark in Singapore and 357 Collins
Street in Melbourne, Australia. This standard specifies
requirements for an OHS management system, allowing
us to vigilantly monitor and address potential risks.
Sustainability
On top of these benefits, employees of the REIT Cultivating Holistic Employee Health, Safety and
Manager have access to our Sponsor’s Employee Well-Being
Assistance Program (“EAP”) which provides GRI 403-6
confidential counselling to our employees.
In FY2023, 7% of the REIT Manager’s male employees
To achieve this, our Sponsor’s Corporate Wellness and 4% of our female employees were availed paid
team takes great pride in crafting programs that foster parental leave, of which all of these employees
a workplace culture deeply committed to the well- returned to work in the same year. Of the REIT Manager
being of our staff. These programs operate within our employees who took parental leave in FY2022, half
Sponsor’s Group Corporate Wellness Framework, remained employed with the REIT Manager a year later.
covering various dimensions of well-being, including None of our employees went on maternity leave in the
physical, mental, financial and environmental aspects. previous reporting year. We firmly believe in fostering
a workplace culture that champions gender equality
Our commitment to maintaining a healthy work-life and family values. In FY2022, within our Australian
balance stems from our understanding of its positive operations, we implemented a gender-neutral approach
impact on our employees’ overall well-being, job to parental leave, offering an 18-week primary parental
satisfaction, and ultimately, the success of our leave option.
organisation.
We highly respect our employees’ diverse
Creating Places for the Good of Tenant Health and responsibilities and needs at various life stages. To
Well-Being accommodate this diversity, we have in place a flexible
GRI 403-6 work arrangement policy for all Singapore-based
non-shift staff. This policy empowers them to tailor
Our tenants spend a considerable amount of time in our their work to their specific needs, whether through
spaces. As one of our major immediate stakeholders, job sharing, flexible hours, or remote work options.
designing spaces with safety and well-being in mind is Additionally, we have introduced a special initiative in
crucial to creating an environment that promotes good Singapore, designating the last Friday of each school
health, productivity and overall quality for our tenants. term as ‘Eat with Your Family Day.’ This encourages
We benchmark our space through various frameworks employees to leave work early and spend quality time
like the WELL health-safety rating for our Australian with their loved ones.
properties and Fitwel in the UK. Moreover, we carry out
Indoor Environment Quality (IEQ) assessments as a part Creating Places for the Good of Tenant Health and
of the Green Star Performance indicators. Well-Being
GRI 403-6
In our property design and management, we prioritise
Upholding The Highest Occupational the health and well-being of our tenants, recognising
Health and Safety Standards Across the time they spend in our spaces. Some of the key
Our Properties achievements for FY2023 include:
GRI 403-1, 403-2, 403-4, 403-7, 403-9, 403-10
• Central Park in Perth was one of the first assets in
Western Australia to have earned the WELL health-
Our employees work across various functions and
environments, thus the main hazards they face would safety rating, due to features like handwashing
vary. In our office environments, some examples of the support, cleaning practices, health services and air,
main hazards would include ergonomic issues, slip and water quality monitoring protocols.
and trip hazards. All FLCT employees, activities and
• Blythe Valley Business Park is in the midst
workplaces are covered by the occupational health and
safety management system. No work-related fatalities, of collating documentation for a Fitwel 2-star
high-consequence injuries, recordable injuries, work- certification.
related ill health or significant safety-related non- • Farnborough Business Park in the UK has
compliance cases were recorded across our properties
earned a Fitwel commercial site certification with
in FY2023.
a prestigious 3-Star rating, establishing a global
benchmark for exceptionally healthy business parks.
• Maxis Business Park’s health and well-being In the UK, the engagement of our stakeholders is
framework encompasses key focus areas of outlined by the targets set through our social value
maintaining high air quality standards, promoting framework. Every year, each business park selects a
active travel and transport through accessible local charity to support. In FY2023, 300kg of easter eggs
pedestrian walkways and outdoor spaces, providing were donated to the Farnborough Food Bank to spread
access to healthier food choices and hosting events the festive joy to the children and families that they
that are in line with the theme of supporting healthy support. Both Chineham Park (owned by the Sponsor)
outcomes. and Farnborough Business Park have been re-awarded
the Green Flag Award which recognises well-managed
We are also actively conducting IEQ assessments in public parks and green spaces. The award sets the
alignment with the Green Star Performance indicators. benchmark for the management of recreational outdoor
As at 30 September 2023, we have successfully spaces across the UK and around the world.
conducted the assessments in all but one of our
industrial properties in Australia.
Community Connectedness
Our Approach
GRI 3-3
At FLCT, we are devoted to building genuine and

enduring relationships with our guests, employees,
suppliers, and local communities where we operate.
We express this commitment through our involvement
in community investment activities, including food
donations, as well as guest engagement initiatives
such as residence career talks. These initiatives aim to
enhance the sense of community connectedness and
foster a stronger, more interconnected community.
We are committed to being responsible corporate

MILK & DIAPERS 2023
citizens. We aim to make a positive impact on
FLCT continued to support the Milk & Diapers
the communities where we operate, fostering a
Programme in FY2023. In demonstration of our
sense of belonging and well-being among our
support this year, employees from the REIT
stakeholders. To ensure the efficient execution of
Manager volunteered with the programme monthly,
our programmes, we deploy community managers
supporting the outreach to some 375 low-income
at our Singapore commercial property and maintain
families with daily essentials.
dedicated community development teams in Australia,
underscoring our dedication to enhancing our
Care packs were also distributed in conjunction
community service efforts. We consistently seek
with the International Day of Charity on 5 September
feedback from our tenants through surveys to build in
2023.
improvements to our various programmes.

We share in our Sponsor’s mission of “Inspiring
experiences, creating places for good”. We dedicate
our resources towards making a positive difference to
society, in key focus areas of health, environment and
local communities, and understanding and engaging
with our employees and tenants. This year, employees
from our REIT Manager volunteered in packing milk
powder tins and diaper packs for beneficiaries under
the Milk & Diapers Programme, which provides parents
from low-income families with milk and diapers for
children up to three years of age.
Sustainability
We are also pleased that FPI’s Sustainability Manager operational efficiency and assess our ability to meet
who supports us in our sustainability efforts, received tenants’ requirements. In our most recent customer
the prestigious 2021 WELL community award survey, we achieved a Net Promoter Score (“NPS”) of
accorded by the International WELL Building Institute 53 points. Based on customer feedback received, we
in recognition of strong leadership in educating monitor the performance of our team across a variety
others, advocating for buildings, organisations and of functions such as building management, property
communities that support global health, impacting management, operations and satisfaction levels of the
the lives of countless people and paving the way for a facilities provided and the build environment.
healthier future.
Beyond monitoring our tenant’s satisfaction and our
Understanding and Engaging with Our Tenants performance, we also curate various activities to
At FLCT, we consistently monitor stakeholder actively engage our tenants. In the UK, regular tenant
satisfaction levels to ensure that the spaces and engagement events are organised by the property
experiences we provide are tailored to our tenants’ manager, that includes such as food festivals, book
unique needs. Our annual surveys provide valuable op-ups and coffee mornings for our tenants. Activities
feedback and insights that enable our teams to such as wellness classes, Christmas wreath making,
improve our performance. This ongoing dialogue with flower arranging, Halloween pumpkin carving, honey
stakeholders allows us to adapt and refine our offerings, making from bees in the parks are also organized
strengthening our relationship and enhancing overall amongst the slew of social and wellness initiatives
satisfaction. during the year. In Singapore, tenant engagement events
such as health talks, yoga sessions, food pop-ups, food
We conduct annual tenant satisfaction surveys at trucks and futsal challenge have been organised, adding
our industrial properties in Australia to gauge our to the vibrancy of Alexandra Technopark.
Recreational and health promotion initiative at Farnborough Business Park Futsal championship for tenants at Alexandra Technopark
About this Report
GRI 2-3
Report Scope
This is FLCT’s seventh annual ESG report. It provides a summary of our sustainability commitments and Our Actions
and Progress in managing our material sustainability issues.
The information contained in this report pertains to the period 1 October 2022 to 30 September 2023 (FY2023) and
covers our operations and properties in Australia, Germany, Singapore, the United Kingdom and the Netherlands.
Restatements of data and further notes to the performance data included in this report can be found on pages 131
to 135.
International Standards and Guidelines

This report has been prepared in accordance with:
• the Global Reporting Initiative (GRI) Universal Standards 2021
• the SGX-ST Listing Manual (Rules 711A and 711B)
• MAS Guidelines on Environmental Risk Management for Asset Managers
FLCT has applied the Reporting Principles from the GRI Standards to ensure high quality and proper representation
of the reported information. For a full list of disclosures reported, please refer to the GRI Content Index on pages
149 to 156.
This report has also incorporated the recommendations of the Task Force on Climate-related Financial Disclosures
(TCFD).
External Assurance
To verify the reliability of the data and management approach disclosed in our Integrated ESG Report, we sought
an independent limited assurance by Ere-S Pte Ltd, an independent third-party assurance provider. Details of the
assurance scope and findings can be found in the Independent Assurance Statement on pages 146 to 148.
Feedback
FLCT welcomes any feedback regarding this ESG Report and our sustainability performance. Please address all
feedback to [email protected].
Independent Assurance Statement

GRI 2-5
To the Management of Frasers Logistics and Type of assurance

Commercial Trust This assurance engagement was carried out to a limited
level of assurance in accordance with the International
Ere-S Pte Ltd (“Ere-S”) has undertaken an independent Standard on Assurance Engagements 3000 (ISAE
limited assurance on the content of Frasers Logistics 3000), Assurance Engagements Other than Audits or
and Commercial Trust’s (“FLCT”) ESG Report FY2023 Reviews of Historical Financial Information. A limited
(the “Report”). The engagement, which took place level assurance relies on desktop-based assessment
between September and November 2023, formed part and basic sampling that is sufficient to support the
of a wider assurance of Frasers Property Limited’s ESG plausibility of the information.
Report.
Assurance methodology
Scope The assurance procedures and principles applied in
The assurance encompassed the entire Report and this engagement are compliant with ISAE 3000 and
focused on all figures, statements and claims related are drawn from a methodology developed by Ere-S
to sustainability during the FY2023 reporting period comprising the following steps:
October 2022 to September 2023. This included the
environmental and social management approach and 1. Identifying and classifying data sets according to the
performance related to the company’s corporate office relevant topics and the types of evidence required
and portfolio of owned and managed properties (over for the verification process.
100 in total) in Australia, Europe and Singapore. The
topics covered included energy, carbon emissions, 2. Carrying out virtual interviews and remote desktop-
water, waste, diversity, employment, training, and safety. based data verification with the key data owners
However, the assurance excluded the environmental located at FLCT’s corporate and management
performance of properties in FLCT’s United Kingdom offices in Australia, Europe and Singapore.
portfolio, as they underwent a separate independent Specifically:
third-party verification. • Enquiring about the quantitative and qualitative
aspects of the performance disclosures, related
Ere-S did not verify that the Report contained all statements and the underlying measurement
information required by the GRI Standards for each systems, data collection and quality control
disclosure listed in the Report’s GRI Content Index, mechanisms,
nor did Ere-S assess the validity of the information • Requesting evidence of data sources from the
given in the Index, including the reasons for omissions. data owner or key functional manager, as well as
Similarly, the verification did not cover whether FLCT’s explanations of data collection and calculation
material issues, approaches and outcomes presented methods (including conversion factors,
in the Report were specifically aligned with any other estimates, key assumptions and apportionment
frameworks mentioned in the Report, such as the Task methodologies) to substantiate the figures and
Force on Climate-related Financial Disclosures (TCFD) claims.
framework, the MAS guidelines, the GHG Protocol, and • Taking a broad sampling of quantitative data to
the Sustainable Development Goals (SDGs). validate data sets and corresponding sources, as
Figures or statements unrelated to sustainability well as other supporting information.
were not covered in the assurance. These include • Challenging the claims made in the Report and
organisation profile and corporate structure, corporate comparing the presented evidence (including
financial and economic performance, and, where calculation methods, criteria and assumptions)
applicable, technical descriptions and figures of with external sources and information from other
construction, machineries, technologies, plants and business units and portfolios covered in the
production processes. wider assurance engagement or from previous
assurance engagements conducted for FLCT.
Assurance criteria
The information was verified against the principles of 3. Assessing the collected data against the reporting
Accuracy, Verifiability, Clarity, Completeness, Balance, criteria and providing recommendations for
Comparability, Sustainability Context and Timeliness correction of the Report’s content or for future
as defined under the Global Reporting Initiative (GRI) improvement of the data collection and reporting
Standards. procedures.
4. Validating the performance disclosures submitted in it, and for the selection and application of the methods
the final version of the Report and, where applicable, to collect and compile the performance data of its
verifying that Ere-S recommendations have been operations and properties. Ere-S was not involved in
applied. the development of the Report or any other aspects
or projects related to the sustainability framework of
5. Ere-S was given access to the data management FLCT. The activities of Ere S are independent of FLCT
systems covering the entire FLCT portfolio to allow and Frasers Property Limited and contain no financial
our assurance team to evaluate the environmental interest in their business operations.
and safety data more comprehensively. Social
performance figures, such as those relating to Findings and Observations
workforce profile and training, as well as group-level
initiatives disclosed in the Report, were verified in Our assessment shows that, during the reporting
separate interviews as part of the assurance process period, FLCT’s corporate governance and management
for Frasers Property Limited. approach to sustainability was consistent and
supported by policies and standardised procedures.
Ere-S assessment of statements concerning the There was evidence of sustained alignment with Fraser
number (or absence) of complaints, incidents, Property Limited’s ESG structure and goals, including
breaches, and cases of non-compliance to policies and sustained integration of a risk-based approach for
regulations related to environmental and social issues evaluating social and environmental issues and
was founded on confirmation by key data owners and, establishing mitigation measures, particularly regarding
where available, internal documents presented during impacts and responses related to climate change
the interviews. and performance measurement in the value chain.
Commendable improvements for this period include
FLCT’s stakeholder groups or their representatives were collecting and reporting fugitive emissions (refrigerants)
not interviewed during the assurance to assess the and four additional categories of Scope 3 GHG
results of the engagement initiatives and the impact of emissions.
the actions taken by the organisation.
Engagement with key stakeholder groups was also
Limitations observable throughout the reporting period, although
A limited assurance provides a relatively lower level there was limited evidence showing consistent two-way
of confidence in an organisation’s disclosures than engagement with stakeholders and their participation in
a reasonable level of assurance (as used in financial decision-making.
auditing) would provide. The restricted extent,
timeline and precision of audit procedures in a limited As for the collection and reporting of ESG performance,
assurance can leave small misstatements undetected. we observed further streamlining of ESG data
In addition, sustainability-related evidence being more management and improvements in the completeness,
persuasive rather than conclusive, the assurance accuracy and verifiability of the data and its underlying
findings are more constrained to the judgement of the calculation processes. For example, a high level of
assurance practitioner. completeness was visible in the data sets covering
tenants’ energy and water performance, while data
To mitigate the associated risk of material misstatement on fugitive emissions (refrigerants) and solar energy
in the disclosures being assessed during this generated on-site was still missing for a non-negligible
engagement and to provide greater confidence in the number of tenants (25%-45%) in FLCT’s portfolios.
accuracy of the information, including the application
of the management approach, data collection methods, No significant gaps or inconsistencies were found in the
criteria and assumptions, further confirmation of the Report’s disclosures, and the reporting team promptly
presented evidence was sought by Ere-S from multiple applied Ere-S recommendations for minor corrections.
data owners and using other internal and external
documentation. Although FLCT made reasonable progress in its
reporting scope during the year, the content of the
Responsibility and independence Report could achieve a higher level of completeness
This statement represents the independent opinion with additional data on the social and environmental
of Ere-S, whose responsibility was to provide the impacts in the rest of FLCT’s value chain. Along
assurance, to express conclusions according to the the same line, the Report would benefit from more
agreed scope, and to prepare the assurance report and balanced content showing positive and negative
this assurance statement for the Management of FLCT information, for example, highlights on current gaps
alone and for no other purpose. The Management of and negative performance related to internal targets or
FLCT was responsible for the preparation of the Report, alignment with standards.
including all statements and figures contained within
Independent Assurance Statement

GRI 2-5
Conclusion
On the basis of a limited assurance engagement
consistent with the above-listed criteria and findings,
nothing has come to Ere-S attention that causes us
not to believe that, in all material respects, FLCT’s
ESG Report FY2023 provides a credible and fair
representation of the organisation’s sustainability profile
and includes statements and figures that achieve an
adequate level of reliability and accuracy.
A detailed assurance report containing the above

findings and additional recommendations for
improvement has been presented to the Management
of FLCT.
Reg no. 201003736W

www.ere-s.com
Singapore, 23 November 2023
Jean-Pierre Dalla Palma

Director and Lead Certified Sustainability Assurance
Practitioner
Ere-S Pte Ltd is a consulting company specialising in

business sustainability and provides services in the
domains of sustainability reporting, sustainability report
assurance, stakeholder engagement and training. Our
assurance team is composed of assurance practitioners
with expertise in corporate sustainability and each
member is required to follow Ere-S’ assurance code
of conduct, which can be found at www.ere-s.com/
assurance-code-of-conduct. Ere-S is not responsible
for any actions taken by other parties as a result of the
findings presented in this assurance statement.
GRI Content Index
Statement of use Frasers Logistics & Commercial Trust (“FLCT”) has reported in accordance with the GRI Standards
for the period 1 October 2022 to 30 September 2023 (FY2023).
GRI 1 used GRI 1: Foundation 2021
Omission
GRI Standard/ Disclosure Location Page No. Requirement(s) Reason Explanation
Other Source Omitted
General disclosures
GRI 2: General 2-1 Organizational details • Corporate 6
Disclosures Profile
2021 • Our 7
Multinational
Presence
2-2 Entities included in the • About This 145
organization’s sustainability Report
reporting
2-3 Reporting period, • About This 145
frequency and contact Report
point
2-4 Restatements of Consuming
information Responsibly:
• Energy & 131-133
Carbon
• Water 133-134
• Waste 135
2-5 External assurance • Independent 146-148
Assurance
Statement
2-6 Activities, value • Corporate 6
chain and other business Profile
relationships • Our 7
Multinational
Presence
2-7 Employees • Focusing 138-140
on People
- Diversity,
Equity and
Inclusion
2-8 Workers who are not a, b, c Not The REIT
employees applicable. Manager does
not engage
a significant
number of
workers
who are not
employees.
2-9 Governance structure • Corporate 21
and composition Structure
• Board of 22-25
Directors
• Management 26-28
Team
• Managing 116-117
Sustainability
• Corporate 168
Governance
Report - Board
Composition
• Corporate IBC
Information
GRI Content Index
Omission
General disclosures
2-10 Nomination and • Corporate 168
selection of the highest Governance
governance body Report - Board
Composition
2-11 Chair of the highest • Board of 22-25
governance body Directors
2-12 Role of the • Managing 116-117
highest governance Sustainability
body in overseeing the
management of impacts
2-13 Delegation of • Corporate 165
responsibility for managing Governance
impacts Report –
Delegation
of Authority
Framework
2-14 Role of the highest • Board 112-113
governance body in Statement
sustainability reporting
2-15 Conflicts of interest • Corporate 176
Governance
Report –
Conflict of
Interest Policy
2-16 Communication of • Corporate 185-188
critical concerns Governance
Report –
Governance
of Risk and
Internal
Controls
2-17 Collective knowledge • Resilient 124
of the highest governance Properties –
body Our Actions
and Progress
• Corporate 167
Governance
Report –
Training and
Development
of Directors
2-18 Evaluation of the • Corporate 176-177
performance of the highest Governance
governance body Report – Board
Performance
Evaluation
2-19 Remuneration policies • Corporate 177-184
Governance
Report –
Remuneration
Matters
GRI 2: General 2-20 Process to determine • Corporate 177-184
Disclosures remuneration Governance
2021 Report –
Remuneration
Matters
Omission
2-21 Annual total a, b, c Confidentiality We are unable to
compensation ratio constraints. disclose the ratio
due to our highly
competitive
labour market.
2-22 Statement on • Board 112-113
sustainable development Statement
strategy
2-23 Policy commitments • Risk-based 120-122
Management
2-24 Embedding policy • Risk-based 120-122
commitments Management
2-25 Processes to • Risk-based 120-122 e Information We do not
remediate negative impacts Management unavailable. track the
effectiveness
of the
mechanisms,
but FLCT
readily
welcomes
feedback
through
our various
communication
channels.
2-26 Mechanisms for • Risk-based 120-122
seeking advice and raising Management
concerns
2-27 Compliance with laws • Risk-based 120-122
and regulations Management
2-28 Membership • Managing 116
associations Sustainability
- Participation
in Membership
Associations
and Alignment
with
Recognised
Standards
2-29 Approach to • Managing 116-117,
stakeholder engagement Sustainability 138-140
– Stakeholder
Engagement
2-30 Collective bargaining a, b Confidentiality We do not
agreements constraints. publicly
disclose this
data.
Material topics
GRI 3: Material 3-1 Process to determine • Managing 118-119
Topics 2021 material topics Sustainability
– Materiality
Assessment
3-2 List of material topics • Managing 118-119
Sustainability
– Materiality
Assessment
GRI Content Index
Omission
Acting Progressively
Risk-based Management
GRI 3: Material 3-3 Management of material • Acting 120-122
Topics 2021 topics Progressively
– Risk-based
Management
GRI 205: 205-1 Operations assessed • Acting 120-122 a, b Information Lack of data
Anti- for risks related to Progressively incomplete. for meaningful
corruption corruption – Risk-based disclosure.
2016 Management
205-2 Communication • Acting 120-122 c, d Information Lack of data
and training about anti- Progressively incomplete. for meaningful
corruption policies and – Risk-based disclosure.
procedures Management
205-3 Confirmed incidents • Acting 120-122
of corruption and actions Progressively
taken – Risk-based
Management
GRI 206: Anti- 206-1 Legal actions for • Acting 120-122
competitive anti-competitive behaviour, Progressively
Behaviour anti-trust, and monopoly – Risk-based
practices Management
Responsible Investment
GRI 3: Material 3-3 Management of material • Acting 123 – 124
- Responsible
Investment
Resilient Properties
GRI 3: Material 3-3 Management of material • Acting 124-129
- Resilient
Properties
Innovation
GRI 3: Material 3-3 Management of material • Acting 130
Topics 2021 topics Progressively -
Innovation
Consuming Responsibly
Energy and Carbon
GRI 3: Material 3-3 Management of material • Consuming 131-133
Topics 2021 topics Responsibly
– Energy and
Carbon
GRI 302: 302-1 Energy consumption • Consuming 131-133
Energy 2016 within the organization Responsibly
– Energy and
Carbon
302-2 Energy consumption • Consuming 131-133
outside of the organization Responsibly
– Energy and
Carbon
302-3 Energy intensity • Consuming 131-133
Responsibly
– Energy and
Carbon
302-4 Reduction of energy • Consuming 131-133
consumption Responsibly
– Energy and
Carbon
Omission
302-5 a, b, c Information Due to the
incomplete. management
of diverse
properties
and y-o-y
fluctuations, we
are unable to
provide specific
numerical
reductions
in energy
consumption
that are
directly tied to
initiatives. This
complexity
makes it
challenging to
precisely isolate
the impact of
its reduction
measures.
GRI 305: 305-1 Direct (Scope 1) GHG • Consuming 131-133
Emissions emissions Responsibly
2016 – Energy and
Carbon
305-2 Energy indirect • Consuming 131-133
(Scope 2) GHG emissions Responsibly
– Energy and
Carbon
305-3 Other indirect (Scope • Consuming 131-133
3) GHG emissions Responsibly
– Energy and
Carbon
305-4 GHG emissions • Consuming 131-133
intensity Responsibly
– Energy and
Carbon
305-5 Reduction of GHG • Consuming 131-133
emissions Responsibly
– Energy and
Carbon
Water
Topics 2021 topics Responsibly –
Water
GRI 303: Water 303-1 Interactions with • Consuming 133-134
and Effluents water as a shared resource Responsibly –
2018 Water
303-2 Management of water • Consuming 133-134
discharge-related impacts Responsibly –
Water
303-3 Water withdrawal • Consuming 133-134 b, c Information FLCT tracks
Responsibly – incomplete. total water
Water withdrawal but
currently does
not break this
down to source
and water
stress areas.
GRI Content Index
Omission
Waste
GRI 3: Material 3-3 Management of material • Consuming 135
Topics 2021 topics Responsibly –
Waste
GRI 306: 306-1 Waste generation and • Consuming 135
Waste 2020 significant waste-related Responsibly –
impacts Waste
306-2 Management of • Consuming 135
significant waste-related Responsibly –
impacts Waste
306-3 Waste generated • Consuming 135 a Information FLCT does
Responsibly – incomplete. not currently
Waste track the waste
composition.
306-4 Waste diverted from • Consuming 135
disposal Responsibly –
Waste
306-5 Waste directed to • Consuming 135
disposal Responsibly –
Waste
Materials and Supply Chain
GRI 3: Material 3-3 Management of material • Consuming 136
Topics 2021 topics Responsibly,
Materials and
Supply Chain
Biodiversity
Topics 2021 topics Responsibly,
Biodiversity
Focusing on People
Diversity, Equity and Inclusion
GRI 3: Material 3-3 Management of material • Focusing 138-140
Topics 2021 topics on People,
Diversity,
Equity and
Inclusion
GRI 401: 401-1 New employee hires • Focusing 138-140
Employment and employee turnover on People,
2016 Diversity,
Equity and
Inclusion
GRI 402: 402-1 Minimum notice a, b Not The notice
Labor/ periods regarding applicable. period varies
Management operational changes on a situational
Relations 2016 basis.
GRI 405: 405-1 Diversity of • Focusing 138-140
Diversity governance bodies and on People,
and Equal employees Diversity,
Opportunity Equity and
2016 Inclusion
405-2 Ratio of basic salary • Focusing 138-140 a, b Information Lack of data
and remuneration of on People, incomplete. for meaningful
women to men Diversity, disclosure.
Equity and
Inclusion
Omission
Skills and Leadership
Skills and
Leadership
GRI 404: 404-1 Average hours • Focusing 140-141
Training and of training per year per on People,
Education employee Skills and
2016 Leadership
404-2 Programmes for b Information Lack of data
upgrading employee skills incomplete. for meaningful
and transition assistance disclosure.
programmes
404-3 Percentage of • Focusing 138-140
employees receiving on People,
regular performance Diversity,
and career development Equity and
reviews Inclusion
Health and Well-being
Topics 2021 topics on People –
Health and
Well-being
GRI 401: 401-2 Benefits provided to • Focusing 141-143
Employment full-time employees that are on People –
2016 not provided to temporary Health and
or part-time employees Well-being
401-3 Parental Leave • Focusing 141-143
on People –
Health and
Well-being
GRI 403: 403-1 Occupational health • Focusing 141-143
Occupational and safety management on People –
Health and system Health and
Safety 2018 Well-being
403-2 Hazard identification, • Focusing 141-143 a, c, d Information Lack of data
risk assessment, and on People – incomplete. for meaningful
incident investigation Health and disclosure.
Well-being
403-4 Worker participation, • Focusing 141-143 a Information Lack of data
consultation, and on People – incomplete. for meaningful
communication on Health and disclosure.
occupational health and Well-being
safety
403-5 Worker training on • Focusing 141-143 a Information Lack of data
occupational health and on People – incomplete. for meaningful
safety Health and disclosure.
Well-being
403-6 Promotion of worker • Focusing 141-143
health on People –
Health and
Well-being
GRI Content Index
Omission
403-7 Prevention and • Focusing 141-143
mitigation of occupational on People –
health and safety impacts Health and
directly linked by business Well-being
relationships
403-8 Workers covered by • Focusing 141-143
an occupational health and on People –
safety management system Health and
Well-being
403-9 Work-related injuries • Focusing 141-143 c, f Information Lack of data
on People – incomplete. for meaningful
Health and disclosure.
Well-being
403-10 Work-related ill • Focusing 141-143 c, d Information Lack of data
health on People – incomplete. for meaningful
Health and disclosure.
Well-being
Community and Connectedness
GRI 3: Material 3-3 Management of material • Focusing 143
Community
Connectedness,
Our Approach
Notes
General
• Discrepancies between individual figures and aggregates, or derived values, in the charts and tables of this report are due to rounding.
Energy, Gas GHG, Water and Waste Reporting Scope

• The baseline of FY2019 was chosen because of the relatively complete dataset established and it was more representative of our usual business
activities.
• No mobile combustion considered for Scope 1 emissions as there are no owned vehicles. Stationary combustion is considered due to diesel
usage for generators. Industrial Processes and Product Use (IPPU) emissions are calculated based on refrigerants purchased for air conditioners
and cooling systems. Refrigerant emissions were estimated assuming 2% evaporation for assets in Australia and the purchased amount was
used for the commercial properties in Singapore.
• Scope 3 disclosures in this report include fuel- and energy-related activities, waste generated in operations, employee commuting, and
downstream leased assets. Fuel- and energy related well-to-tank transmission and distribution emissions are calculated based on the data
provided in Scope 1 and 2. Waste generated in operations includes emissions from third-party disposal and treatment of waste generated (solid
waste and wastewater) at controlled operations, assuming zero emissions for recycled waste. Employee commuting includes emissions from
the transportation of employees between their homes and their worksites as well as teleworking. The category of downstream leased assets
includes emissions from the operation of assets that are owned by the business and are leased to tenants, accounting for tenants’ Scope 1 and
2 emissions.
• Energy, GHG, water and waste intensities exclude both newly completed properties in FY2023 and properties divested at any point during the
reporting period.
• The GHG emission factors are from National Greenhouse Account Factors (2021, 2022 and 2023) by Australia’s National Greenhouse and Energy
Reporting Scheme; Greenhouse Gas Reporting Conversion Factors 2021, 2022 and 2023 by the United Kingdom’s Department for Energy
Security and Net Zero and Department for Business, Energy & Industrial Strategy; Singapore Energy Statistics (published in Oct 2022) from
Energy Market Authority; Entwicklung der Spezifischen Treibhausgas-Emissionen des Deutschen Strommix in den Jahren 1990 – 2022 by the
umweltbundesamt (German Environment Agency), and Association of Issuing Bodies for The Netherlands.
Monetary Disclosure
• All monetary related disclosures within the report are in Singapore Dollars (S$) unless stated otherwise.
Fuggerstraße 17, Bielefeld, Germany

Corporate Governance Report
INTRODUCTION
Frasers Logistics & Commercial Trust (formerly known as Frasers Logistics & Industrial Trust) (“FLCT”) is a real
estate investment trust (“REIT”) listed on the Main Board of the Singapore Exchange Securities Trading Limited
(the “SGX-ST”). FLCT is managed by Frasers Logistics & Commercial Asset Management Pte. Ltd. (formerly known
as Frasers Logistics & Industrial Asset Management Pte. Ltd.) (the “REIT Manager”), a wholly-owned subsidiary of
Frasers Property Limited (“FPL” or the “Sponsor”).
In line with the listing manual of the SGX-ST (the “SGX-ST Listing Manual”) and its obligations under the Guidelines
to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management (Guideline No:
SFA04–G07) issued by the Monetary Authority of Singapore (“MAS”), the REIT Manager complies with the principles
of the Code of Corporate Governance 2018 (the “CG Code”).
The practices and activities of the board of directors of the REIT Manager (the “Board”) and the management of
the REIT Manager (the “Management”) adhere closely to the provisions under the CG Code.
To the extent the practices may vary from any provision of the CG Code, the REIT Manager will state explicitly the
provision from which it has varied, explain the reason for the variation and explain how the practices nevertheless
are consistent with the intent of the relevant principle of the CG Code. The REIT Manager is also guided by the
Practice Guidance which accompanies the CG Code and which sets out best practices for listed issuers, as this
will build investor and stakeholder confidence in FLCT and the REIT Manager. A summary of compliance with the
express disclosure requirements under the provisions of the CG Code is set out on pages 195 to 196 of this Annual
Report.
FLCT is a signatory to the 2019 Corporate Governance Statement of Support organised by Securities Investors
Association (Singapore) where FLCT has pledged its commitment to uphold high standards in corporate governance.
The REIT Manager
The REIT Manager has general powers of management over the assets of FLCT. As a manager of a REIT, the REIT
Manager holds a Capital Markets Services Licence issued by the MAS to carry out REIT management activities.
The REIT Manager’s main responsibility is to manage FLCT’s assets and liabilities for the benefit of unitholders
of FLCT (“Unitholders”). To this end, the REIT Manager is able to set the strategic direction of FLCT and make
recommendations to Perpetual (Asia) Limited, in its capacity as trustee of FLCT (the “Trustee”), on acquisitions,
divestments and enhancement of the assets of FLCT. The role of the REIT Manager includes the pursuit of a
business model that sustains the growth and enhances the value of FLCT and is focused on delivering regular and
stable distributions to Unitholders. Other functions and responsibilities of the REIT Manager include preparing
annual asset plans and undertaking regular individual asset performance analysis and market research analysis, and
managing finance functions relating to FLCT (which includes financial and tax reporting, planning and budgeting,
capital management and treasury).
The Values of the REIT Manager
• The REIT Manager is committed to upholding and maintaining high standards of corporate governance,
corporate transparency and sustainability, and instituting sound corporate practices and controls to facilitate
the REIT Manager's role in safeguarding and enhancing FLCT's asset value so as to maximise returns from
investments, and ultimately the total return to Unitholders. The REIT Manager believes that a robust and sound
governance framework is an essential foundation on which to build, evolve and innovate a business which
is sustainable over the long term and one which is resilient in the face of the demands of a dynamic, fast-
changing environment.
• The REIT Manager adheres to corporate policies, business practices and systems of risk management and
internal controls, which are designed to ensure that it maintains consistently high standards of integrity,
accountability and governance in FLCT and its own daily operations.
• The REIT Manager ensures that the business and practices of FLCT are carried out in a manner that complies
with applicable laws, rules and regulations, including the Securities and Futures Act 2001 of Singapore ("SFA"),
the SGX-ST Listing Manual, the CG Code, the Code on Collective Investment Schemes (the "CIS Code")
issued by the MAS (including Appendix 6 of the CIS Code, the "Property Funds Appendix"), the trust deed
constituting FLCT between the REIT Manager and the Trustee dated 30 November 2015 (as amended) ("Trust
Deed"), as well as the written directions, notices, codes and other guidelines that the MAS and other regulators
may issue from time to time.
The Board works with Management to ensure that these values underpin its leadership of the REIT Manager.
The REIT Manager is staffed by an experienced and well-qualified team who manage the operational matters of
FLCT. The REIT Manager is a subsidiary of FPL, a multinational investor-developer-manager of real estate products
and services across the property value chain. FPL’s multinational businesses operate across five asset classes,
namely, residential, retail, commercial & business parks, industrial & logistics as well as hospitality. The FPL Group1
has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns
and/or operates serviced apartments and hotels in over 20 countries and more than 70 cities across Asia, Australia,
Europe, the Middle East and Africa.
As the Sponsor holds a substantial ownership stake of approximately 22.3%2 in FLCT, there is an alignment of
interests between the Sponsor, the REIT Manager and the Unitholders. The REIT Manager is able to benefit from
and leverage on its association with the Sponsor in the management of FLCT in various ways, including tapping
on the Sponsor’s extensive experience in development and management of real estate assets, sourcing for talent
and experienced personnel within the Sponsor pool of employees, including those who may be considered for
appointment to the Board, access to the FPL Group’s network of lenders for debt financing, and negotiating for
favourable terms with external suppliers and vendors on a group basis. The REIT Manager is also able to benefit
from the expertise of the FPL Group which was recognised in the 2022 Global Real Estate Sustainability Benchmark
(GRESB) results.
The REIT Manager is appointed in accordance with the terms of the Trust Deed. The REIT Manager can be
removed by notice in writing given by the Trustee in favour of a corporation appointed by the Trustee under certain
circumstances outlined in the Trust Deed, including where Unitholders, by a resolution duly passed by a simple
majority of Unitholders present and voting (with no Unitholder being disenfranchised) at a Unitholders' meeting,
decide that the REIT Manager is to be removed.
BOARD MATTERS
The Board
The Board is responsible for the overall leadership and oversight of both FLCT's and the REIT Manager's business,
financial, investment and material operational affairs and performance objectives, and its long-term success. The
Board sets the strategic direction of FLCT and the REIT Manager, which includes appropriate focus on value
creation, innovation and sustainability. The Board also determines the REIT Manager's approach to corporate
governance, including setting the appropriate tone-from-the-top and the desired organisational culture, values
and ethical standards of conduct, and works with Management on its implementation across all levels of the
organisation’s values, standards, policies and practices. The Board, supported by Management, ensures necessary
resources are in place for FLCT and the REIT Manager to meet its strategic objectives. Through the enterprise-wide
risk management framework of FLCT and its subsidiaries (the "Group"), the Board establishes and maintains a
sound risk management framework to effectively monitor and manage risks and to achieve an appropriate balance
between risks and the Group’s performance. The Board also puts in place policies, structures and mechanisms
to ensure compliance with legislative and regulatory requirements. The Board, which comprises directors who, as
fiduciaries, are expected to act objectively in the best interests of the REIT Manager and the Group, constructively
challenges Management and reviews its performance, and holds Management accountable for performance. It also
oversees Management to ensure transparency and accountability to key stakeholder groups.
1
The “FPL Group” refers to Frasers Property Limited and its subsidiaries.
2
As at 30 September 2023.
The Chairman
The chairman of the Board (the "Chairman") leads the Board. The Chairman provides leadership and direction in
the review of the REIT Manager’s corporate strategy and objectives, sets the right ethical and behavioural tone and
ensures the Board's effectiveness by, among other things, promoting and maintaining high standards of corporate
governance and transparency, encouraging active and effective engagement, participation by all directors of the
REIT Manager (the "Directors") and facilitating constructive relations among and between them and Management.
The Chairman sets the agenda for each Board meeting to take full account of the issues and concerns of the
Directors and the Management team, promotes a culture of openness at Board meetings and encourages Directors
to engage in productive and thorough discussions and constructive debate on strategic, business and other key
issues pertinent to the business and operations of the Group and the REIT Manager, leading to better decision-
making and enhanced business performance. With the support of the Board, the Company Secretary of the REIT
Manager ("Company Secretary") and Management, the Chairman spearheads the REIT Manager's drive to promote,
attain and maintain high standards of corporate governance and transparency.
The Chairman also presides over the Annual General Meeting each year and any other general meetings of the
Unitholders. The Chairman addresses, and/or requests the Chief Executive Officer (the “CEO”) and the Chief
Financial Officer (“CFO”) of the REIT Manager to address the Unitholders’ queries and ensures that there is clear
and open dialogue between all stakeholders.
Role of the CEO and Management
The Management is led by the CEO of the REIT Manager. The CEO is responsible for the execution of the strategies
and policies as approved by the Board, and leading, promoting and conducting the affairs of FLCT and the REIT
Manager with the highest standards of integrity, corporate governance and transparency. The CEO is accountable
to the Board for the conduct and performance of Management. The CEO and Management team are responsible
for executing the REIT Manager's strategies and policies, and are accountable to the Board for the planning,
direction, control, conduct and performance of the business operations of the REIT Manager. With the support of
Management, the CEO seeks business opportunities, drives new initiatives and is responsible for the operational
performance of the Group and building and maintaining strong relationships with stakeholders of the Group.
Division of Responsibilities between the Chairman and CEO
The Chairman and the CEO are separate persons and the division of responsibilities between the Chairman and
the CEO is clearly demarcated. This avoids concentration of power and ensures a degree of checks and balances,
an increased accountability, and greater capacity of the Board for independent decision-making. Such separation
of roles between the Chairman and CEO promotes robust deliberations by the Board and Management on the
business activities of FLCT.
Relationships between the Board and CEO
None of the members of the Board and CEO are related to one another, and none of them has any business
relationships among them.
Members of the Board and Board Committees
The following table shows the composition of the Board(1) and the various Board Committees (as defined below)
as at 30 September 2023:
Audit, Risk and Nominating and

Compliance Remuneration
Committee Committee
Mr Ho Hon Cheong Chairman, Non-Executive and Independent √ √
Director (Chairman)
Mr Kyle Lee Khai Fatt Non-Executive and Independent Director √ √

(Chairman)
Mr Goh Yong Chian Non-Executive and Independent Director √ √
Mr Phang Sin Min Non-Executive and Independent Director √
Ms Soh Onn Cheng Non-Executive and Independent Director

Margaret Jane
Mr Panote Sirivadhanabhakdi Non-Executive and Non-Independent Director √
Mr Chia Khong Shoong Non-Executive and Non-Independent Director
Mr Reinfried Helmut Otter Non-Executive and Non-Independent Director

(Reini Otter)
Note:
(1)
Mr Rodney Vaughan Fehring retired as a non-executive and non-independent director with effect from 1 December 2022.
Profiles of each of the Directors can be found at pages 22 to 25 of this Annual Report.
As at 30 September 2023, all of the Directors are non-executive and at least half of the Board comprises independent
Directors.
Board Committees
The Board has formed committees of their respective boards (the “Board Committees”) to oversee specific areas,
for greater efficiency and has delegated authority and duties to such Board Committees based on written and
clearly defined terms of reference. The terms of reference of the Board Committees set out their compositions,
authorities and duties, including reporting back to the Board. There are two Board Committees, namely, the Audit,
Risk and Compliance Committee (“ARCC”), and the Nominating and Remuneration Committee (“NRC”).
Minutes of all Board Committee meetings are circulated to the Board so that Directors are aware of and kept
updated as to the proceedings, matters discussed and decisions made during such meetings, and to enable the
Directors to weigh in on any key points under consideration.
AUDIT, RISK AND COMPLIANCE COMMITTEE

MEMBERSHIP KEY OBJECTIVES
Mr Kyle Lee Khai Fatt, Chairman (a) Assists the Board in fulfilling responsibility for overseeing
Mr Goh Yong Chian, Member the quality and integrity of the accounting, auditing,
Mr Ho Hon Cheong, Member financial practices, internal controls, risk management
Mr Phang Sin Min, Member and sustainability practices of the REIT Manager
As at 30 September 2023, the ARCC is made up of non-executive Directors, all of whom, including the chairman of
the ARCC, are independent Directors (“IDs”). All members of the ARCC, including the chairman of the ARCC, are
appropriately qualified and have recent and/or relevant accounting and related financial management expertise or
experience. Their collective wealth of experience and expertise enables them to discharge their responsibilities
competently.
Under the Terms of Reference of the ARCC, a former partner or director of FLCT’s existing auditing firm or auditing
corporation should not act as a member of the ARCC: (a) within a period of two years commencing on the date of
his ceasing to be a partner of the auditing firm or a director of the auditing corporation; and in any case, (b) for as
long as he has any financial interest in the auditing firm or auditing corporation. None of the members of the ARCC
is a former partner of FLCT’s external auditors, KPMG LLP and none of the members of the ARCC has any financial
interest in FLCT’s external auditors, KPMG LLP.
Audit Functions
The Terms of Reference of the ARCC provide that some of the key responsibilities of the ARCC include:
• External Audit Process: reviewing and reporting to the Board, the scope, quality, results and performance
of the external audit(s), its cost effectiveness and the independence and objectivity of the external auditors.
It shall also review the nature and extent of non-audit services performed by external auditors;
• Internal Audit: establishing an effective internal audit function which shall be adequately qualified to
perform an effective role, adequately resourced, independent of the activities which it audits and able to
discharge its duties objectively, and to approve the hiring, removal, evaluation and compensation of the
head of the internal audit function, or the accounting/auditing firm or corporation to which the internal
audit function is outsourced3;
• Financial Reporting: reviewing and reporting to the Board, the significant financial reporting issues and
judgments so as to ensure the integrity of the financial statements of FLCT and the REIT Manager and
any announcements relating to FLCT's and the REIT Manager's financial performance, and to review the
assurance provided by the CEO and the CFO (the “Key Management Personnel”) that the financial records
have been properly maintained and the financial statements give a true and fair view of FLCT's and/or the
REIT Manager's operations and finances;
• Internal Controls and Risk Management: reviewing and reporting to the Board at least annually, its
assessment of the adequacy and effectiveness of the REIT Manager's internal controls for FLCT and the
REIT Manager, including financial, operational, compliance and information technology controls (including
those relating to compliance with existing legislation and regulations), and risk management policies and
systems established by Management;
• Interested Person Transactions: reviewing interested person transactions (as defined in the SGX-ST Listing
Manual) and interested party transactions (as defined in the Property Funds Appendix) (both such types of
transactions constituting "Related/Interested Person Transactions") entered into from time to time and
the internal audit reports to ensure compliance with applicable legislation, the SGX-ST Listing Manual and
the Property Funds Appendix;
• Conflicts of Interests: deliberating on resolutions relating to conflicts of interest situations involving FLCT;
• Whistle-blowing: reviewing the policy and arrangements by which staff of the REIT Manager, FLCT and
any other persons may, in confidence, safely raise concerns about possible improprieties in matters of
financial reporting or other matters and ensure that arrangements are in place for such concerns to be
raised and independently investigated and for appropriate follow-up action to be taken; and
• Investigations: reviewing the findings of internal investigations into any suspected fraud or irregularity, or
suspected infringement of any Singapore laws or regulations or rules of the SGX-ST or any other regulatory
authority in Singapore, which the ARCC becomes aware of, and which has or is likely to have a material
impact on FLCT's operating results or financial position.
3
For FY2023, the internal audit function is outsourced to the FPL Group.
Where the external auditors raise any significant issues (where applicable) in their audit of FLCT’s year-end financial
statements, the ARCC will consider whether the issues raised have a material impact on the interim financial
statements or business updates previously announced by FLCT. If there is, the ARCC will bring this to the Board’s
attention immediately so that the Board can consider whether an immediate announcement is required under the
SGX-ST Listing Manual. In such a situation, the ARCC will also advise the Board if changes are needed to improve
the quality of future interim financial statements or business updates – such changes (if any) will be disclosed in
FLCT’s annual report.
In carrying out its role, the ARCC is empowered to investigate any matter within its Terms of Reference, with full
access to, and cooperation by, Management, to seek information it may require from any Director and/or employee
of the REIT Manager. The ARCC also has full discretion to request the attendance of any Director or employees
of the REIT Manager at its meetings, and reasonable resources to enable it to discharge its functions properly.
The Chairman of the Board, non-executive Directors, the CEO, the CFO, the head of the internal audit function,
representatives of the external auditor(s), or any other person with relevant experience and expertise may attend
the meetings of the ARCC at the invitation of the ARCC. The meetings serve as a forum to review and discuss
material risks and exposures of the REIT Manager's businesses and strategies to mitigate risks. The ARCC meets
with internal auditors and external auditors without the presence of Management at least once a year to review
various audit matters and the assistance given by Management to the internal and external auditors. In carrying
out its function, the ARCC may also obtain independent or external legal or other professional advice or appoint
external consultants as it considers necessary at the REIT Manager's cost.
Periodic updates on changes in accounting standards and treatment are prepared by external auditors and
circulated to members of the ARCC so that they are kept abreast of such changes and its corresponding impact
on the financial statements, if any.
Sustainability
The ARCC also assists the Board in carrying out its responsibility in determining environmental, social and
governance (“ESG”) factors identified as material to the business, monitoring and managing ESG factors and
overseeing standards, management processes and strategies to achieve sustainability practices. The ARCC has
oversight of sustainability practices, and assists the Board in ensuring that Management establishes and maintains
a sound system of sustainability governance and an appropriate sustainability reporting framework which links
sustainability risks and opportunities with strategy, other organisational risks and goals and which also enhances
operational responses to sustainability risks and opportunities.
Risk Management
The ARCC shall review the framework and processes established by Management to achieve compliance with
applicable laws, regulations, standards, best practice guidelines and the REIT Manager's policies and procedures.
The ARCC shall assist the Board in ensuring that Management maintains a sound system of risk management and
internal controls to safeguard the interests of the REIT Manager or the interests of Unitholders (as the case may be)
and the assets of the REIT Manager and the assets of FLCT. The ARCC also assists the Board in its determination
of the nature and extent of significant risks which the Board is willing to take in achieving the REIT Manager's
strategic objectives and value creation, and the overall levels of risk tolerance and risk policies, including reviewing
technology risks faced by the REIT Manager. Further information on the key activities conducted by the ARCC can
be found in the sections titled "Financial Performance, Reporting and Audit" on pages 184 to 185 and "Governance
of Risk and Internal Controls" on pages 185 to 188.
NOMINATING AND REMUNERATION COMMITTEE

MEMBERSHIP KEY OBJECTIVES
Mr Ho Hon Cheong, Chairman (a) Establishes a formal and transparent process for
Mr Kyle Lee Khai Fatt, Member appointment and re-appointment of Directors
Mr Goh Yong Chian, Member
Mr Panote Sirivadhanabhakdi, Member (b) Develops a process for evaluation of the performance
and annual assessment of the effectiveness of the
Board as a whole and each of its Board Committees and
individual directors
(c) Reviews succession plans
(d) Assists the Board in establishing a formal and transparent

procedure for developing policies on Director and
executive remuneration, developing a general framework
of remuneration for the Board and Key Management
Personnel and fixing the remuneration packages of
individual Directors and Key Management Personnel
(e) Ensures that there is an appropriate proportion of

independent directors on the Board, and review annually,
or where required, the independence of each Director
A majority of the members of the NRC, including the chairman of the NRC, are IDs.
The NRC is guided by written Terms of Reference approved by the Board which sets out the duties and responsibilities
of the NRC. The NRC’s responsibilities, in relation to its functions as a nominating committee, include reviewing
the structure, size and composition and independence of the Board and its Board Committees, reviewing and
making recommendations to the Board on the succession plans for Directors, the Chairman and Key Management
Personnel, making recommendations to the Board on all appointments and re-appointments of Directors (including
alternate Directors, if any), and determining the independence of Directors. The NRC also proposes for the Board’s
approval, the objective performance criteria and process for the evaluation of the effectiveness of the Board,
the Board Committees and each Director, and ensures that proper disclosures of such process are made. The
NRC is also responsible for reviewing and making recommendations to the Board on training and professional
development programmes for the Board and the Directors.
Further information on the main activities of the NRC, in relation to its functions as a nominating committee, are
outlined in the following sections:
(a) “Training and development of Directors” on page 167
(b) “Board Composition” on page 168
(c) “Directors’ Independence” on pages 171 to 176
(d) “Board Performance Evaluation” on pages 176 to 177
The NRC’s responsibilities, in reviewing remuneration matters, include: (i) reviewing and recommending to the
Board, a framework of remuneration for the Board and Key Management Personnel, and (ii) ensuring that the
remuneration of executive Directors, if any, shall not be linked in any way to FLCT’s gross revenue.
On an annual basis, the NRC also reviews and recommends, for the Board’s approval, the REIT Manager’s
remuneration and benefits policies and practices (including long-term incentive schemes), and the performance
and specific remuneration packages for each Director and Key Management Personnel, in accordance with the
approved remuneration policies and processes. The NRC also proposes, for the Board’s approval, criteria to assist
in the evaluation of the performance of Key Management Personnel, and (where applicable) reviews the obligations
of the REIT Manager arising in the event of the termination of the service agreements of Key Management Personnel
to ensure that such contracts of service contain fair and reasonable termination clauses. The NRC also administers
and approves awards under the FLCT Restricted Unit Plan (“RUP”) and/or other long-term incentive schemes to
senior employees of the REIT Manager.
In carrying out its review on remuneration matters, the Terms of Reference of the NRC provide that the NRC shall
consider all aspects of remuneration, including Directors’ fees, special remuneration to Directors who render
special or extra services to the REIT Manager, salaries, allowances, bonuses, options, Unit-based incentives
and awards, benefits-in-kind and termination payments, and shall aim to be fair and to avoid rewarding poor
performance.
If necessary, the NRC can seek expert advice on remuneration within the FPL Group’s Human Resources Department
or from external sources. Where such advice is obtained from external sources, the NRC ensures that existing
relationships, if any, between the REIT Manager and the appointed remuneration consultants will not affect the
independence and objectivity of the remuneration consultants.
Delegation of Authority Framework
As part of the REIT Manager’s internal controls, the Board has adopted a framework of delegated authorisations in
its Manual of Authority (the “MOA”). The MOA, which is approved by the Board, sets out the levels of authorisation
required for particular types of transactions to be carried out, and specifies whether Board approval needs to
be sought. It also sets out approval limits for operating and capital expenditure, treasury transactions as well as
investments and asset enhancement initiatives.
While day-to-day operations of the business are delegated to Management, in order to facilitate the Board’s
exercise of its leadership and oversight of FLCT, the MOA contains a schedule of matters specifically reserved
for approval by the Board and these are clearly communicated to Management in writing. These include approval
of annual budgets, material transactions such as the major acquisitions and disposals of property assets, equity
investments, unbudgeted asset enhancement initiatives and budgeted asset enhancement initiatives of specified
amounts, the entry into credit facilities including hedging facilities and issuance of any financial instrument, and
operational matters such as the entry into, or renewal of leases where the contract value exceeds a specified
amount. Investments and strategic plans are subject to the approval of the Board.
Meetings of the Board and Board Committees
The Board meets regularly, at least once every quarter, and also as required by business needs or if their members
deem it necessary or appropriate to do so.
The following table summarises the number of meetings of the Board and Board Committees and general meetings
held and attended by the Directors in FY2023:
Audit, Risk and Nominating and

Compliance Remuneration Annual
Board Committee Committee General
Meetings Meetings Meetings Meeting
No. of meetings held in FY2023 6 5 2 1
Mr Ho Hon Cheong 6 (C)(1) 5 2 (C)(1) 1 (C)(1)
Mr Kyle Lee Khai Fatt 6 5 (C)(1) 2 1
Mr Goh Yong Chian 6 5 2 1
Mr Phang Sin Min 6 5 N.A. 1
Ms Soh Onn Cheng Margaret Jane 6 N.A. N.A. 1
Mr Panote Sirivadhanabhakdi 3 N.A. 1 1
Mr Chia Khong Shoong 6 N.A. N.A. 1
Mr Reinfried Helmut Otter (Reini Otter) 6 N.A. N.A. 1
Mr Rodney Vaughan Fehring(2) Nil N.A. N.A. –*
Notes:
(1)
(C) refers to chairman.
(2)
* No meeting(s) held during period of appointment in FY2023.
A calendar of activities is scheduled for the Board a year in advance.
The REIT Manager’s Constitution provides for Board members who are unable to attend physical meetings to
participate through telephone conference, video conference or similar communications equipment.
Management provides the Directors with Board papers setting out complete, adequate and relevant information
on the agenda items to be discussed at Board and Board Committee meetings around a week in advance of the
meeting (save in cases of urgency). This gives Directors sufficient time to prepare for the meeting and review and
consider the matters being tabled so that discussions can be more meaningful and productive and Directors have
the necessary information to make sound and informed decisions.
Senior members of the Management team attend Board meetings, and where necessary, Board Committee
meetings, to brief and make presentations to the Directors, provide input and insight into matters being discussed,
and respond to queries and take any follow up instructions from the Directors. If required, time is set aside after
scheduled Board meetings for discussion amongst the Board members without the presence of Management.
Where required by the Directors, external advisers may also be present or available whether at Board and Board
Committee meetings or otherwise, and (if necessary), at the REIT Manager’s expense where applicable, to brief the
Directors and provide their advice.
Matters discussed by Board and Board Committees in FY2023

Board
(i) Strategy (v) Acquisitions and Divestment (viii) Cybersecurity and Threats
(ii) Business and Operations Proposals (ix) Technology Risk
Update (vi) Asset Enhancement Initiatives Management
(iii) Financial Performance (vii) Feedback from Board (x) Sustainability, Environmental,
(iv) Governance Committees Social & Governance
Audit, Risk and Compliance Committee Nominating and Remuneration Committee

(i) External and Internal Audit (i) Board Composition and Renewal
(ii) Financial Reporting (ii) Board Diversity Policy
(iii) Treasury, Debt and Capital Management (iii) Board, Board Committees and Director
(iv) Internal Controls and Risk Management Evaluations
(v) Related/Interested Person Transactions (iv) Training and Development
(vi) Conflicts of Interests (v) Remuneration Policies and Framework
(vii) Technology Risk Management (vi) Succession Planning
(viii) Sustainability, Environmental, Social & Governance
(ix) Compliance with Legislation and Regulations
(x) Tax Updates and Planning
Board Oversight
Outside of Board and Board Committee meetings, Management also provides Directors with complete and adequate
reports on major operational matters, business development activities, financial performance, potential investment
opportunities and budgets periodically, as well as such other relevant information on an on-going and timely basis
to enable them to discharge their duties and responsibilities properly. In respect of budgets, any material variances
between the projections and actual results will be disclosed and explained in the relevant periodic report.
Directors have separate and independent access to Management, and are entitled to request for such additional
information as needed to make informed decisions and to fulfil their duties and responsibilities properly, which
additional information will then be provided by Management in a timely manner. Where required or requested
by Directors, site visits are also arranged for Directors to have an intimate understanding of the key business
operations and to promote active engagement with Management.
Directors are provided with complete, adequate and timely information prior to meetings and on an on-going basis
to enable them to prepare adequately for Board and Board Committee meetings, make informed decisions and
discharge their duties and responsibilities, and to ensure that Directors (including those who hold multiple board
representations and other principal commitments) devote sufficient time and attention to the affairs of FLCT and
the REIT Manager. At Board and Board Committee meetings, the Directors attend and actively participate, discuss,
deliberate and appraise matters requiring their attention and decision. Where necessary for the proper discharge
of their duties, the Directors may seek and obtain independent professional advice at the REIT Manager’s expense.
The Company Secretary
The Board is supported by the Company Secretary, who is legally trained and familiar with company secretarial
practices, and responsible for administering and executing Board and Board Committee procedures in compliance
with the Companies Act 1967 of Singapore, the REIT Manager’s Constitution, the Trust Deed and applicable law.
The Company Secretary also provides advice and guidance on relevant guidelines, notices, rules and regulations,
including disclosure requirements under the SFA, applicable MAS guidelines and notices, the CIS Code and the
SGX-ST Listing Manual, as well as corporate governance practices and processes.
The Company Secretary attends all Board and Board Committee meetings and drafts and reviews the minutes of
proceedings thereof, and facilitates and acts as a channel of communication for the smooth flow of information
to and within the Board and its various Board Committees, as well as between and with senior Management.
The Directors have separate and independent access to the Company Secretary, whose responsibilities include
supporting and advising the Board on corporate and administrative matters.
The Company Secretary obtains and consolidates Directors’ feedback and evaluation, facilitates induction and
orientation programmes for new Directors, and assists with Directors’ professional development matters. The
Company Secretary also acts as the REIT Manager’s primary channel of communication with the SGX-ST.
The appointment and removal of the Company Secretary is subject to the approval of the Board.
Training and Development of Directors
The NRC is tasked with identifying and developing training programmes for the Board and Board Committees for
the Board’s approval and ensuring that Directors have the opportunity to develop their skills and knowledge.
Upon appointment, each new Director is issued a formal letter of appointment setting out his or her duties,
responsibilities and obligations, including his or her responsibilities as fiduciaries and on the policies relating to
conflicts of interest, as well as the expectations of the REIT Manager. An induction and orientation programme
is also conducted to provide new appointees with information on the business activities, strategic direction,
policies and corporate governance practices of the REIT Manager, as well as their statutory and other duties and
responsibilities as directors. A new Director who has no prior experience as a director of an issuer listed on the
SGX-ST must also undergo mandatory training in his or her roles and responsibilities as prescribed by the SGX-ST
(including training on sustainability matters), unless the NRC is of the view that training is not required because he
or she has other relevant experience, in which case the basis of its assessment will be disclosed. There were no
new Directors who were appointed to the Board in FY2023.
The Directors are kept continually and regularly updated on FLCT’s business and the regulatory and industry
specific environments in which the entities of the Group operate. The REIT Manager sees to it that the Board
is regularly updated on new developments in laws and regulations or changes in regulatory requirements and
financial reporting standards which are relevant to or may affect the REIT Manager or FLCT and such updates
may be in writing, by way of briefings held by the REIT Manager’s lawyers, external advisers and external auditors
or disseminated by way of presentations and/or handouts. During FY2023, the Directors attended briefings and
training programmes on, among others, (i) changes to SGX-ST Listing Manual and recommendations on adoption
of the International Sustainability Standards Board reporting standards; (ii) changes in the financial reporting
standards; (iii) briefing on MAS Guidelines on Business Continuity Management Compliance; (iv) cybersecurity
training; (v) economic updates; and (vi) briefing on the industrial and office sector resilience in Australia. A majority
of the Directors attended an asset tour of FLCT’s Australia portfolio in August 2023.
To ensure the Directors have the opportunities to develop their skills and knowledge and to continually improve
the performance of the Board, all Directors are encouraged to undergo continual professional development during
the term of their appointment, and provided with opportunities to develop and maintain their skills and knowledge
at the REIT Manager’s expense. The REIT Manager maintains a training record to track Directors’ attendance at
training and professional development courses.
Directors are encouraged to be members of the Singapore Institute of Directors (“SID”) and for them to receive
updates and training from SID to stay abreast of relevant developments in financial, legal and regulatory requirements,
and relevant business trends.
BOARD COMPOSITION
All of the Directors are non-executive and the Board comprises five independent and three non-independent
Directors.
No alternate directors have been appointed on the Board for FY2023. Alternate directors will only be appointed in
exceptional circumstances. As the Chairman, Mr Ho Hon Cheong, is a Non-Executive and Independent Director,
no lead independent director has been appointed.
The NRC reviews, on an annual basis, the structure, size, and composition of the Board and Board Committees,
taking into account the CG Code and Regulations 13D to 13H of the Securities and Futures (Licensing and Conduct
of Business) Regulations (the “SFLCB Regulations”). The NRC has assessed that the current structure, size and
composition of the Board and Board Committees are appropriate for the scope and nature of FLCT’s and the REIT
Manager’s operations. No individual or group dominates the Board’s decision-making process or has unfettered
powers of decision-making. The NRC is of the opinion that the Directors with their diverse backgrounds and
competencies (including real estate experience / knowledge, business management, strategy development,
investments / mergers and acquisitions (including fund management and/or investment banking), audit / accounting
and finance, risk management, legal / corporate governance, sustainability and human resource management)
provide the appropriate balance and mix of skills, knowledge, experience and other aspects of diversity that avoids
groupthink and fosters constructive debate and ensures the effectiveness of the Board and its Board Committees.
The Board concurs with the views of the NRC.
Where Directors step down from the Board, cessation announcements providing detailed reason(s) for the cessation
are released on SGXNet in compliance with the requirements of the SGX-ST Listing Manual.
Board Composition in terms of Age Group, Independence, Tenure and Gender (as at 30 September 2023)
Age Group Independence Gender
41-50 12% Non-Executive and Female 12.5%

62.5%
51-60 25% Independent Directors Male 87.5%
61-70 38% Non-Executive and
Non-Independent 37.5%
71-80 25%
Directors
Tenure
Between 6-8 years 3
Between 4-6 years 1
Between 2-4 years 2
2 years or less 2
0 1 2 3 4
Number of Directors
Selection, Appointment and Re-appointment of Directors
Under the NRC’s Terms of Reference, the NRC is tasked with making recommendations to the Board on all Board
appointments and re-appointments, taking into account, among other things, the scope and nature of the operations
of the Group, the requirements of the business, whether Directors who have multiple board representations are able
to carry out and have been carrying out their duties as Directors and whether the Directors have given sufficient
time and attention to the affairs of FLCT and the REIT Manager. The process for the selection, appointment and
re-appointment of Directors also takes into account the composition and progressive renewal of the Board and
Board Committees, each Director’s experience, education, expertise, judgment, personal qualities and general and
sector specific knowledge in relation to the needs of the Board as well as whether the candidates will add diversity
to the Board and whether they are likely to have adequate time to discharge their duties, including attendance at all
Board meetings. The NRC will also take into consideration whether a candidate had previously served on boards
of companies with adverse track records or a history of irregularities, and assess whether such past appointments
would affect his/her ability to act as a Director of the REIT Manager.
The NRC considers different channels to source and screen both internal and external candidates for Board
appointments, depending on the requirements, including tapping on existing networks of contacts and
recommendations. External consultants may be retained from time to time, where appropriate, to assist in assessing
and selecting a broader range of potential internal and external candidates beyond the Board’s existing network
of contacts. Suitable candidates are carefully evaluated by the NRC so that recommendations made on proposed
candidates are objective and well supported.
On an annual basis, the NRC reviews (a) the directorships and principal commitments of each Director, and (b)
a framework for Board evaluation to be conducted by an external consultant on the effectiveness of the Board.
Through the aforementioned review and Board evaluation exercise, the Directors assess whether Board members
effectively manage his or her directorships and have the time and ability to contribute to the Board.
Instead of prescribing a maximum number of directorships and/or other principal commitments that each Director
may have, the NRC adopts a holistic assessment of each Director’s individual capacity and circumstances to carry
out his or her duties, taking into consideration not only the number of other board and other principal commitments
held by each Director, but also the nature and complexity of such commitments. The assessment also takes into
consideration Directors’ commitment, conduct and contributions (such as meaningful participation, candour and
rigorous decision making) at Board meetings, as well as whether the Director’s engagement with Management is
adequate and effective. In respect of FY2023, the NRC is of the view that each Director, including Directors who
hold multiple board representations, has been able to diligently discharge his duties as a Director of the REIT
Manager. Further details on the Board evaluation exercise are set out under the section “Board Performance
Evaluation” on pages 176 to 177.
Directors are not subject to periodic retirement by rotation. Under its Terms of Reference, the NRC is tasked with
reviewing the succession plans for Directors, the Chairman and Key Management Personnel.
Board Diversity Policy, Targets, Timelines and Progress
The NRC is responsible for:
(a) the Board Diversity Policy which has been adopted by the Board;
(b) setting qualitative and measurable quantitative objectives (where appropriate) for achieving board diversity;
(c) monitoring and implementing the Board Diversity Policy, and taking the principles of the Board Diversity Policy
into consideration when determining the optimal composition of the Board and recommending any proposed
changes to the Board; and
(d) reviewing the REIT Manager’s progress towards achieving the objectives under the Board Diversity Policy.
Upon the NRC’s recommendation, the Board will set certain measurable objectives and specific diversity targets
(each a “Target”) in order to achieve an optimal Board composition. These Targets will be reviewed by the NRC
annually to ensure their appropriateness. The NRC will endeavour to ensure that the Targets are taken into
consideration when assessing the suitability of candidates for new Board appointments, and together with the
Board, will work towards meeting the Targets as set by the Board. The Board will strive to ensure, with a view to
meeting the Targets, that:
(a) any brief to external search consultants for potential appointments to the Board will include a requirement to
fulfil one or more Targets; and
(b) candidates fulfilling one or more of the Target(s) are included for consideration by the NRC whenever it seeks
to identify a new Director for appointment to the Board.
The REIT Manager embraces diversity and the Board Diversity Policy addresses various aspects of diversity such
as gender, skills and expertise and age.
The Board composition reflects the REIT Manager’s commitment to Board diversity, especially in terms of gender,
skills and expertise and age. The REIT Manager’s diversity Targets for the Board, its plans and timelines for achieving
the Targets, and its progress towards achieving the Targets, are described below.
Target Progress and plans towards achieving Target

1. Gender representation
Achieve at least 25% female representation on the When identifying new director(s) for appointment to
Board by 2025. the Board, the REIT Manager will strive to ensure that
female candidate(s) are included for consideration
by the NRC.
2. Skills and expertise
The Board to comprise Directors who, as a group, As at 30 September 2023, this target is met.
possess a variety of qualifications and competencies,
including skillsets, expertise and/or experience in at When considering new Directors for appointment
least a majority of the identified core competencies of: to the Board, candidates who have relevant
(i) real estate industry experience/knowledge; skills, expertise and/or experience which would
(ii) business management; complement those already on the Board would be
prioritised.
(iii) strategy development;
(iv) investments/mergers and acquisitions
(including fund management and/or investment
banking);
(v) audit/accounting and finance;
(vi) risk management;
(vii) legal/corporate governance;
(viii) digital and technology (including AI);
(ix) sustainability; and
(x) human resource management,
and experience in relevant geographies.
3. Age diversity
The Board to comprise directors falling within at As at 30 September 2023, this target is met.
least two out of three age groups, being (i) 50 and
below; (ii) 51 to 60; and (iii) 61 and above.
The REIT Manager’s target is to maintain the above levels of diversity in skills and expertise and age annually.
The Board views Board diversity as an essential element for driving value in decision-making and proactively seeks
as part of its Board Diversity Policy, to maintain an appropriate balance of expertise, skills and attributes among
the Directors. This is reflected in the diversity of gender, skills and expertise, and age of the Directors. The Board,
taking into account the views of the NRC, considers that diversity of the Board will contribute to the quality of its
decision-making process and serve the needs and plans of the Group. In this regard:
(a) in relation to gender representation, the REIT Manager believes in achieving an optimum mix of gender
representation on the Board to provide different approaches and perspectives. The push for greater gender
diversity would also provide the REIT Manager with access to a broader talent pool and improve its capacity
for strategic thinking and problem solving;
(b) in relation to skills and expertise, the REIT Manager believes that diversity in skills and expertise would
support the work of the Board and Board Committees and the needs of the REIT Manager. This benefits the
REIT Manager and Management as decisions by, and discussions with, the Board would be enriched by the
broad range of views and perspectives and the breadth of experience of the Directors. In addition, this would
facilitate the effective oversight of management and the Group’s businesses and would also help shape the
REIT Manager’s strategic objectives; and
(c) in relation to age diversity, the REIT Manager believes that age diversity would contribute beneficially to the
Board’s deliberations and avoid the risk of groupthink, while ensuring the Board’s decisions and/or strategies
stay relevant as markets evolve.
The current Board composition reflects an appropriate diversity of age, independence, backgrounds and competencies
of the Directors. The competencies of the Directors range from real estate industry experience/knowledge, business
management, strategy development, investments/mergers and acquisitions (including fund management and/
or investment banking), audit/accounting and finance, risk management, legal/corporate governance, digital and
technology, sustainability and human resource management. Furthermore, the Directors’ diversity in experience in
different geographical markets has provided the REIT Manager with significant insights and in-depth understanding
of the Group’s multi-national businesses across key markets including Singapore, Australia and Europe (including the
United Kingdom). As at 30 September 2023, the ages of the Board members range from 45 to 79 years.
Directors’ Independence
The Directors exercise their judgment independently and objectively in the interests of FLCT and the REIT Manager.
The NRC determines annually, and as and when circumstances require, if a Director is independent based on
the rules, guidelines and/or circumstances on director independence as set out in Rule 210(5)(d) of the SGX-
ST Listing Manual, Provision 2.1 of the CG Code and the accompanying Practice Guidance, the MAS Guidelines
No. SFA04-G07 “Guidelines to all Holders of a Capital Markets Services Licence for Real Estate Investment Trust
Management” dated 1 January 2016 and Regulations 13D to 13H of the SFLCB Regulations (collectively, the
“Relevant Regulations”). The NRC provides its views to the Board for the Board’s consideration. Directors are
expected to disclose any relationships with the REIT Manager, its related corporations, its substantial shareholders,
its officers or the substantial Unitholders of FLCT, if any, which may affect their independence, as and when they
arise, to the Board.
Each of the IDs complete a declaration of independence annually which is reviewed by the NRC. Based on the
declarations of independence of the IDs, and having regard to the rules, guidelines and circumstances set forth in
the Relevant Regulations, the NRC and the Board have determined that as at 30 September 2023, there are five IDs
on the Board (including the Chairman), namely, Mr Ho Hon Cheong, Mr Kyle Lee Khai Fatt, Mr Goh Yong Chian, Mr
Phang Sin Min and Ms Soh Onn Cheng Margaret Jane.
Mr Ho Hon Cheong
Mr Ho Hon Cheong is currently a non-executive and independent commissioner of PT Chandra Asri Petrochemical
Tbk in Indonesia and a non-executive and independent director of AIA Singapore Pte. Ltd.. He has confirmed, inter
alia, that he:
(a) is not connected1 to any substantial shareholder2 of the REIT Manager or substantial Unitholder2 of FLCT and
does not have any relationship with the REIT Manager, its related corporations, its substantial shareholders,
its officers or the substantial Unitholders of FLCT which could interfere with the exercise of his independent
judgment as a Director;
(b) (i) is not employed by the REIT Manager, its related corporations or the trustee of FLCT for FY2023 or any of
the past three financial years, and (ii) does not have any immediate3 family member who has been employed
by the REIT Manager or its related corporations, FLCT or any of its related corporations or the Trustee as an
executive officer in any of the past three financial years; and
(c) in FY2023 or the immediate past financial year, (i) has not, and does not have any immediate family member
who, received significant payments4 or material services from the REIT Manager or any of its subsidiaries,
FLCT or any of its subsidiaries and/or the Trustee, and (ii) was not, and does not have any immediate family
member who was (a) a substantial shareholder or Unitholder of, or (b) a partner (with 5% or more stake), or (c)
an executive officer of, or (d) a director of, any organisation to or from which the REIT Manager, FLCT or their
subsidiaries or the Trustee made, or received significant payments5 or material services (other than directors’
fees).
Having considered the declaration of independence and the Relevant Regulations, the NRC has determined that
Mr Ho is an independent director as at 30 September 2023.
Mr Kyle Lee Khai Fatt
Mr Kyle Lee Khai Fatt is currently a director of Great Eastern Holdings Limited (“GEH”) and a director of GEH’s wholly-
owned subsidiary, The Great Eastern Life Assurance Company Limited. He has confirmed, inter alia, that he:
(a) is not connected1 to any substantial shareholder2 of the REIT Manager or substantial Unitholder2 of FLCT and,
save as elaborated below, does not have any relationship with the REIT Manager, its related corporations, its
substantial shareholders, its officers or the substantial Unitholders of FLCT which could interfere with the
exercise of his independent judgment as a Director;
member who, was (a) a substantial shareholder or Unitholder of, or (b) a partner (with 5% or more stake), or (c)
fees).
As mentioned above, Mr Lee is a director of GEH and a director of GEH’s wholly-owned subsidiary, The Great
Eastern Life Assurance Company Limited. Great Eastern General Insurance Limited (“GEG”), a wholly-owned
subsidiary of GEH, has provided insurance products to FLCT, the REIT Manager and/or their related corporations
in the current and the immediately preceding financial year and received fees therefor (“GEG Fees”). In respect
of the procurement process of insurance policies of FLCT and the REIT Manager, insurance policies are procured
with the assistance of unrelated professional insurance brokers who will source for the most competitive quotes
and terms, and make recommendations to FLCT and/or the REIT Manager accordingly. Notwithstanding this, such
provision of insurance products fall within the categories of business relationships set out in Regulation 13G of the
SFLCB Regulations.
The NRC has taken into account, inter alia, the declaration of independence by Mr Lee, the Relevant Regulations
and the objective criteria in the procurement of insurance products from GEG, and affirms its view that the provision
of insurance products by GEG to FLCT, the REIT Manager and/or its related corporations and the payment of the
GEG Fees in respect thereof do not affect his continued ability to exercise strong objective judgment and be
independent in conduct and character (in particular, in the expression of his views and in his participation in the
deliberations and decision making of the Board and Board Committees of which he is a member), and do not
interfere with the exercise of his independent judgment, acting in the best interests of all Unitholders as a whole.
As such, the NRC has determined that Mr Lee is an independent director as at 30 September 2023.
Mr Goh Yong Chian
Mr Goh Yong Chian has confirmed, inter alia, that he:
by the REIT Manager or its related corporations , FLCT or any of its related corporations or the Trustee as an
fees).
Mr Goh is an independent director as at 30 September 2023.
Mr Phang Sin Min
Mr Phang Sin Min is currently a non-executive and independent director of PARAGON REIT Management Pte. Ltd.
(formerly known as SPH REIT Management Pte. Ltd.), the manager of PARAGON REIT. He has confirmed, inter alia,
that he:
fees).
Mr Phang is an independent director as at 30 September 2023.
Ms Soh Onn Cheng Margaret Jane
During FY2023, Ms Soh Onn Cheng Margaret Jane was a non-executive and independent director of Prime US REIT
Management Pte. Ltd. (formerly known as KBS US Prime Property Management Pte. Ltd.), the manager of Prime US
REIT (which is listed on the Main Board of the SGX-ST) until the cessation of her appointment on 31 May 2023. She
has confirmed, inter alia, that she:
its officers or the substantial Unitholders of FLCT which could interfere with the exercise of her independent
by the REIT Manager or its related corporations , FLCT or any of its related corporations or the Trustee as an
member who, was (a) a substantial shareholder or Unitholder of, or (b) a partner (with 5% or more stake), or (c)
fees).
Having considered the declaration of independence, and the Relevant Regulations the NRC has determined that
Ms Soh is an independent director as at 30 September 2023.
Notes:
(1) A Director is “connected” to a substantial shareholder of the REIT Manager or substantial Unitholder if:
(a) in the case where the substantial shareholder or substantial Unitholder is an individual, he/she is:
(i) a member of the immediate family of the substantial shareholder or substantial Unitholder;
(ii) employed by the substantial shareholder or substantial Unitholder;
(iii) a partner of a firm or a limited liability partnership of which the substantial shareholder or substantial Unitholder is also a partner; or
(iv) accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the
substantial shareholder or substantial Unitholder;
(b) in the case where the substantial shareholder or substantial Unitholder is a corporation, he/she is:
(i) employed by the substantial shareholder or substantial Unitholder;
(ii) employed by a related corporation or associated corporation of the substantial shareholder or substantial Unitholder;
(iii) a director of the substantial shareholder or substantial Unitholder;
(iv) a director of a related corporation or associated corporation of the substantial shareholder or substantial Unitholder;
(v) a partner of a firm or a limited liability partnership of which the substantial shareholder or substantial Unitholder is also a partner; or
(vi) accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the
substantial shareholder or substantial Unitholder.
(2) “substantial shareholder” and “substantial Unitholder” refers to a shareholder or Unitholder holding not less than 5% of the total votes or units
attached to all voting shares or units in the REIT Manager or FLCT, respectively.
(3) “Immediate family” refers to the person’s spouse, child, adopted child, step-child, sibling and parent.
(4) As a guide, payments aggregated over any financial year in excess of S$50,000 would generally be deemed as significant. The amount and nature
of the service, and whether it is provided on a one-off or recurring basis, are relevant in determining whether the service provided is material.
(5) As a guide, payments aggregated over any financial year in excess of S$200,000 would generally be deemed significant irrespective of whether
they constitute a significant portion of the revenue of the organisation in question. The amount and nature of the service, and whether it is provided
on a one-off or recurring basis, are relevant in determining whether the service provided is material.
The Board has considered the relevant requirements under the SFLCB Regulations and its views in respect of the
independence of each Director for FY2023(1) are as follows:
Ms Soh Mr Reinfried
Mr Ho Mr Kyle Lee Mr Goh Mr Phang Onn Cheng Mr Panote Mr Chia Helmut Otter
The Director: Hon Cheong Khai Fatt Yong Chian Sin Min Margaret Jane Sirivadhanabhakdi(2) Khong Shoong(3) (Reini Otter) (4)
(i) had been √ √ √ √ √

independent from
the management of
the REIT Manager
and FLCT during
FY2023
(ii) had been √ √ √ √

independent from
any business
relationship with
the REIT Manager
and FLCT during
FY2023
(iii) had been √ √ √ √ √

independent from
every substantial
shareholder of the
REIT Manager and
every substantial
Unitholder during
FY2023
(iv) had not been √ √ √ √ √ √ √ √

a substantial
shareholder of
the REIT Manager
or a substantial
Unitholder during
FY2023
(v) has not served as √ √ √ √ √ √ √ √

a director of the
REIT Manager for a
continuous period
of nine years or
longer as at the last
day of FY2023
Notes:
(1)
(2)
Mr Panote Sirivadhanabhakdi is a director and the Group Chief Executive Officer of FPL and, in addition to being a director of the REIT Manager, a
director of certain other entities within the FPL Group (as defined below), including Frasers Property Corporate Services Pte. Ltd.. FPL wholly-owns
the REIT Manager and is a substantial Unitholder. Frasers Property Corporate Services Pte. Ltd. received directors’ fees from the REIT Manager
in FY2023. Mr Panote Sirivadhanabhakdi is also a director of various entities within the TCC Group (as defined below), which is the controlling
shareholder of the FPL Group. He holds 20.0% of the issued share capital of TCC Group Investments Limited, which holds approximately 3.18%
in FLCT as at 30 September 2023. Mr Panote Sirivadhanabhakdi is also the son of Mr Charoen Sirivadhanabhakdi and the late Khunying Wanna
Sirivadhanabhakdi. As such, during FY2023, Mr Panote Sirivadhanabhakdi is deemed (a) to have a management relationship with the REIT
Manager and FLCT; (b) to have a business relationship with the REIT Manager and FLCT; and (c) connected to a substantial shareholder of the
REIT Manager and substantial Unitholder.
“FPL Group” refers to FPL and/or its subsidiaries.
“TCC Group” refers to the companies and entities in the TCC Group which are controlled by Mr Charoen Sirivadhanabhakdi and the estate of
the late Khunying Wanna Sirivadhanabhakdi.
(3)
Mr Chia Khong Shoong is the Group Chief Corporate Officer of FPL and is employed by a related corporation of the REIT Manager. In addition
to being a director of the REIT Manager, he is also a director and/or executive of certain other entities within the FPL Group, including Frasers
Property Corporate Services Pte. Ltd. and Frasers Property AHL Limited. Both Frasers Property Corporate Services Pte. Ltd. and Frasers Property
AHL Limited received directors’ fees from the REIT Manager in FY2023. As such, during FY2023, Mr Chia Khong Shoong is deemed (a) to
have a management relationship with the REIT Manager and FLCT; (b) to have a business relationship with the REIT Manager and FLCT; and (c)
connected to a substantial shareholder of the REIT Manager and substantial Unitholder.
(4)
Mr Reinfried Helmut Otter (Reini Otter) is the Chief Executive Officer of Frasers Property Industrial, a strategic business unit of FPL and is
employed by a related corporation of the REIT Manager. In addition to being a director of the REIT Manager, he is also a director and/or executive
of certain other entities within the FPL Group, which have entered into intra-group transactions with the REIT Manager and FLCT and received
fees therefor. As such, during FY2023, Mr Reinfried Helmut Otter (Reini Otter) is deemed (a) to have a management relationship with the REIT
Manager and FLCT; (b) to have a business relationship with the REIT Manager and FLCT; and (c) connected to a substantial shareholder of the
REIT Manager and substantial Unitholder.
The Board is satisfied that, as at the last day of FY2023, each of Mr Kyle Lee Khai Fatt, Mr Panote Sirivadhanabhakdi,
Mr Chia Khong Shoong and Mr Reinfried Helmut Otter (Reini Otter) was able to act in the best interests of all
Unitholders as a whole. As at the last day of FY2023, each of Mr Kyle Lee Khai Fatt, Mr Panote Sirivadhanabhakdi,
Mr Chia Khong Shoong and Mr Reinfried Helmut Otter (Reini Otter) was able to act in the best interests of Unitholders
as a whole.
The IDs lead the way in upholding good corporate governance at the Board level and their presence facilitates the
exercise of objective independent judgment on corporate affairs. Their participation and input also ensure that key
issues and strategies are critically reviewed, constructively challenged, fully discussed and thoroughly examined,
taking into account the long-term interests of FLCT and its Unitholders.
As at 30 September 2023, none of the IDs have served on the Board for a continuous period of nine years or longer.
Board renewal is a continuing process where the appropriate composition of the Board is continually under review.
In this regard, the tenure of each ID is monitored so that the process for board renewal is commenced ahead of any
ID reaching the nine-year mark to facilitate a smooth transition and to ensure that the Board continues to have an
appropriate balance of independence. To this end, the NRC is tasked with undertaking the process of reviewing,
considering and recommending any changes to the composition of the Board, where appropriate, taking into
account the requirements to be met by IDs including the SFLCB Regulations.
As more than half of the Board comprises IDs, the REIT Manager will not be subjecting any appointment or
re-appointment of Directors to voting by Unitholders under Regulation 13D of the SFLCB Regulations. The Chairman
is presently an ID.
Conflict of Interest Policy
The Board has in place clear procedures for dealing with conflicts of interest. To address and manage possible
conflicts of interest (including in relation to Directors, officers and employees) that may arise in managing FLCT,
the REIT Manager has put in place procedures which, among other things, specify that: (a) the REIT Manager
shall be dedicated to the management of FLCT and will not directly or indirectly manage other REITs, without
first obtaining approval from the MAS; (b) all executive officers of the REIT Manager will be employed by the REIT
Manager; (c) all resolutions in writing of the Directors in relation to matters concerning FLCT must be approved
by a majority of the Directors, including at least one ID; (d) at least one-third of the Board shall comprise IDs; (e)
on matters where FPL, its subsidiaries and/or its shareholders have an interest (directly or indirectly), Directors
nominated by FPL, its subsidiaries and/or its shareholders shall abstain from voting. On such matters, the quorum
must comprise a majority of IDs and must exclude nominee Directors of FPL Group and/or its subsidiaries; and
(f) an interested Director is required to disclose his/her interest in any proposed transaction with FLCT, to recuse
himself or herself from meetings and/or discussions (or relevant segments thereof), and is required to abstain from
voting on resolutions approving the transaction.
The REIT Manager does not have a practice of extending loans to Directors, and as at 30 September 2023, there
were no loans granted by the REIT Manager to Directors. If there are such loans, the REIT Manager will comply with
its obligations under the Companies Act 1967 of Singapore in relation to loans, quasi-loans, credit transactions and
related arrangements to Directors.
Board Performance Evaluation
The NRC is tasked with making recommendations to the Board on the process and objective performance criteria
for evaluation of the performance of the Board as a whole, the Board Committees and the individual Directors.
The Board, with the recommendation of the NRC, has approved the objective performance criteria and implemented
a formal process for assessing the effectiveness of the Board as a whole and its Board Committees separately,
and the contribution by the Chairman and each individual Director to the effectiveness of the Board, on an annual
basis. The objective performance criteria are not typically changed from year to year. In relation to FY2022, the
outcome of the evaluation was generally affirmative across the evaluation categories. Based on the NRC’s review,
the Board and the various Board Committees operate effectively and each Director is contributing to the overall
effectiveness of the Board.
For FY2023, an independent external consultant, Aon Solutions Singapore Pte. Ltd., has been appointed to facilitate
the process of conducting a Board evaluation survey. The external consultant has no connection with FLCT, the
REIT Manager or any of the Directors.
Each Director is required to complete a Board evaluation questionnaire, a Board Committee evaluation questionnaire
and an individual Director self-evaluation questionnaire (the “Questionnaires”). The Questionnaires have been
designed to provide an evaluation of the current effectiveness of the Board and to support the Chairman and the
Board in proactively considering what can enhance the readiness of the Board to address emerging strategic
priorities for FLCT as a whole. The external consultant will facilitate the sending of questionnaires to all Directors,
and one-to-one interviews are conducted selectively on a rotational basis, to obtain Directors’ feedback.
The objective performance criteria covered in the Board evaluation exercise relate to the following key segments:
(1) Board composition (balance of skills, experience, independence, knowledge of the company and diversity);
(2) management of information flow; (3) Board processes (including Board practices and conduct); (4) Board’s
consideration of ESG aspects; (5) Board strategy and priorities; (6) Board’s value add to, and management of the
performance of the REIT Manager and FLCT; (7) development and succession planning of executives; (8) development
and training of Directors; (9) oversight of risk management and internal controls; and (10) the effectiveness of the
Board Committees. The individual Director self-evaluation questionnaire aims to assess whether each Director is
willing and able to constructively challenge and contribute effectively to the Board, and demonstrate commitment to
his or her roles on the Board and Board Committees (if any).
The responses to the Questionnaires and interview(s), if any for that particular financial year, are summarised by the
external consultant and its report submitted to the NRC. To provide a greater level of objectivity in the evaluation
process, the report also includes peer comparisons and third-party benchmarking of the results to the evaluation.
Findings and recommendations of the external consultant which include feedback from Directors would be taken
into consideration and any necessary follow-up actions would be undertaken with a view to improving the overall
effectiveness of the Board in fulfilling its role and meeting its responsibilities to Unitholders. The Chairman of
the NRC will, in consultation with the NRC, where necessary, provide feedback to the Directors with a view to
improving Board performance and, where appropriate, propose changes to the composition of the Board.
REMUNERATION MATTERS
The remuneration of the staff of the REIT Manager and Directors’ fees are paid by the REIT Manager from the
management fees it receives from FLCT, and not by FLCT. With the recommendations of the NRC, the Board has
put in place a formal and transparent procedure for developing policies on remuneration of Directors and Key
Management Personnel and for reviewing and approving the remuneration packages of individual Directors and
Key Management Personnel.
Compensation Philosophy
The REIT Manager seeks to incentivise and reward consistent and sustained performance through market
competitive, internally equitable, performance-orientated programmes which are aligned with Unitholders’ interests.
This compensation philosophy is the foundation of the REIT Manager’s remuneration framework and seeks to (a)
align the aspirations and interests of its employees with the interests of FLCT and its Unitholders, resulting in the
sharing of rewards for both employees and Unitholders on a sustained basis and (b) attract, retain and motivate
employees. The REIT Manager aims to connect employees’ desire to develop and fulfil their aspirations with the
growth opportunities afforded by the REIT Manager’s strategic vision and corporate initiatives.
Compensation Principles
All compensation programme design, determination and administration are guided by the following principles:
(a) Pay-for-Performance
The REIT Manager’s Pay-for-Performance principle encourages excellence, in a manner consistent with the
REIT Manager’s core values. The REIT Manager takes a total compensation approach, which recognises the
value and responsibility of each role, and differentiates and rewards performance through its incentive plans.
(b) Unitholder Returns
Performance measures for incentives are established to drive initiatives and activities that are aligned with
both short-term value creation and long-term Unitholder wealth creation, thus ensuring a focus on delivering
Unitholder returns.
(c) Sustainable Performance
The REIT Manager believes sustained success depends on the balanced pursuit and consistent achievement
of short-term and long-term goals. Hence, variable incentives incorporate a significant pay-at-risk element to
align employees with sustainable performance for the REIT Manager.
(d) Market Competitiveness
The REIT Manager aims to be market competitive by benchmarking its compensation levels with relevant
comparators accordingly. However, the REIT Manager embraces a holistic view of employee engagement that
extends beyond monetary rewards. Recognising each individual as unique, the REIT Manager seeks to motivate
and develop employees through all the levers available to the REIT Manager through its comprehensive human
capital platform, including:
(a) culture and engagement building;
(b) a holistic benefits and wellbeing framework;
(c) leadership development;
(d) learning and development; and
(e) career advancement through vertical, lateral and diagonal moves within the Group.
Engagement of External Consultants
The NRC may from time to time, and where necessary or required, engage external consultants in framing the
remuneration policy and determining the level and mix of remuneration for Directors and Management. Among
other things, this helps the REIT Manager to stay competitive in its remuneration packages. During FY2023, Willis
Towers Watson Consulting (Singapore) Pte Ltd and Mercer (Singapore) Ptd Ltd were appointed as the REIT Manager’s
remuneration consultants. The remuneration consultants do not have any relationship with FLCT, the REIT Manager,
its controlling shareholders, its related entities and/or its Directors which would affect their independence and
objectivity.
Remuneration Framework
The NRC reviews and makes recommendations to the Board on the remuneration framework for the IDs and other
non-executive Directors and Key Management Personnel. The remuneration framework is endorsed by the Board.
The remuneration framework:
(a) covers all aspects of remuneration including salaries, allowances, performance bonuses, benefits in kind,
termination terms and payments, grant of awards of units of FLCT (“Units”) and incentives for Key Management
Personnel and fees for the IDs and other non-executive Directors. The NRC considers all such aspects of
remuneration to ensure they are fair and avoid rewarding poor performance; and
(b) is tailored to the specific role and circumstances of each Director and Key Management Personnel, to ensure
an appropriate remuneration level and mix that recognises the performance, potential and responsibilities of
these individuals.
Remuneration Policy in respect of Management and other employees
The NRC takes into account all aspects of remuneration, including termination terms, to ensure that they are fair. The
NRC reviews the level, structure and mix of remuneration and benefits policies and practices (where appropriate) of
the REIT Manager and takes into account the strategic objectives of FLCT and the REIT Manager to ensure that they
are:
(a) appropriate and proportionate to the sustained performance and value creation of FLCT and the REIT Manager;
and
(b) designed to attract, retain and motivate the Key Management Personnel to successfully manage FLCT and the
REIT Manager for the long term.
The remuneration framework comprises fixed and variable components, which include short-term and long-term
incentives. When conducting its review of the remuneration framework, the NRC takes into account the performance
of FLCT and individual performance. The performance of FLCT is measured based on pre-set financial and non-
financial indicators. Individual performance is measured via the employee’s annual performance review based on
indicators such as core values, competencies and key performance indicators.
Fixed Component
The fixed component in the REIT Manager’s remuneration framework is structured to remunerate employees for
the roles they perform, and is benchmarked against relevant industry market data. It comprises base salary, fixed
allowances and applicable statutory contribution. The base salary and fixed allowances for Key Management
Personnel are reviewed annually by the NRC and approved by the Board.
Variable Component
A significant and appropriate proportion of the remuneration of key executives of the REIT Manager comprises a
variable component which is structured to link rewards to corporate and individual performance and incentivises
sustained performance in both the short and long-term. The variable incentives are based on quantitative and
qualitative targets, and overall performance will be determined at the end of the year and approved by the NRC.
The performance targets are measurable, appropriate and meaningful so that they incentivise the right behaviour
in a manner consistent with the Group’s core values. For individuals in control functions, performance targets are
principally based on the achievement of the objectives of their functions.
1. Short-Term Incentive Plans
The short-term incentive plans (“STI Plans”) aim to incentivise short term performance excellence. All
Key Management Personnel’s performance are assessed through either a balanced scorecard or annual
performance review with pre-agreed key performance indicators (“KPIs”). The KPIs consist of:
(a) financial KPIs based on the performance of FLCT; and
(b) non-financial KPIs which may include measures on People, Culture & Leadership, Business Development
and Improvement, and Sustainability-related KPIs, which includes areas such as entity level ESG
benchmarking, green or sustainable finance and skills and leadership.
At the end of the financial year, the achievements are measured against the pre-agreed targets and the short-
term incentives of each Key Management Personnel are determined. The NRC recommends the final short-term
incentives that are awarded to Key Management Personnel for the Board’s approval, taking into consideration
any other relevant circumstances.
2. Long-Term Incentive Plans
The NRC administers the REIT Manager’s long-term incentive plan, namely, the RUP. The RUP was approved
by the Board and subsequently adopted on 8 December 2017. Through the RUP, the REIT Manager seeks
to foster a greater ownership culture within the REIT Manager by aligning more directly the interests of
senior employees (including the CEO) with the interests of Unitholders and other stakeholders, and for such
employees to participate and share in FLCT’s growth and success, thereby ensuring alignment with sustainable
value creation for Unitholders over the long-term.
The RUP is available to selected senior employees of the REIT Manager. Its objectives are to increase the REIT
Manager’s flexibility and effectiveness in attracting, motivating and retaining talented senior employees and in
rewarding these employees for the future performance of FLCT and the REIT Manager.
Under the RUP, the REIT Manager grants Unit-based awards (“Initial Awards”) with pre-determined
performance targets being set at the beginning of the performance period. The NRC recommends the Initial
Awards granted to Key Management Personnel to the Board for approval, taking into consideration the Key
Management Personnel’s individual performance. The performance period for the RUP is one year. The pre-
set targets are net property income and distribution per Unit. Such performance conditions are generally
performance indicators that are key drivers of business performance and Unitholder value creation and
aligned to FLCT’s business objectives.
The RUP awards represent the right to receive fully paid Units, their equivalent cash value or a combination
thereof, free of charge, provided certain prescribed performance conditions are met. The final number of Units
to be released (“Final Awards”) will depend on the achievement of the pre-determined targets at the end of
the performance period. If such targets are exceeded, more Units than the Initial Awards may be delivered,
subject to a maximum multiplier of the Initial Awards. The Final Awards will vest to the participants in three
tranches, after the one-year performance period, at or around the 1st, 2nd and 3rd anniversary of the grant
date of the Initial Awards. The obligation to deliver the Units is expected to be satisfied out of the Units held
by the REIT Manager.
The NRC has discretion to decide on the Final Awards, taking into consideration any other relevant
circumstances.
Approach to Remuneration of Key Management Personnel
The REIT Manager advocates a performance-based remuneration system that is highly flexible and responsive to
the market, and that is structured so as to link a significant and appropriate proportion of remuneration which also
takes into account FLCT’s performance and that of the individual.
In designing the compensation structure, the NRC seeks to ensure that the level and mix of remuneration is
competitive, relevant and appropriate in finding a balance between current versus long-term compensation and
between cash versus equity incentive compensation.
Executives who have a greater ability to influence outcomes within the REIT Manager have a greater proportion
of overall reward at risk. The NRC exercises broad discretion and independent judgment in ensuring that the
amount and mix of compensation are aligned with the interests of Unitholders and other stakeholders and promote
the long-term success of FLCT, and appropriate to attract, retain and motivate Key Management Personnel to
successfully manage FLCT for the long term.
Performance Indicators for Key Management Personnel
As set out above, the REIT Manager’s variable remuneration comprises short-term and long-term incentives,
taking into account both FLCT’s and individual performance. This is to ensure employee remuneration is linked
to performance. In determining the short-term incentives, both FLCT’s financial and non-financial performance
as per the balanced scorecard are taken into consideration. The performance targets align the interests of Key
Management Personnel with the long-term growth and performance of FLCT and the REIT Manager. The financial
performance indicators on which Key Management Personnel are evaluated comprise (a) Unitholder distribution
per Unit, (b) portfolio occupancy, (c) weighted average lease expiry, and (d) total unitholder return relative to a peer
group. These performance indicators are quantitative and are objective measures of FLCT’s performance. The non-
financial performance indicators on which Key Management Personnel are evaluated include (i) People, Culture &
Leadership, (ii) Business Development and Improvement, and (iii) Sustainability-related KPIs, which includes areas
such as entity level ESG benchmarking, green or sustainable finance and skills and leadership. These qualitative
performance indicators will align the Key Management Personnel’s performance with FLCT’s strategic objectives.
In relation to long-term incentives, the REIT Manager has implemented the RUP with effect from the financial
year ended 30 September 2018 as set out above. The release of long-term incentive awards to Key Management
Personnel are conditional upon the performance targets being met. The performance targets of the KPIs align the
interests of Key Management Personnel with the long-term growth and performance of FLCT. For FY2023, the pre-
determined target performance levels for the RUP grants were partially met.
Currently, the REIT Manager does not have claw-back provisions which allow it to reclaim incentive components
of remuneration from its Key Management Personnel in exceptional circumstances of misstatement of financial
results or misconduct resulting in financial loss. The REIT Manager is reviewing the terms of the incentive plans,
which includes a review of any claw-back provisions.
Remuneration Packages of Key Management Personnel
The NRC reviews and makes recommendations on the specific remuneration packages and service terms for
Key Management Personnel for endorsement by the Board, which is ultimately accountable for all remuneration
decisions relating to the Key Management Personnel. The NRC will review the short-term and long-term incentives
in the Key Management Personnel’s remuneration package to ensure its compliance with the substance and spirit
of the directions and guidelines from the MAS.
No Director or Key Management Personnel is involved in deciding his or her remuneration.
The NRC aligns the CEO’s leadership, through appropriate remuneration and benefit policies, with FLCT’s and the
REIT Manager’s strategic objectives and key challenges. Performance targets are also set for the CEO and her
performance is evaluated yearly.
Remuneration Policy in respect of Non-Executive Directors
The remuneration of non-executive Directors has been designed to be appropriate to the level of contribution,
taking into account factors such as effort, time spent, and responsibilities, on the Board and Board Committees,
and to attract, retain and motivate the Directors to provide good stewardship of FLCT to successfully manage FLCT
for the long term.
Non-executive Directors do not receive bonuses, options or Unit-based incentives and awards. Directors’ fees are
paid in cash and not in the form of Units.
The REIT Manager engages consultants to review Directors’ fees by benchmarking such fees against the amounts
paid by listed industry peers. Each non-executive Director’s remuneration comprises a basic fee and attendance
fees for attending Board and Board Committee meetings, including attendance fees for Board and Board Committee
meetings requiring travel outside the home country of that Director. In addition, non-executive Directors who
perform additional services in Board Committees are paid an additional fee for such services. The chairman of
each Board Committee is also paid a higher fee compared with the members of the respective Board Committees
in view of the greater responsibility carried by that office.
The REIT Manager’s Board fee structure during the year is as set out below.
Attendance Fee Attendance Fee Attendance Fee

per meeting(1) per trip(1) per meeting
(for attendance (for attendance (for attendance
Basic Fee in person in person outside via tele/video
per annum in Singapore) Singapore) conference)
(S$) (S$) (S$) (S$)
Board
– Chairman 90,000 3,000 4,500 1,000
– Member 45,000 1,500 4,500 1,000
Audit, Risk and Compliance Committee
– Chairman 40,000 3,000 4,500 1,000
– Member 20,000 1,500 4,500 1,000
Nominating and Remuneration Committee
– Chairman 12,000 3,000 4,500 1,000
– Member 6,000 1,500 4,500 1,000
Note:
(1)
Board members who travel from their country of residence to attend Board, Board Committees or general meetings receive an overseas
allowance fee of S$2,500 per trip.
Disclosure of Remuneration of Directors and Key Executives of the REIT Manager
Information on the remuneration of Directors and key executives of the REIT Manager for FY2023 is set out below.
Remuneration
Directors of the REIT Manager S$
Mr Ho Hon Cheong 150,000.00
Mr Kyle Lee Khai Fatt 117,500.00
Mr Goh Yong Chian 91,500.00
Mr Phang Sin Min 84,000.00
Ms Soh Onn Cheng Margaret Jane 58,000.00
Mr Panote Sirivadhanabhakdi 55,000.00 (1)
Mr Chia Khong Shoong 56,500.00 (1)
Mr Reinfried Helmut Otter (Reini Otter) 56,500.00 (2)
Mr Rodney Vaughan Fehring 7,500.00 (2)(3)
Notes:
(1)
Director’s fees are paid to Frasers Property Corporate Services Pte. Ltd.
(2)
Director’s fees are paid to Frasers Property AHL Limited.
(3)
Allowances and Long-Term

Salary Bonus Benefits Incentives Total
Remuneration of CEO for FY2023 % % % % %
Between S$1,500,001 to S$1,750,000
Mr Robert Stuart Claude Wallace(1) 34 26 27 13(2) 100
Between S$1 to S$250,000
Ms Anthea Lee Meng Hoon(3) 92 – 8 – 100
Allowances and Long-Term

Remuneration of key executives(4) Salary Bonus Benefits Incentives Total
(excluding CEO) for FY2023 % % % % %
Ms Annie Khung Shyang Lee
Ms Chew Yi Wen
Mr Jonathan James Spong 59(5) 20(5) 4(5) 17(5) 100
Mr Ng Chung Keat
Ms Tricia Yeo Whay Teng
Aggregate Total Remuneration
(excluding CEO) S$2,474,603
Notes:
(1)
Mr Robert Stuart Claude Wallace ceased to be employed by the REIT Manager as the Chief Executive Officer of the REIT Manager with effect from
14 August 2023. As such, the remuneration disclosed is for the period from 1 October 2022 to 13 August 2023, which includes payment received
from encashment of non-utilised leave entitlements of an employee leaving the employment of the REIT Manager.
(2)
The Long-Term Incentives have lapsed and expired on resignation.
(3)
Ms Anthea Lee Meng Hoon was appointed as the Chief Executive Officer of the REIT Manager with effect from 14 August 2023. As such, the
remuneration disclosed is for the period from 14 August 2023 to 30 September 2023.
(4)
For FY2023, the REIT Manager has five key executives (excluding the CEO). They are the CFO and division heads of the REIT Manager and are
listed in this table.
(5)
Derived based on the aggregation of the respective remuneration components of each of the key executives (excluding the CEO) and represented
as percentages against the total remuneration for these key executives.
For FY2023, there were no termination, retirement and post-employment benefits granted to the Directors, the CEO
and Key Management Personnel.
Pursuant to MAS’ “Notice to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust
Management” (Notice No: SFA4-N14), REIT managers are required to disclose the remuneration of the CEO and
each individual director on a named basis, and the remuneration of at least the top five executive officers (which
shall not include the CEO and executive officers who are directors), on a named basis, in bands of S$250,000.
The REIT manager may provide an explanation if it does not wish to or is unable to comply with such requirement.
The REIT Manager is (a) disclosing the CEO’s remuneration in bands of S$250,000 (instead of on a quantum basis),
(b) not disclosing exact details of the remuneration of the other key executives in bands of S$250,000, and (c) disclosing
the aggregate remuneration of all of the abovenamed key executives (excluding the CEO) for the following reasons:
(a) given the competitive business environment which FLCT operates in, the REIT Manager faces significant
competition for talent in the REIT management sector and the REIT Manager had not disclosed the exact
remuneration of the key executives (including the CEO) so as to minimise potential staff movement and undue
disruption to its management team which would be prejudicial to the interests of Unitholders;
(b) the composition of the current management team has been stable and to ensure the continuity of business
and operations of FLCT, it is important that the REIT Manager continues to retain its team of competent and
committed staff;
(c) it is important for the REIT Manager to ensure stability and continuity of its business by retaining a competent
and experienced management team and being able to attract talented staff and disclosure of the remuneration
of the key executives, including the CEO, could make it difficult to retain and attract talented staff on a long-
term basis;
(d) due to the confidentiality and sensitivity of staff remuneration matters, the REIT Manager is of the view that
such disclosure could be prejudicial to the interests of Unitholders; and
(e) the remuneration of the key executives (including the CEO) are paid by the REIT Manager and there is full disclosure
of the total amount of fees paid to the REIT Manager as set out at pages 204, 247 and 304 of this Annual Report.
While the disclosure of the exact quantum of the remuneration of the CEO and the requisite remuneration band for
each of the other key executives (who are not also Directors or the CEO) would be in full compliance with Provision
8.1 of the CG Code, taking into account the reasons why such disclosure would be prejudicial to the interests of
Unitholders and that the REIT Manager has disclosed the remuneration policies, composition of remuneration,
appraisal process and performance metrics which go towards determination of the performance bonus of the
CEO and other key executives, the Board has determined that despite the partial deviation from Provision 8.1
of the CG Code, there is sufficient transparency on the REIT Manager’s remuneration policies, level and mix of
remuneration, the procedure for setting remuneration and the relationships between remuneration, performance
and value creation consistent with the intent of Principle 8 of the CG Code.
As at 30 September 2023, there are no employees within the REIT Manager who is a substantial Unitholder or who
is an immediate family member of a Director, the CEO or a substantial Unitholder.
FINANCIAL PERFORMANCE, REPORTING AND AUDIT
The Board, with the support of Management, is responsible for providing a balanced and understandable
assessment of FLCT’s performance, position and prospects. Financial reports are provided to the Board on both
a monthly and quarterly basis.
The REIT Manager prepares the financial statements of FLCT in accordance with the recommendations of the
Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP 7”) issued by
the Institute of Singapore Chartered Accountants, the applicable requirements of the CIS Code issued by the
MAS and the provisions of the Trust Deed. RAP 7 requires the accounting principles to generally comply with
the recognition and measurement principles of the Singapore Financial Reporting Standards prescribed by the
Accounting Standards Council.
The Board releases FLCT’s half-yearly and full year financial results, business updates for the first and third quarter
performance of FLCT and other price or trade sensitive information and material corporate developments through
announcements to the SGX-ST and, where appropriate, press releases, FLCT’s website, and/or media and analysts’
briefings.
External Audit
The ARCC conducts an assessment of the external auditors, and recommends its appointment, re-appointment
or removal to the Board. The assessment is based on factors such as the performance and quality of its audit,
the cost effectiveness and the independence and objectivity of the external auditors. The ARCC also makes
recommendations to the Board on the remuneration and terms of engagement of the external auditors.
Pursuant to the requirements of the SGX-ST, an audit partner may only be in charge of a maximum of five consecutive
annual audits and may then return after two years. The current KPMG LLP audit partner for the Group has been
appointed since FY2022 and has held this appointment for less than five consecutive audits, thereby meeting the
requirement.
During FY2023, the ARCC conducted a review of the scope, quality, results and performance of audit by the external
auditors and its cost effectiveness, as well as the independence and objectivity of the external auditors. It also
reviewed all non-audit services provided by the external auditors during the financial period, and the aggregate
amount of fees paid to them for such services. Details of fees payable to the external auditors in respect of audit
and non-audit services for FY2023 are set out in the table below:
Fees relating to external auditors for FY2023 S$ (’000)
For audit and audit-related services 1,235

For non-audit services 97
Total 1,332
The ARCC has conducted a review of all non-audit services provided by KPMG LLP during the financial period. The
ARCC is satisfied that given the nature and extent of non-audit services provided and the fees for such services,
neither the independence nor the objectivity of KPMG LLP is put at risk. For details of the fees paid to KPMG LLP,
please refer to the Financial Statements at page 249 of this Annual Report. KPMG LLP attended the ARCC meetings
every quarter for FY2023, and where appropriate, has met with the ARCC without the presence of Management to
discuss their findings, if any.
The REIT Manager, on behalf of FLCT, confirms that FLCT has complied with Rule 712 of the SGX-ST Listing
Manual which requires, amongst others, that a suitable auditing firm should be appointed by FLCT having regard to
certain factors. FLCT has also complied with Rule 715 of the SGX-ST Listing Manual which requires that the same
auditing firm of FLCT based in Singapore audits its Singapore-incorporated subsidiaries and significant associated
companies, and that a suitable auditing firm be engaged for its significant foreign-incorporated subsidiaries and
associated companies.
In the review of the financial statements for FY2023, the ARCC reviewed the following key audit matter identified
by the external auditors with Management:
Key Audit Matter Review by the ARCC
Valuation of investment properties The ARCC considered the methodologies and key assumptions applied
by the valuers in arriving at the valuation of the properties.
The ARCC reviewed the outputs from the year-end valuation process
of the Group’s investment properties and discussed the details of the
valuation with Management, focusing on significant changes in fair value
measurements and key drivers of the changes.
The ARCC considered the findings of the external auditors, including

their assessment of the appropriateness of valuation methodologies and
the underlying key assumptions applied in the valuation of investment
properties.
The ARCC was satisfied with the valuation process, the methodologies
used and the valuation of investment properties as adopted and
disclosed in the financial statements as at 30 September 2023.
GOVERNANCE OF RISK AND INTERNAL CONTROLS
The Board is responsible for the governance of risk and ensures that Management maintains a sound system of
risk management and internal controls.
Enterprise Risk Management and Risk Tolerance
The REIT Manager has established a sound system of risk management and internal controls comprising procedures
and processes to safeguard FLCT’s assets and the interests of FLCT and its Unitholders. The ARCC reviews
and reports to the Board on the adequacy and effectiveness of such controls, including financial, compliance,
operational and information technology controls, and risk management procedures and systems, taking into
consideration the recommendations of both internal and external auditors.
Internal Controls
The ARCC, through the assistance of internal and external auditors, reviews and reports to the Board on the
adequacy and effectiveness of the REIT Manager’s system of controls, including financial, compliance, operational
and information technology controls. In assessing the effectiveness of internal controls, the ARCC ensures primarily
that key objectives are met, material assets are properly safeguarded, fraud or errors (if any) in the accounting records
are prevented or detected, accounting records are accurate and complete, and reliable financial information is
prepared in compliance with applicable internal policies, laws and regulations.
A comfort matrix of key risks, by which relevant material financial, compliance, operational (including information
technology) and environmental and climate change risks of FLCT and the REIT Manager have been documented
to assist the Board to assess the adequacy and effectiveness of the existing internal controls. The comfort matrix
is prepared with reference to the strategies, policies, processes, systems and reporting processes connected with
the management of such key risks and presented to the Board and the ARCC.
Risk Management
The Board, through the ARCC, reviews the adequacy and effectiveness of the REIT Manager’s risk management
framework to ensure that robust risk management and mitigating controls are in place. The REIT Manager has
adopted an enterprise-wide risk management (“ERM”) framework to enhance its risk management capabilities.
Key risks, control measures and management actions are continually identified, reviewed and monitored as part of
the ERM process. Financial and operational key risk indicators are in place to track key risk exposures. Apart from
the ERM process, key business risks are thoroughly assessed by Management and each significant transaction
is comprehensively analysed so that Management understands the risks involved before it is embarked upon. An
outline of the REIT Manager’s ERM framework and progress report is set out on pages 108 and 109.
Periodic updates are provided to the ARCC on FLCT’s and the REIT Manager’s risk profiles. These updates
would involve an assessment of FLCT’s and the REIT Manager’s key risks by risk categories, current status, the
effectiveness of any mitigating measures taken, and the action plans undertaken by Management to manage such
risks. Emerging risks will also be assessed and updated to the ARCC.
In addition to the ERM framework, risk tolerance statements setting out the nature and extent of significant risks
which the REIT Manager is willing to take in achieving its strategic objectives have been formalised and adopted.
The Board has received assurance from the CEO and the CFO that as at 30 September 2023:
(1) the financial records of the Group have been properly maintained and the financial statements for FY2023 give
a true and fair view of the Group’s operations and finances;
(2) the system of internal controls in place for FLCT is adequate and effective to address financial, operational,
compliance and information technology risks which the REIT Manager considers relevant and material to
FLCT’s operations; and
(3) the risk management system in place for FLCT is adequate and effective to address risks which the REIT
Manager considers relevant and material to FLCT’s operations.
Board’s Comment on Internal Controls and Risk Management Framework
Based on the internal controls established and maintained by the REIT Manager, work performed by internal and
external auditors, reviews performed by Management and the ARCC, and assurance from the CEO and the CFO,
the Board is of the view that the internal controls in place for FLCT were adequate and effective as at 30 September
2023 to address financial, operational, compliance and information technology risks, which the REIT Manager
considers relevant and material to FLCT’s operations.
Based on the risk management framework established and adopted by the REIT Manager, review performed by
Management and assurance from the CEO and the CFO, the Board is of the view that the risk management system
in place for FLCT was adequate and effective as at 30 September 2023 to address risks which the REIT Manager
considers relevant and material to FLCT’s operations.
The Board notes that the system of internal controls and risk management provides reasonable, but not absolute,
assurance that FLCT will not be adversely affected by any event that could be reasonably foreseen as it works to
achieve its business objectives for FLCT. In this regard, the Board also notes that no system of internal controls
and risk management can provide absolute assurance against the occurrence of material errors, poor judgment in
decision-making, human error, losses, fraud or other irregularities.
The ARCC concurs with the Board’s view that as at 30 September 2023, the internal controls of FLCT (including
financial, operational, compliance and information technology controls) and risk management systems were
adequate and effective to address risks which the REIT Manager considers relevant and material to FLCT’s
operations.
Internal Audit
The internal audit function of the REIT Manager is performed by FPL Group’s internal audit department (“FPL
Group IA”). FPL Group IA is responsible for conducting objective and independent assessments on the adequacy
and effectiveness of the REIT Manager’s system of internal controls, risk management and governance practices.
The Head of FPL Group IA reports directly to the ARCC and administratively to the FPL Group Chief Corporate
Officer. The appointment and removal of FPL Group IA as the service provider of the REIT Manager’s internal audit
function requires the approval of the ARCC.
The ARCC ensures that FPL Group IA complies with the standards set by nationally or internationally recognised
professional bodies. In this regard, in performing internal audit services, FPL Group IA has adopted and complies
with the Standards for the Professional Practice of Internal Auditing set by The Institute of Internal Auditors, Inc.
The ARCC is also responsible for ensuring that the internal audit function is adequately resourced and staffed
with individuals possessing the relevant qualifications and experience. As at 30 September 2023, FPL Group IA
comprised 25 professional staff. The Head of FPL Group IA and the Singapore-based FPL Group IA staff are
members of The Institute of Internal Auditors, Singapore. To ensure that the internal audit activities are effectively
performed, FPL Group IA recruits suitably qualified audit professionals with the requisite skills and experience.
FPL Group IA staff are given relevant training and development opportunities to update their technical knowledge
and auditing skills. This includes attending relevant technical workshops and seminars organised by The Institute
of Internal Auditors, Singapore, and other professional bodies.
FPL Group IA operates within the framework of a set of terms of reference as contained in the Internal Audit Charter
approved by the ARCC. It adopts a risk-based audit methodology to develop its audit plans, and its activities are
aligned with the key strategies of FLCT. Risk assessments are carried out on all key business processes, which
are used to determine the extent and frequencies of the reviews to be performed. Higher risk areas are subject to
more extensive and frequent reviews. FPL Group IA conducts its reviews based on internal audit plans approved by
the ARCC. FPL Group IA has unfettered access to FLCT’s and the REIT Manager’s documents, records, properties
and personnel, and the ARCC members, and has appropriate standing within FLCT and the REIT Manager. All audit
reports detailing audit findings and recommendations are provided to Management, who would respond with the
actions to be taken.
Each quarter, FPL Group IA submits reports to the ARCC on the status of completion of the audit plan, audit
findings noted from reviews performed, and status of Management’s action plans to address such findings,
including implementation of the audit recommendations. The ARCC is satisfied that for FY2023, the internal audit
function is independent, effective, adequately resourced and has appropriate standing within FLCT and the REIT
Manager to perform its functions effectively. Quality assurance reviews on FPL Group’s internal audit function are
periodically carried out by qualified professionals from an external organisation. The last review was performed in
FY2022. Where required, the ARCC will make recommendations to the Board to ensure that FPL Group IA remains
an adequate, effective and independent internal audit function.
Related/Interested Person Transactions
The REIT Manager has established internal processes such that the Board, with the assistance of the ARCC, is
required to be satisfied that all Related/Interested Person Transactions are undertaken on normal commercial
terms, and are not prejudicial to the interests of FLCT and its Unitholders. This may entail obtaining (where
practicable) quotations from parties unrelated to the REIT Manager, or obtaining one or more valuations from
independent professional valuers (in accordance with the Property Funds Appendix). Directors who are interested
in any proposed Related/Interested Person Transaction to be entered into by FLCT are required to abstain from any
deliberations or decisions in relation to that Related/Interested Person Transaction.
All Related/Interested Person Transactions are entered in a register maintained by the REIT Manager. The REIT
Manager incorporates into its internal audit plan a review of the Related/Interested Person Transactions recorded
in the register to ascertain that internal procedures and requirements of the SGX-ST Listing Manual and Property
Funds Appendix have been complied with. The ARCC reviews the internal audit reports at least twice a year
to ascertain that the guidelines and procedures established to monitor Related/Interested Person Transactions
have been complied with. The review includes the examination of the nature of the Related/Interested Person
Transactions and its supporting documents or such other data deemed necessary by the ARCC. In addition, the
Trustee also has the right to review any such relevant internal audit reports to ascertain that the Property Funds
Appendix has been complied with.
Any Related/Interested Person Transaction proposed to be entered into between FLCT and an interested person,
would require the Trustee to satisfy itself that such Related/Interested Person Transaction is conducted on normal
commercial terms, is not prejudicial to the interests of FLCT and its Unitholders, and is in accordance with all
applicable requirements of the CIS Code and the SGX-ST Listing Manual.
Whistle-Blowing Policy
The REIT Manager has put in place a whistle-blowing policy (the “Whistle-Blowing Policy”). The Whistle-Blowing
Policy provides an independent feedback channel through which matters of concern about possible improprieties,
misconduct or wrongdoing relating to FLCT, the REIT Manager and its officers in matters of financial reporting,
suspected fraud and corruption or other matters may be raised by employees and any other persons in confidence
and in good faith, without fear of reprisal. Whistle-Blowers may report any matters of concern by mail, email or
calling a hotline, details of which are provided in the Whistle-Blowing Policy, which is available on FLCT’s website at
www.frasersproperty.com/reits/flct. Any report submitted through this channel would be received by the head of the
internal audit function and the REIT Manager has designated FPL Group IA, an independent function, to investigate
all whistle-blowing reports made in good faith. The REIT Manager is committed to ensuring that whistle-blowers
will be treated fairly and protected from reprisals or victimisation or any otherwise detrimental or unfair treatment
for whistle-blowing in good faith. The REIT Manager will treat all information received confidentially and protect the
identity of all whistle-blowers.
The improprieties, misconduct or wrongdoing that are reportable under the Whistle-Blowing Policy include: (a)
financial or professional misconduct; (b) improper conduct, dishonest, fraudulent or unethical behaviour; (c)
any irregularity or non-compliance with laws/regulations or the REIT Manager’s policies and procedures, and/or
internal controls; (d) violence at the workplace, or any conduct that may threaten health and safety; (e) corruption
or bribery; (f) conflicts of interest; and (g) any other improprieties or matters that may adversely affect Unitholders’/
shareholders’ interests in, and the assets of, FLCT/the REIT Manager as well as FLCT’s/the REIT Manager’s reputation.
The Whistle-Blowing Policy is covered and explained in detail during staff training, including the procedures for
raising concerns. All whistle-blowing complaints raised are independently investigated and if appropriate, an
investigation committee will be constituted. The outcome of each investigation and any action taken is reported to
the ARCC. The ARCC, which is responsible for oversight and monitoring of whistle-blowing, reviews and ensures
that independent investigations and any appropriate follow-up actions are carried out (including reporting to the
Board of any significant matters raised through the whistle-blowing channel).
UNITHOLDER MATTERS
The REIT Manager treats all Unitholders fairly and equitably in order to enable them to exercise their Unitholders’
rights and have the opportunity to communicate their views on matters affecting FLCT. Unitholders are also given
a balanced and understandable assessment of FLCT’s performance, financial position and prospects. The REIT
Manager communicates regularly with Unitholders and facilitates the participation of Unitholders during general
meetings and other dialogues to allow Unitholders to communicate their views on various matters affecting FLCT.
Investor Relations
The REIT Manager prides itself on its high standards of disclosure and corporate transparency. The REIT Manager
aims to provide fair, relevant, comprehensive and timely information regarding FLCT’s performance and progress
and matters concerning FLCT and its business which are likely to materially affect the price or value of the Units and
other FLCT securities or are likely to influence persons who commonly invest in securities in deciding whether or not
to subscribe for, or buy or sell the Units or other FLCT securities, to Unitholders and the investment community, to
enable them to make informed investment decisions.
The REIT Manager’s dedicated Investor Relations (“IR”) manager is tasked with, and focuses on, facilitating
communications between FLCT and its Unitholders, as well as with the investment community, analysts and the
media. An IR policy which outlines the practices and processes for facilitating regular, timely, accurate and fair
communications has been implemented. The IR policy also sets out the initiatives and channels by which Unitholders
may be engaged, and the mechanism through which Unitholders may contact the REIT Manager with questions and
through which the REIT Manager may respond to such questions.
Continuous and informed dialogue between the REIT Manager and Unitholders is a central tenet of good corporate
governance, and encourages more active stewardship. Regular engagement between these parties will thus benefit
FLCT and investors. The REIT Manager continues to leverage digital platforms and conferencing technologies
to conduct virtual investor meetings, webcasts and conferences, in addition to in-person investor engagements
through meetings, non-deal roadshows and conferences. The REIT Manager, through the IR team, the CEO and the
CFO communicate regularly with Unitholders, as well as with the investment community, through timely disclosures
of material and other pertinent information through announcements on SGXNet, half-year and full-year results
briefings and conference calls, and provision of business updates on FLCT’s operational performance for the first
and third quarters. In the interim business updates for the first and third quarters of each financial year, the REIT
Manager provides, inter alia, a discussion of the significant factors that affected FLCT’s interim performance as
well as relevant market trends, including the risks and opportunities that may have a material impact on the FLCT’s
prospects. Such information provides Unitholders a better understanding of FLCT’s performance in the context of the
current business environment. The REIT Manager also participates in roadshows, investor meetings, teleconferences
and conferences to keep the market and investors apprised of FLCT’s corporate developments and financial and
operating performance and to solicit and understand the views of Unitholders and investors. During the year, the
REIT Manager engaged with Singapore and foreign investors at conferences, briefings and calls, non-deal roadshows
as well as one-on-one and group meetings. The aim of such engagements is to provide Unitholders and investors
with prompt disclosure of relevant information, to enable them to have a better understanding of FLCT’s businesses,
performance and strategies and to solicit and understand the views of such Unitholders and investors. The REIT
Manager also makes available on its website at www.frasersproperty.com/reits/flct all its briefing materials to analysts
and the media, its financial information, its annual reports, and all SGXNet announcements, with the contact details
of the IR manager for investors to channel their comments and queries.
Further details on the various activities organised by IR during the year can be found in the Investor Relations section
of this Annual Report on pages 68 to 70.
Unitholders, investors and other stakeholders can communicate with Management via email or telephone to IR;
please find their contact details on page 70.
An electronic copy of this Annual Report has been uploaded on FLCT’s website. Unitholders can access this Annual
Report (printed copies are available upon request) at https://flct.frasersproperty.com/publications.html.
The Trust Deed is available for inspection upon request at the REIT Manager’s office4.
Conduct of General Meetings
The forthcoming 7th Annual General Meeting (“2024 AGM”) will be convened and held in person on 23 January
2024 and Unitholders (themselves or through duly appointed proxies) will be able to vote and ask questions in
person at the 2024 AGM.
The Board supports and encourages active Unitholder participation at AGMs as it believes that general meetings
serve as an opportune forum for Unitholders to meet the Board and senior management, and to interact with
them. As and when an extraordinary general meeting is convened, a circular is sent to Unitholders, containing
details of the matters proposed for Unitholders’ consideration and approval. To encourage participation, FLCT’s
general meetings are held at convenient locations. Unitholders are given the opportunity to participate effectively
and vote at FLCT’s general meetings, where relevant rules and procedures governing such meetings (for instance,
how to vote) are clearly communicated prior to the start of the meeting. Unitholders such as nominee companies
which provide custodial services for securities are not constrained by the two proxy limitation, and are able to
appoint more than two proxies to attend, speak and vote at general meetings of FLCT. At FLCT’s general meetings,
Unitholders are also given opportunities to ask questions or give feedback to the REIT Manager.
The REIT Manager generally provides its Unitholders with longer than the minimum notice period required for general
meetings. The REIT Manager tries its best not to schedule its AGMs during peak periods when these might coincide
with the AGMs of other listed companies, and also gives Unitholders the necessary information on each resolution
so as to enable them to exercise their votes on an informed basis. As FLCT is a constituent of the Straits Times Index
(“STI Constituent”), the REIT Manager has informed SGX of the proposed date and time period of the upcoming
2024 AGM, to avoid any conflict with an annual general meeting that is being convened by another STI Constituent.
4
Prior appointment with the REIT Manager is appreciated.
To safeguard the Unitholders’ interests and rights, the REIT Manager tables separate resolutions at general meetings
of the Unitholders on each substantially separate issue unless the issues are interdependent and linked so as to form
one significant proposal. In the event where resolutions are bundled, the REIT Manager will explain the reasons and
material implications in the relevant notice of meeting. Unitholders are given the opportunity to raise questions and
clarify any issues that they may have relating to the resolutions sought to be passed.
For greater transparency, the REIT Manager has implemented electronic poll voting at general meetings. This entails
Unitholders being invited to vote on each of the resolutions by poll, using an electronic voting system (instead of
voting by hands), thereby allowing all Unitholders present or represented at the meeting to vote on a one Unit, one
vote basis. The voting results of all votes cast for, against, or abstaining from each resolution is then screened at the
meeting and announced via SGXNet after the meeting. An independent external party is appointed as scrutineer for
the electronic voting process to count and validate the votes at general meetings. Provision 11.4 of the CG Code
provides for an issuer’s constitution to allow for absentia voting at general meetings of Unitholders. The Trust Deed
currently does not, however, permit Unitholders to vote at general meetings in absentia (such as via mail, email or
fax). In line with Principle 11 of the CG Code, Unitholders nevertheless have the opportunity to appoint proxies to vote
on his/her behalf at the meeting through proxy forms sent in advance. As the authentication of Unitholder identity
and other related security and integrity issues remain a concern, for FY2023, the REIT Manager did not implement
absentia voting methods such as voting via mail, e-mail or fax.
At the AGM, a presentation is made to Unitholders to update on FLCT’s financial and operational performance
and prospects. The presentation materials are made available on SGXNET and the FLCT website before the
commencement of the AGM for the benefit of Unitholders.
Board members and senior management are present, and for the entire duration of, at each Unitholders’ meeting
to respond to any questions from Unitholders, unless they are unable to attend due to exigencies. Certain external
consultants including FLCT’s external auditors are also present to address queries about the conduct of audit and the
preparation and content of the auditors’ report.
The Chairman of the meeting is tasked with facilitating constructive dialogue between the Unitholders and the Board,
Management and the external auditors. Where appropriate, the Chairman allows senior management or specific
Directors, such as the respective Board Committee chairmen, to answer queries on matters related to their roles.
Unitholders are also given an opportunity to interact with the Directors before and/or after general meetings.
The minutes of Unitholders’ meetings which capture the attendance of Board members at the meetings, matters
approved by Unitholders, voting results and substantial and relevant comments or queries from Unitholders relating
to the agenda of the general meeting together with responses from the Board and Management, are prepared by the
REIT Manager. The minutes will be published on FLCT’s website within one onth from the date of the meeting.
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 FY2023, FLCT made two such distributions to Unitholders.
STAKEHOLDER ENGAGEMENT
The Board adopts an inclusive approach by considering and balancing the needs and interests of material
stakeholders, as part of its overall responsibility to ensure that the best interests of FLCT are served. Stakeholders
are parties who may be affected by FLCT’s or the REIT Manager’s activities or whose actions can affect the ability
of FLCT or the REIT Manager to conduct its activities.
Sustainability
In order to review and assess the material factors relevant to FLCT’s business activities, the REIT Manager from time
to time proactively engages with various stakeholders, including employees, vendors, tenants, and the investment
community, to gather feedback on the sustainability matters which have significant impact to the business and
operations of FLCT and its stakeholders. Please refer to the ESG Report on pages 110 to 156 of this Annual Report,
which sets out information on the REIT Manager’s arrangements to identify and engage with its material stakeholder
groups and to manage its relationships with such groups, and the REIT Manager’s strategy and key areas of focus in
relation to the management of stakeholder relationships during FY2023.
Responsible Sourcing
FLCT has put in place a Responsible Sourcing Policy which sets out expectations of contractors and suppliers across
four areas of sustainable procurement, namely environmental management; human rights and labour management;
health, safety and well-being; and business ethics and integrity. The policy is informed by the UN Global Compact
Principles and the UN Universal Declaration of Human Rights.
Code of Business Conduct
The conduct of employees of the REIT Manager is governed by the FPL Code of Business Conduct. The FPL Group’s
business practices are governed by integrity, honesty, fair dealing and compliance with applicable laws. To guide FPL
Group’s employees across its multi-national network to uphold these values, FPL has established the FPL Code of
Business Conduct to provide clear guidelines on ethics and relationships to safeguard the interests and reputation of
the FPL Group, including the REIT Manager, as well as its stakeholders.
The FPL Code of Business Conduct covers key aspects such as avoiding conflicts of interest, working with external
stakeholders (including customers, suppliers, business partners, governments and regulatory officials), protecting
company’s assets, social media engagement, data privacy and upholding laws in countries where the FPL Group has
geographical presence in. The FPL Code of Business Conduct also emphasises the importance of upholding the FPL
Group’s core values to build a respectful culture. Employees are encouraged to be respectful to the elements that
make people similar or different from one another, including background, views, experiences, capabilities, values,
beliefs, physical differences, ethnicity and culture, gender, age, thinking styles, preferences and behaviours.
The FPL Code of Business Conduct sets out the policies and procedures dealing with various issues such as conflicts
of interests, the maintenance of records and reports, equal employment opportunities and sexual harassment. It
includes requirements relating to the keeping of accurate and sufficiently detailed accounting records for financial
transactions, internal financial reporting and financial reporting to stakeholders, sets out the standards to which
employees must adhere in their business relationships with third parties and personal business undertakings and
their obligations to the FPL Group, and provides for the need to obtain approval in certain situations where a conflict
of interest may arise. It also covers an employee’s obligations in protecting the FPL Group’s confidential information
and intellectual property and reiterates the FPL Group’s zero tolerance approach to bribery and corruption.
Where applicable/appropriate, the FPL Code of Business Conduct is also made available to other stakeholders such
as the REIT Manager’s agents, suppliers, business associates and customers.
Anti-Bribery and Anti-Corruption
The REIT Manager has procedures in place to comply with applicable anti-bribery laws and regulations. Under the
FPL Code of Business Conduct, employees are not to accept, offer, promise, or pay anything of value to another
person with the intention to obtain or retain business, to improperly influence an official action or to secure an
unfair business advantage, whether directly or through a third-party. An anti-bribery policy, which is applicable to
entities of the FPL Group incorporated or formed in the United Kingdom, and those carrying on business in the
United Kingdom, has been implemented.
Anti-Money Laundering and Countering the Financing of Terrorism Measures
The REIT Manager has a policy in place and has implemented procedures to comply with applicable anti-money
laundering, counter-terrorism financing laws and regulations, including the notice and guidelines issued by the
Monetary Authority of Singapore to capital intermediaries on the prevention of money laundering and countering
the financing of terrorism. The REIT Manager’s policy and procedures include, but are not limited to, risk assessment
and mitigation, customer due diligence, reporting of suspicious transactions, and record keeping. Training on anti-
money laundering, counter-terrorism financing laws and regulations are also conducted for employees, officers
and representatives periodically and as and when needed.
Business Continuity Management
FLCT has in place a Group Business Continuity Management (“BCM”) Policy which references the requirements
of ISO 22301 management system. The Policy sets the directives and guides the REIT Manager in implementing
and maintaining a BCM programme to protect against, reduce the likelihood of the occurrence of, prepare for,
respond to and recover from disruptions when they arise. The REIT Manager has in FY2023, enhanced its BCM
programme which has boosted its resilience and capability in responding, managing, and recovering from adverse
business disruptions and unforeseen catastrophic events. Under the programme, critical business functions, key
processes, resource requirements, service recovery time objectives and business recovery strategies are identified.
Management has identified and mapped end-to-end dependencies covering people, processes, technology and
other resources (including third parties and intragroup) that support each critical business service. Management
has put in place a robust and effective incident management programme to manage incidents to recover the
critical business services and functions to prepare itself within the stipulated recovery time objectives. A Crisis
Management Team has been established to oversee the Manager’s crisis management activities. Group Internal
Audit (as an independent and qualified party) has been engaged to establish a comprehensive BCM audit plan and
conduct an audit of the BCM framework and the BCM of each critical business service at least once every three
years.
Annual tests, exercises (tabletop or simulated) and drills, simulating different scenarios, will be carried out to
assess the effectiveness of the abovementioned plans. The Manager’s Crisis Management Team and staff are
trained periodically, and the plans under the BCM are updated regularly. The BCM programme ensures FLCT stays
resilient in the face of a crisis. It is a holistic approach to minimise adverse business impact and to safeguard
FLCT’s reputation and business operations.
The FPL Code of Business Conduct, the BCM Policy and the other policies mentioned above, are accessible to all
employees on the FPL Group intranet.
POLICY ON DEALINGS IN SECURITIES
The REIT Manager has established a dealing policy on securities trading (“Dealing Policy”) setting out the
procedure for dealings in FLCT’s securities by its Directors, officers and compliance with Rule 1207(19) of the SGX-
ST Listing Manual on best practices on dealing in securities. The Group issues reminders to its Directors, officers
and employees on the restrictions in dealings in listed securities of the Group during the period commencing (a)
two weeks prior to the announcement of the interim business updates of the first and third quarters of the financial
year, and (b) one month before the announcement of half-year and full-year results, and ending on the date of such
announcements (the “Prohibition Period”). Directors, officers and employees are also reminded not to trade in
listed securities of FLCT at any time while in possession of unpublished price or trade sensitive information and to
refrain from dealing in FLCT’s securities on short-term considerations. Pursuant to the SFA, Directors and the CEO
are also required to report their dealings in FLCT’s securities within two business days.
Every quarter, each Director, officer and employee is required to complete and submit a declaration form to the
designated compliance officer to report any trades he/she made in Units in the previous quarter and confirm that
no trades were made during the Prohibition Period. A quarterly report will be provided to the ARCC. Any non-
compliance with the Dealing Policy will be reported to ARCC for its review and instructions.
Under the Dealing Policy, prior approval from the Board is required before the REIT Manager deals or trades in
Units. In addition, the REIT Manager will not deal in Units:
(1) during the Prohibition Period; or
(2) while in possession of unpublished material price sensitive information.

ADDITIONAL DISCLOSURE ON FEES PAYABLE TO THE REIT MANAGER
Pursuant to the Trust Deed1, the REIT Manager is entitled to receive the following fees:
Type of Fee Computation and Form of Payment Rationale and Purpose

Base Fee Pursuant to Clause 15.1.1 of the Trust Deed, The Base Fee compensates the REIT
the REIT Manager is entitled to receive a Manager for the costs incurred in managing
Base Fee not exceeding the rate of 0.4% FLCT, which includes overheads, day-to-day
per annum of the Value of FLCT’s Deposited operational costs, compliance, monitoring
Property. and reporting costs as well as administrative
expenses.
The Base Fee is payable quarterly in the form
of cash and/or Units as the REIT Manager The Base Fee is calculated at a fixed
may elect. percentage of asset value as the scope of the
REIT Manager’s duties commensurate with
the size of FLCT’s asset portfolio.
Performance Fee Pursuant to Clause 15.1.2 of the Trust Deed, The Performance Fee, which is based on
the REIT Manager is entitled to receive a Distributable Income, aligns the interests of
Performance Fee equal to a rate of 5.0% the REIT Manager with Unitholders as the
per annum of the Distributable Income of REIT Manager is incentivised to proactively
FLCT (calculated before accounting for the focus on improving rentals and optimising
Performance Fee but after accounting for the the operating costs and expenses of FLCT’s
Base Fee and adding back Adjustments) in properties. Linking the Performance Fee
the relevant financial year. to Distributable Income will also motivate
the REIT Manager to ensure the long-term
The Performance Fee is payable annually in sustainability of the distribution income
the form of cash and/or Units as the REIT instead of taking on excessive short-term
Manager may elect. risks to the detriment of Unitholders.
Acquisition Fee Pursuant to Clause 15.2.1(i) of the Trust The Acquisition Fee and Divestment Fee are
Deed, the REIT Manager is entitled to receive put in place to motivate and compensate
an Acquisition Fee not exceeding the rate the REIT Manager for the time, cost and
of (i) 0.5% for acquisitions from Related effort spent (in the case of an acquisition)
Parties; and (ii) 1.0% in all other cases, of the in evaluating and executing potential
acquisition price2 upon the completion of an opportunities to acquire new properties to
acquisition. further grow FLCT’s asset portfolio or, (in
the case of a divestment) in rebalancing and
Subject to the Property Funds Appendix, unlocking the underlying value of the existing
the Acquisition Fee is payable as soon properties.
as practicable after completion of the
acquisition in the form of cash and/or Units The REIT Manager provides these services
as the REIT Manager may elect. over and above the provision of ongoing
management services with the aim of
enhancing long-term returns, income
sustainability and achieving the investment
objectives of FLCT.
The Acquisition Fee is higher than the

Divestment Fee because there is additional
work required to be undertaken in terms of
evaluating and conducting due diligence for
an acquisition, as compared to a divestment.
Type of Fee Computation and Form of Payment Rationale and Purpose

Divestment Fee Pursuant to Clause 15.2.1(ii) of the Trust The Divestment Fee is lower than the
Deed, the REIT Manager is entitled to Acquisition Fee because there is additional
receive a Divestment Fee not exceeding work to be undertaken in terms of evaluating
the rate of 0.5% of the sale price3 upon the and conducting due diligence for an
completion of a sale or disposal. acquisition, as compared to a divestment.
Subject to the Property Funds Appendix,

the Divestment Fee is payable as soon as
practicable after completion of the sale or
disposal in the form of cash and/or Units as
the REIT Manager may elect.
1
Capitalised terms used in this section shall have the same meanings ascribed to them in the Trust Deed.
2
(a) being the acquisition price of any real estate purchased (whether directly or indirectly through one or more special purpose vehicles) plus
any other payments made to the vendor in addition to the acquisition price in connection with the purchase of the real estate, pro-rated, if
applicable, to the proportion of FLCT’s interest;
(b) being, in relation to an acquisition of any special purpose vehicles or holding entities which hold real estate (whether directly or indirectly
through one or more special purpose vehicles), the underlying value of any real estate which is taken into account when computing the
acquisition price payable for the equity interests of any vehicle holding directly or indirectly the real estate purchased (whether directly by
FLCT or through any special purpose vehicle(s)), plus any other payments made to the vendor in connection with the purchase of the equity
interests, pro-rated, if applicable, to the proportion of FLCT’s interest; or
(c) being the acquisition price of any Investment purchased by FLCT (whether directly or through any special purpose vehicle), in any debt
securities of any property corporation or other special purpose vehicle owning or acquiring real estate, or any debt securities which are
secured whether directly or indirectly by the rental income from real estate.
3
(a) being the sale price of any real estate sold (whether directly or indirectly through one or more special purpose vehicles) plus any other
payments made in addition to the sale price received from the purchaser in connection with the sale of the real estate, pro-rated, if applicable,
to the proportion of FLCT’s interest;
(b) being, in relation to a divestment of any special purpose vehicles or holding entities which hold real estate, the underlying value of any real
estate which is taken into account when computing the sale price payable for the equity interests of any vehicle holding directly or indirectly
the real estate sold (whether directly by FLCT or through any special purpose vehicle(s)), plus any other payments made by the purchaser in
connection with the sale of the equity interests, pro-rated, if applicable, to the proportion of FLCT’s interest; or
(c) being the sale price of any Investment sold by FLCT (whether directly or through any special purpose vehicle), in any debt securities of any
property corporation or other special purpose vehicle owning or acquiring real estate, or any debt securities which are secured whether
directly or indirectly by the rental income from real estate.
SUMMARY OF COMPLIANCE WITH EXPRESS DISCLOSURE REQUIREMENTS IN PRINCIPLES AND PROVISIONS

OF THE CG CODE
Page Reference
of FY2023
Principles and Provisions of the 2018 Code of Corporate Governance Annual Report
BOARD’S CONDUCT OF AFFAIRS
Provision 1.2 Induction, training and development provided to new and existing 167
Directors
Provision 1.3 Matters requiring Board approval 165
Provision 1.4 Names of Board Committee members, terms of reference of Board 161 - 165
Committees, any delegation of Board’s authority to make decisions and
a summary of each Board Committee’s activities
Provision 1.5 Number of Board and Board Committee meetings held in the year and 165
each individual Directors’ attendances at such meetings
BOARD COMPOSITION AND GUIDANCE
Provision 2.4 The Board diversity policy and progress made towards implementation 169 - 171
of the policy, including objectives
BOARD MEMBERSHIP
Provision 4.3 Process for the selection, appointment and re-appointment of Directors 169
to the Board, including the criteria used to identify and evaluate
potential new Directors and channels used in searching for appropriate
Candidates
Provision 4.4 Relationships that IDs have with FLCT, its related corporations, its 171 - 176
substantial Unitholders or its officers, if any, which may affect their
independence, and the reasons why the Board, having taken into
account the views of the NRC, has determined that such Directors are
still independent
Provision 4.5 Listed company directorships and principal commitments of each 22 - 25,
Director, and where a Director holds a significant number of such 169
directorships and commitments, the NRC’s and Board’s reasoned
assessment of the ability of the Director to diligently discharge his or
her duties
BOARD PERFORMANCE
Provision 5.2 How the assessments of the Board, its Board Committees and each 176 - 177
Director have been conducted, including the identity of any external
facilitator and its connection, if any, with the REIT Manager or any of its
Directors
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
Provision 6.4 Engagement of any remuneration consultants and their independence 178
Page Reference
of FY2023
Principles and Provisions of the 2018 Code of Corporate Governance Annual Report
DISCLOSURE ON REMUNERATION
Provision 8.1 Policy and criteria for setting remuneration, as well as names, amounts 177 - 184
and breakdown of remuneration of:
(a) each individual Director and the CEO; and
(b) at least the top five key management personnel (who are not Directors
or the CEO) in bands no wider than S$250,000 and in aggregate the
total remuneration paid to these key management personnel
Provision 8.2 Names and remuneration of employees who are substantial 183 - 184
shareholders of the REIT Manager or substantial Unitholders, or are
immediate family members of a Director, the CEO or such a substantial
shareholder or substantial Unitholder, and whose remuneration
exceeds S$100,000 during the year, in bands no wider than S$100,000.
The employee’s relationship with the relevant director or the CEO or
substantial shareholder or substantial Unitholder should also be stated.
Provision 8.3 All forms of remuneration and other payments and benefits, paid by the 182- 184
REIT Manager and its subsidiaries to directors and key management
personnel of the REIT Manager.
RISK MANAGEMENT AND INTERNAL CONTROLS
Provision 9.2 Board’s assurance from: 186
• the CEO and the CFO that the financial records have been properly
maintained and the financial statements give a true and fair view of
the REIT’s operations and finances; and
• the CEO and other key management personnel who are responsible,
regarding the adequacy and effectiveness of the REIT’s risk
management and internal control systems.
AUDIT COMMITTEEE
Provision 10.1(f) The existence of a whistle-blowing policy and procedures for raising 188
such concerns
UNITHOLDER RIGHTS AND ENGAGEMENT
UNITHOLDER RIGHTS AND CONDUCT OF GENERAL MEETINGS
Provision 11.3 Directors’ attendance at general meetings of Unitholders held during 165
the financial year
Provision 11.6 The REIT Manager’s dividend policy 190
ENGAGEMENT WITH UNITHOLDERS
Provision 12.1 Steps taken by the REIT Manager to solicit and understand the views 188 - 190
of Unitholders
ENGAGEMENT WITH STAKEHOLDERS
Provision 13.2 The REIT Manager’s strategy and key areas of focus in relation to the 190 - 192
management of stakeholder relationships during the reporting period
Highlights Governance Additional Information
FINANCIAL STATEMENTS
198 Report of The Trustee

199 Statement by the Manager
200 Independent Auditors’ Report
204 Statement of Total Return
205 Distribution Statement
206 Statements of Financial Position
207 Statements of Movements in Unitholders’ Funds
210 Statement of Cash Flows
212 Portfolio Statement
221 Notes to the Financial Statements
Report of the Trustee
Perpetual (Asia) Limited (the “Trustee”) is under a duty to take into custody and hold the assets of Frasers Logistics &
Commercial Trust (the “Trust”) held by it or through its subsidiaries (collectively, the “Group”) in trust for the holders
(“Unitholders”) of units in the Trust (the “Units”). In accordance with the Securities and Futures Act 2001, its subsidiary
legislation and the Code on Collective Investment Schemes and the Listing Manual (collectively referred to as the
“Regulations”), the Trustee shall monitor the activities of Frasers Logistics & Commercial Asset Management Pte. Ltd.
(the “Manager”) for compliance with the limitations imposed on the investment and borrowing powers as set out in
the Trust Deed dated 30 November 2015 (as amended) (the “Trust Deed”) between the Manager and the Trustee in
each annual accounting period and report thereon to Unitholders in an annual report.
To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Group during the
financial year covered by these financial statements set out on pages 204 to 300, in accordance with the limitations
imposed on the investment and borrowing powers set out in the Trust Deed.
For and on behalf of the Trustee,

Sin Li Choo
Director
Singapore
16 November 2023
Statement by the Manager
In the opinion of the directors of Frasers Logistics & Commercial Asset Management Pte. Ltd. (the “Manager”),
the accompanying financial statements set out on pages 204 to 300 comprising the consolidated statement of
financial position and consolidated portfolio statement of the Group and the statement of financial position of the
Trust as at 30 September 2023, the consolidated statement of total return, consolidated distribution statement,
consolidated statement of movements in unitholders’ funds and consolidated statement of cash flows of the
Group and the statement of movements in unitholders’ funds of the Trust for the year ended 30 September 2023,
and notes to the financial statements are drawn up so as to present fairly, in all material respects, the financial
positions of the Group and the Trust and the portfolio holdings of the Group as at 30 September 2023, the total
return, distributable income, movements in unitholders’ funds and cash flows of the Group and the movements in
unitholders’ funds of the Trust for the year ended 30 September 2023 in accordance with the recommendations
of Statement of Recommended Accounting Practice 7 Reporting Framework for Investment Funds issued by the
Institute of Singapore Chartered Accountants and the provisions of the Trust Deed.
At the date of this statement, there are reasonable grounds to believe that the Group and the Trust will be able to meet
their financial obligations as and when they materialise.
For and on behalf of the Manager,

Ho Hon Cheong Kyle Lee Khai Fatt

Director Director
Singapore
16 November 2023
Independent Auditors’ Report

Members of the Company
Frasers Property Limited
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Frasers Logistics & Commercial Trust (the “Trust”) and its subsidiaries (the
“Group”), which comprise the consolidated statement of financial position and consolidated portfolio statement of
the Group and the statement of financial position of the Trust as at 30 September 2023, the consolidated statement
of total return, consolidated distribution statement, consolidated statement of movements in unitholders’ funds and
consolidated statement of cash flows of the Group and the statement of movements in unitholders’ funds of the
Trust for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies, as set out on pages 204 to 300.
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, the
consolidated financial position and the portfolio holdings of the Group and the financial position of the Trust as at
30 September 2023 and the consolidated total return, consolidated distributable income, consolidated movements
in unitholders’ funds and consolidated cash flows of the Group and the movements in unitholders’ funds of the
Trust for the year ended on that date in accordance with the recommendations of Statement of Recommended
Accounting Practice 7 (“RAP 7”) Reporting Framework for Investment Funds issued by the Institute of Singapore
Chartered Accountants.
Basis for opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under
those standards are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’
section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory
Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”)
together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Valuation of investment properties

(Refer to Note 10 of the financial statements)
Risk
The Group owns a portfolio of logistics and industrial properties in Australia, Germany, the Netherlands and the
United Kingdom, as well as commercial properties and business parks in Singapore, Australia and the United
Kingdom that are leased to third parties under operating leases. Investment properties represent the largest category
of assets on the consolidated statement of financial position, with a carrying value of approximately S$6.6 billion at
30 September 2023.
These investment properties are stated at their fair values based on independent external valuations. The valuation
process involves significant judgement in determining the appropriate valuation methodology to be used, and in
estimating the underlying assumptions to be applied. The valuations are sensitive to key assumptions applied and a
change in the assumptions may have an impact on the valuations.

Our response
We evaluated the qualifications and objectivity of the external valuers. We held discussions with the valuers to
understand the valuation methods and the assumptions applied. We considered the valuation methodologies used
against those applied by other valuers for similar property types. We evaluated the appropriateness of the key
assumptions used in the valuations by comparing them to available industry data used for similar properties, taking
into consideration comparability and market factors. Where the assumptions were outside of the expected range, we
undertook further procedures to understand the effects of additional factors and, when necessary, held discussions
with the valuers. For investment properties under development, we also evaluated the estimated costs to complete
by comparing the costs incurred to date against construction contracts. We tested significant cost components to
source documents.
Our findings
The external valuers are members of generally-recognised professional bodies for valuers and have considered
their own independence in carrying out their work. The valuation methodologies used by the valuers are in line with
generally accepted market practices. The key assumptions applied in the valuations of the completed investment
properties including the capitalisation rate, net initial yield, discount rate and terminal yield, are generally within
the range of comparable market data. Where the assumptions were outside of the expected range, the additional
factors considered by the valuers were consistent with other corroborative evidence. For investment properties
under development, we found the estimated costs to complete to be supported.
Other information
Frasers Logistics & Commercial Asset Management Pte. Ltd., the Manager of the Trust (the “Manager”), is responsible
for the other information contained in the annual report. Other information is defined as all information in the annual
report other than the financial statements and our auditors’ report thereon.
We have obtained the Glossary, Corporate Profile, Our Multinational Presence, Financial Highlights, Trends, Strategy
& Achievements, Letter to Unitholders, In Conversation with the CEO, Organisation & Corporate Structure, Board
of Directors, Management Team, Financial Review, Capital Management, Operational Review, Portfolio Overview,
Property Profiles, Investor Relations, Unit Price Performance, Independent Market Research Australia, Independent
Market Research Germany, Independent Market Research Singapore, Independent Market Research The UK,
Independent Market Research The Netherlands, Enterprise-Wide Risk Management, Corporate Governance Report
and Interested Person Transactions prior to the date of this auditors’ report. The ESG Report and the Unitholders’
Statistics are expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information and we do not and will not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified
above and, in doing so, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditors’
report, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
When we read the ESG Report and the Unitholders’ Statistics, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to the Manager and take appropriate actions in accordance
with SSAs.

Responsibilities of the Manager for the financial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these financial statements in
accordance with the recommendations of RAP 7 issued by the Institute of Singapore Chartered Accountants, and for
such internal control as the Manager determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Manager is responsible for assessing the Group’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Manager either intends to terminate the Group or to cease operations of the Group, or has no
realistic alternative but to do so.
The Manager’s responsibilities include overseeing the Group’s financial reporting process.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls.
• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Manager.
• Conclude on the appropriateness of the use of the going concern basis of accounting by the Manager and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or
conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our
audit opinion.
We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.

We also provide the Manager with a statement that we have complied with relevant ethical requirements regarding
independence, and communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Manager, we determine those matters that were of most significance in
the audit of the financial statements of the current period and are therefore the key audit matters. We describe these
matters in our auditors’ report unless the law or regulations preclude public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
The engagement partner on the audit resulting in this independent auditors’ report is Lim Pang Yew, Victor.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
16 November 2023
Statement of Total Return

For the year ended 30 September 2023
Group
Note 2023 2022
S$’000 S$’000
Revenue 3 420,782 450,187

Property operating expenses 4 (105,781) (101,366)
Net property income 315,001 348,821
Managers’ management fees 5 (38,549) (42,018)

Trustees’ fees (870) (906)
Trust expenses (5,340) (4,707)
Exchange gains (net) 5,019 2,124
Finance income 1,620 727
Finance costs (46,763) (41,595)
Net finance costs 6 (45,143) (40,868)
Net income 230,118 262,446
Net change in fair value of derivatives (473) 276

Net change in fair value of investment properties 10 (358,956) 425,593
Gain on divestment of investment properties 17,389 169,694
Total (loss)/return for the year before tax (111,922) 858,009
Tax credit/(expense) 7 6,581 (119,268)
Total (loss)/return for the year 8 (105,341) 738,741
Total (loss)/return attributable to:

Unitholders (103,034) 728,645
Non-controlling interests (2,307) 10,096
(105,341) 738,741
(Loss)/Earnings per Unit (Singapore cents)

Basic 9 (2.77) 19.74
Diluted 9 (2.75) 19.63
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Distribution Statement
Group
2023 2022
S$’000 S$’000
Distributable income during the year

Total (loss)/return for the year attributable to Unitholders (103,034) 728,645
Tax related and other adjustments (Note A) 340,306 (461,873)
Income available for distribution to Unitholders 237,272 266,772
Capital distribution (Note B) 25,067 14,981
Distributable income 262,339 281,753
Amount available for distribution to Unitholders at beginning of the year 140,459 95,547
Distributable income for the year 262,339 281,753
Amount available for distribution to Unitholders 402,798 377,300
Distributions to Unitholders:
Distribution of 2.57 Singapore cents per Unit for the period
from 3 June 2021 to 30 September 2021 – (94,733)
from 1 October 2021 to 31 March 2022 – (142,108)
from 1 April 2022 to 30 September 2022 (139,928) –
from 1 October 2022 to 31 March 2023 (131,058) –
(270,986) (236,841)
Amount available for distribution to Unitholders at end of the year 131,812 140,459
Distribution per Unit (DPU) (Singapore cents)(1) 7.04 7.62
Note A
Tax related and other adjustments relate to the following items:
Straight-lining of rental adjustments 1,243 (708)
Managers’ management fees paid/payable in Units 38,549 33,744
Exchange gains (net) (5,372) (2,104)
Finance costs 2,966 3,864
Lease payments of right-of-use assets (4,802) (5,975)
Net change in fair value of derivatives 473 (276)
Net change in fair value of investment properties 358,956 (425,593)
Fair value loss/(gain) on financial assets at fair value through profit or loss (“FVTPL”) 204 (104)
Gain on divestment of investment properties, net of capital gains tax (17,389) (166,850)
Deferred tax (credit)/expense (28,970) 93,221
Non-controlling interests’ share of adjustments (4,842) 7,646
Other adjustments (710) 1,262
Net distribution adjustments 340,306 (461,873)
Note B
Capital distribution relates to the following:
Lease incentives(a) 2,636 3,278
Rental support(b) 1,724 3,489
Divestment gains 16,050 8,214
Coupon interest(c) 4,657 –
25,067 14,981
(1)
The DPU relates to the distributions in respect of the relevant financial year. The distribution for the period from 1 April 2023 to 30 September 2023
(2022: 1 April 2022 to 30 September 2022) 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 and Europe in prior years.
(b)
Rental support received from vendors in relation to the acquisition of certain properties in the United Kingdom (“UK”).
(c)
Coupon interest received from vendors in relation to the development of certain properties in the UK.
Statements of Financial Position

Group Trust
Note 2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Non-current assets
Investment properties 10 6,649,471 6,931,752 – –
Plant and equipment 11 73 130 – –
Investment in subsidiaries 12 – – 2,783,993 2,763,312
Loans to subsidiaries 13 – – 1,650,337 1,811,636
Derivative assets 14 79,886 165,241 69,843 149,672
6,729,430 7,097,123 4,504,173 4,724,620
Current assets
Cash and cash equivalents 15 152,737 220,728 42,310 98,230
Trade and other receivables 16 41,752 49,728 187,816 73,692
Loans to subsidiaries 13 – – 255,652 –
Derivative assets 14 13,740 3,870 13,361 939
Investment property held for sale 10 – 38,264 – –
208,229 312,590 499,139 172,861
Total assets 6,937,659 7,409,713 5,003,312 4,897,481
Current liabilities
Trade and other payables 17 65,116 77,322 226,719 128,243
Loans and borrowings 18 522,828 160,079 511,675 22,893
Derivative liabilities 14 247 – 247 –
Current tax liabilities 21,043 23,761 375 30
Liabilities directly associated with the
investment property held for sale 10 – 18,280 – –
609,234 279,442 739,016 151,166
Non-current liabilities
Trade and other payables 17 9,382 9,787 – –
Loans and borrowings 18 1,633,461 1,939,925 1,115,673 1,426,974
Derivative liabilities 14 5,871 451 5,871 451
Deferred tax liabilities 19 254,673 291,944 – –
1,903,387 2,242,107 1,121,544 1,427,425
Total liabilities 2,512,621 2,521,549 1,860,560 1,578,591
Net assets 4,425,038 4,888,164 3,142,752 3,318,890
Represented by:
Unitholders’ funds 4,379,701 4,838,844 3,142,752 3,318,890
Non-controlling interests 20 45,337 49,320 – –
4,425,038 4,888,164 3,142,752 3,318,890
Units in issue and to be issued (’000) 21 3,744,537 3,711,605 3,744,537 3,711,605
Net asset value per Unit (S$) 22 1.17 1.30 0.84 0.89
The accompanying notes form an integral part of the financial statements.

Statements of Movements in Unitholders’ Funds

Attributable Non-
to controlling
Note Unitholders interests Total
S$’000 S$’000 S$’000
Group
At 1 October 2022 4,838,844 49,320 4,888,164
Operations
Decrease in net assets resulting from operations (103,034) (2,307) (105,341)
Transactions with owners

Units issued and to be issued:
– Managers’ management fees paid/payable in Units 38,549 – 38,549
Distributions paid to Unitholders 23 (270,986) – (270,986)
Dividends paid to non-controlling interests – (3,145) (3,145)
Net decrease in net assets resulting from transactions
with owners (232,437) (3,145) (235,582)
Hedging reserve
Effective portion of change in fair value of cash flow hedges (52,685) (28) (52,713)
Net change in fair value of cash flow hedges reclassified to
statement of total return 24,761 – 24,761
Net decrease in net assets resulting from hedging
reserve (27,924) (28) (27,952)
Foreign currency translation reserve

Translation differences relating to financial statements of
foreign subsidiaries (56,381) 1,287 (55,094)
Exchange differences on hedge of net investments in
foreign operations (26,305) – (26,305)
Exchange differences on monetary items forming part of net
investment in foreign operations (13,062) – (13,062)
Net (decrease)/increase in net assets resulting from
foreign currency translation reserve (95,748) 1,287 (94,461)
Changes in ownership interests in subsidiaries

Acquisition of non-controlling interests without a change in
control – 210 210
At 30 September 2023 4,379,701 45,337 4,425,038

Attributable Non-
to controlling
Note Unitholders interests Total
S$’000 S$’000 S$’000
Group
At 1 October 2021 4,574,641 44,814 4,619,455
Operations
Increase in net assets resulting from operations 728,645 10,096 738,741

– Managers’ management fees paid/payable in Units 33,744 – 33,744
Distributions paid to Unitholders 23 (236,841) – (236,841)
Dividends paid to non-controlling interests – (749) (749)
Net decrease in net assets resulting from transactions
with owners (203,097) (749) (203,846)
Hedging reserve
Effective portion of change in fair value of cash flow hedges 39,804 196 40,000
Net change in fair value of cash flow hedges reclassified to
statement of total return 32,693 – 32,693
Net increase in net assets resulting from hedging reserve 72,497 196 72,693
Foreign currency translation reserve

Translation differences relating to financial statements of
foreign subsidiaries (315,236) (5,174) (320,410)
Exchange differences on hedge of net investments in
foreign operations 149,544 – 149,544
Exchange differences on monetary items forming part of net
investment in foreign operations (168,150) – (168,150)
Net decrease in net assets resulting from foreign
currency translation reserve (333,842) (5,174) (339,016)
Changes in ownership interests in subsidiaries

Acquisition of non-controlling interests without a change in
control – 137 137
At 30 September 2022 4,838,844 49,320 4,888,164

Note 2023 2022

S$’000 S$’000
Trust
At beginning of the year 3,318,890 3,335,204
Operations
Increase in net assets resulting from operations 78,686 131,587

– Managers’ management fees paid/payable in Units 38,549 33,744
Distributions paid to Unitholders 23 (270,986) (236,841)
Net decrease in net assets resulting from transactions with owners (232,437) (203,097)
Hedging reserve
Effective portion of change in fair value of cash flow hedges (47,148) 22,503
Net change in fair value of cash flow hedges reclassified to statement of
total return 24,761 32,693
Net (decrease)/increase in net assets resulting from hedging reserve (22,387) 55,196
At end of the year 3,142,752 3,318,890
Statement of Cash Flows

Group
Note 2023 2022
S$’000 S$’000
Cash flows from operating activities

Total (loss)/return before tax (111,922) 858,009
Adjustments for:
Straight-lining of rental adjustments 1,243 (708)
Effects of recognising lease incentives on a straight-line basis over the
lease term 9,697 5,765
Managers’ management fees paid/payable in Units 38,549 33,744
Depreciation of plant and equipment 57 61
Loss on write-off of property, plant and equipment – 18
Allowance for/(Reversal of) doubtful receivables 333 (107)
Unrealised exchange (gains)/losses (net) (3,418) 6,346
Finance income 6 (1,620) (727)
Finance costs 6 46,763 41,595
Net change in fair value of derivatives 473 (276)
Net change in fair value of investment properties 10 358,956 (425,593)
Gain on divestment of investment properties (17,389) (169,694)
Cash generated from operations before working capital changes 321,722 348,433
Changes in working capital:
Trade and other receivables 6,790 (20,912)
Trade and other payables (581) 6,168
Cash generated from operations 327,931 333,689
Tax paid (25,676) (26,744)
Net cash generated from operating activities 302,255 306,945
Cash flows from investing activities

Acquisition of investment properties (including acquisition costs) – (143,084)
Stamp duty incurred on acquisition of investment properties – (9,032)
Net proceeds from divestment of investment properties 31,234 803,246
Capital and other expenditure on investment properties (161,270) (127,619)
Interest received 1,729 699
Net cash (used in)/generated from investing activities (128,307) 524,210
Cash flows from financing activities

Interest paid (44,691) (38,519)
Proceeds from loans and borrowings 418,925 51,393
Repayment of loans and borrowings (340,882) (511,703)
Payment of upfront debt-related transaction costs (1,344) –
Payment of lease liabilities (969) (1,270)
Distributions paid to Unitholders (270,986) (236,841)
Dividends paid to non-controlling interests (3,145) (749)
Net cash used in financing activities (243,092) (737,689)
Net (decrease)/increase in cash and cash equivalents (69,144) 93,466

Cash and cash equivalents at beginning of year 220,728 140,367
Effect of exchange rate changes on cash and cash equivalents 1,153 (13,105)
Cash and cash equivalents at end of year 15 152,737 220,728
Statement of Cash Flows

SIGNIFICANT NON CASH TRANSACTIONS
Other than the non cash items as set out above, there were the following additional significant non cash financing and
investing transactions during the following years:
2023
• 32,774,272 Units, amounting to S$40,799,000, were issued to the Managers as satisfaction of the management
fees payable to the Managers.
2022
• 19,746,643 Units, amounting to S$28,921,000, were issued to the Managers as satisfaction of the management
fees payable to the Managers.
Portfolio Statement
Group
Percentage Percentage
of net assets of net assets
attributable attributable
Carrying Carrying to to
Location of property Acquisition date Tenure(a) amount amount Unitholders Unitholders
2023 2022 2023 2022
S$’000 S$’000 % %
Completed investment properties
Logistics and industrial portfolio

A) Australia
Melbourne, Victoria
South East
South Park Industrial Estate
98-126 South Park Drive, 14 June 2016 Freehold 51,843 51,453 1.2 1.1
Dandenong South
Dandenong South
22-26 Bam Wine Court, 14 June 2016 Freehold 29,217 30,550 0.7 0.6
Dandenong South
Dandenong South
89-103 South Park Drive, 1 August 2017 Freehold 19,068 20,673 0.4 0.4
Dandenong South
The Key Industrial Park

17 Pacific Drive and 170- 14 June 2016 Freehold 59,752 51,453 1.4 1.1
172 Atlantic Drive,
Keysborough
150-168 Atlantic Drive, 14 June 2016 Freehold 43,935 51,453 1.0 1.1
Keysborough
49-75 Pacific Drive, 14 June 2016 Freehold 43,276 48,513 1.0 1.0
Keysborough
77 Atlantic Drive, 14 June 2016 Freehold 29,261 32,158 0.7 0.6
Keysborough
78 & 88 Atlantic Drive, 14 June 2016 Freehold 27,152 28,023 0.6 0.6
Keysborough
111 Indian Drive, 31 August 2016 Freehold 47,010 50,075 1.1 1.0
Keysborough
29 Indian Drive, Keysborough 15 August 2017 Freehold 41,035 45,021 0.9 0.9
17 Hudson Court, 12 September Freehold 43,759 45,021 1.0 0.9
Keysborough 2017
8-28 Hudson Court, 20 August 2019 Freehold 56,017 46,399 1.3 0.9
Keysborough
Mulgrave
211A Wellington Road, 14 June 2016 Freehold 34,357 48,237 0.8 1.0
Mulgrave
Braeside Industrial Estate 12 August 2020 Freehold 28,690 27,564 0.6 0.6
75-79 Canterbury Road,
Braeside
West
West Park Industrial Estate
468 Boundary Road, Derrimut 14 June 2016 Freehold 44,155 47,778 1.0 1.0
1 Doriemus Drive, Truganina 14 June 2016 Freehold 115,110 121,282 2.6 2.5
2-22 Efficient Drive, Truganina 14 June 2016 Freehold 73,591 65,855 1.7 1.4
1-13 and 15-27 Sunline Drive, 14 June 2016 Freehold 46,132 48,237 1.0 1.0
Truganina
Balance carried forward 895,615 920,845 20.4 19.0
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
Balance brought forward 895,615 920,845 20.4 19.0
Melbourne, Victoria (cont’d)

West (cont’d)
West Park Industrial Estate (cont’d)
42 Sunline Drive, Truganina 14 June 2016 Freehold 25,834 26,645 0.6 0.6
43 Efficient Drive, Truganina 1 August 2017 Freehold 43,056 35,833 1.0 0.7
West Industry Park

1 Magnesium Place, Truganina 27 June 2022 Freehold 18,892 22,235 0.4 0.4
11 Magnesium Place, 27 June 2022 Freehold 13,840 15,941 0.3 0.3
Truganina
17 Magnesium Place, 27 June 2022 Freehold 15,599 17,871 0.4 0.4
Truganina
Altona Industrial Park

18-34 Aylesbury Drive, Altona 14 June 2016 Freehold 39,761 35,833 0.9 0.7
North
Melbourne Airport Business Park
38-52 Sky Road East, 14 June 2016 31-year 46,741(c) 46,807(c) 1.1 1.0
Melbourne Airport leasehold
expiring on 30
June 2047
96-106 Link Road, Melbourne 14 June 2016 31-year 28,959(c) 36,168(c) 0.7 0.7
Airport leasehold
expiring on 30
June 2047
17-23 Jets Court, Melbourne 14 June 2016 31-year 13,018(c) 13,269(c) 0.3 0.3
Airport leasehold
expiring on 30
June 2047
25-29 Jets Court, Melbourne 14 June 2016 31-year 17,930(c) 18,374(c) 0.4 0.4
Airport leasehold
expiring on 30
June 2047
28-32 Sky Road East, 14 June 2016 31-year 12,831(c) 13,583(c) 0.3 0.3
expiring on 30
June 2047
115-121 South Centre Road, 14 June 2016 31-year 6,197(c) 8,374(c) 0.1 0.2
expiring on 30
June 2047
Balance carried forward 1,178,273 1,211,778 26.9 25.0
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
Balance brought forward 1,178,273 1,211,778 26.9 25.0
Sydney, New South Wales

Outer Central West
Eastern Creek
4-8 Kangaroo Avenue, 14 June 2016 Freehold 117,965 113,012 2.7 2.3
Eastern Creek
21 Kangaroo Avenue, Eastern 14 June 2016 Freehold 120,162 92,064 2.7 1.9
Creek
17 Kangaroo Avenue, Eastern 14 June 2016 Freehold 57,467 64,316 1.3 1.3
Creek
7 Eucalyptus Place, Eastern 14 June 2016 Freehold 46,132 47,778 1.1 1.0
Creek
2 Hanson Place, Eastern 20 August 2019 Freehold 102,808 91,421 2.3 1.9
Creek
Pemulwuy
8-8A Reconciliation Rise, 14 June 2016 Freehold 64,848 67,072 1.5 1.4
Pemulwuy
6 Reconciliation Rise, 14 June 2016 Freehold 55,797 60,641 1.3 1.3
Pemulwuy
Wetherill Park
1 Burilda Close, Wetherill 30 November 90-year 98,875(c) 118,079(c) 2.3 2.4
Park 2016 leasehold
expiring on 29
September 2106
Lot 1, 2 Burilda Close, 1 August 2017 89-year 46,640(c) 47,214(c) 1.1 1.0
Wetherill Park leasehold
expiring on 14
July 2106
3 Burilda Close, Wetherill 5 September 89-year 59,982(c) 67,424(c) 1.4 1.4
Park 2018 leasehold
expiring on 15
May 2107
Outer North West

Seven Hills
8 Distribution Place, Seven 14 June 2016 Freehold 34,797 34,914 0.8 0.7
Hills
99 Station Road, Seven Hills 14 June 2016 Freehold 28,206 30,504 0.6 0.6
10 Stanton Road, Seven Hills 14 June 2016 Freehold 17,925 19,984 0.4 0.4
8 Stanton Road, Seven Hills 1 August 2017 Freehold 28,206 30,780 0.6 0.7
Winston Hills
11 Gibbon Road, Winston 14 June 2016 Freehold 59,488 50,442 1.3 1.1
Hills
Wollongong
Port Kembla
Lot 104 & 105 Springhill Road, 14 June 2016 33-year 20,400(c) 23,415(c) 0.5 0.5
Port Kembla leasehold,
expiring on 13
August 2049(b) for
Lot 104 and 20
August 2049(b) for
Lot 105
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
Brisbane, Queensland
Northern
350 Earnshaw Road, 20 June 2016 99-year 63,794 68,910 1.5 1.4
Northgate leasehold
expiring on 19
June 2115
Trade Coast
286 Queensport Road, 20 June 2016 99-year 40,157 47,961 0.9 1.0
North Murarrie leasehold
expiring on 19
June 2115
Southern
57-71 Platinum Street, 20 June 2016 99-year 43,935 56,047 1.0 1.2
Crestmead leasehold
expiring on 19
June 2115
51 Stradbroke Street, 20 June 2016 99-year 31,897 34,914 0.7 0.7
Heathwood leasehold
expiring on 19
June 2115
30 Flint Street, Inala 20 June 2016 99-year 27,503 26,829 0.6 0.6
leasehold
expiring on 19
June 2115
99 Shettleston Street, 20 June 2016 99-year 22,319 19,754 0.5 0.4
Rocklea leasehold
expiring on 19
June 2115
55-59 Boundary Road, 20 June 2016 99-year 20,913 22,051 0.5 0.4
Carole Park leasehold
expiring on 19
June 2115
10 Siltstone Place, Berrinba 20 June 2016 99-year 17,310 19,662 0.4 0.4
leasehold
expiring on 19
June 2115
143 Pearson Road, Yatala 31 August 2016 99-year 47,010 49,432 1.1 1.0
leasehold
expiring on 30
August 2115
166 Pearson Road, Yatala 1 August 2017 Freehold 43,232 52,555 1.0 1.1
103-131 Wayne Goss Drive, 5 September Freehold 36,730 37,671 0.8 0.8
Berrinba 2018
29-51 Wayne Goss Drive, 20 August 2019 Freehold 29,436 30,229 0.7 0.6
Berrinba
Perth, Western Australia

60 Paltridge Road, Perth 14 June 2016 17-year 9,358 10,107 0.2 0.2
Airport leasehold
expiring on 3
June 2033
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
B) Germany
Stuttgart – Mannheim
Industriepark 309, 25 May 2018 Freehold 85,202 77,829 2.0 1.6
Gottmadingen
Otto-Hahn-Straße 10, 25 May 2018 Freehold 88,379 88,244 2.0 1.8
Vaihingen
Eiselauer Weg 2, Ulm 25 May 2018 Freehold 71,050 75,155 1.6 1.6
Murrer Straße 1, Freiberg am 25 May 2018 Freehold 56,175 57,844 1.3 1.2
Neckar
Ambros-Nehren-Straße 1, 25 May 2018 Freehold 22,817 24,489 0.5 0.5
Achern
Bietigheimer Straße 50-52, 23 August 2019 Freehold 115,384 123,007 2.6 2.5
Tamm
Am Bühlfeld 2-8, 3 September Freehold 68,162 63,755 1.6 1.3
Herbrechtingen 2019
Buchäckerring 18, Bad 4 June 2021 Freehold 63,107 63,896 1.4 1.3
Rappenau
Am Römig 8, Frankenthal 4 June 2021 Freehold 42,599 47,148 1.0 1.0
Munich – Nuremberg
Oberes Feld 2, 4, 6, 8, 25 May 2018 Freehold 121,449 123,992 2.8 2.6
Moosthenning
Koperstraße 10, Nuremberg 25 May 2018 63-year 114,712(c) 113,213(c) 2.6 2.4
leasehold
expiring on 31
December 2080
Industriepark 1, Mamming 25 May 2018 Freehold 27,871 24,630 0.6 0.5
Jubatus-Allee 3, 25 May 2018 Freehold 15,596 15,904 0.4 0.3
Ebermannsdorf
Dieselstraße 30, Garching 27 August 2019 Freehold 52,565 55,029 1.2 1.1
Hermesstraße 5, Graben, 3 September Freehold 58,775 64,318 1.3 1.3
Augsburg 2019
Hamburg – Bremen
Am Krainhop 10, Isenbüttel 25 May 2018 Freehold 26,138 28,429 0.6 0.6
Am Autobahnkreuz 14, 25 May 2018 Freehold 26,571 27,444 0.6 0.6
Rastede
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
Dusseldorf – Cologne
Saalhoffer Straße 211, 25 May 2018 Freehold 48,955 50,244 1.1 1.0
Rheinberg
Elbestraße 1-3, Marl 25 May 2018 Freehold 23,683 23,588 0.5 0.5
Keffelker Straße 66, Brilon 25 May 2018 Freehold 17,762 16,607 0.5 0.3
Gustav-Stresemann-Weg 1, 25 May 2018 Freehold 21,084 21,955 0.5 0.5
Münster
Walter-Gropius-Straße 19, 23 August 2019 Freehold 34,081 34,763 0.8 0.7
Bergheim
An den Dieken 94, Ratingen 23 August 2019 Freehold 81,014 94,437 1.8 2.0
Leipzig – Chemnitz
Johann-Esche-Straße 2, 25 May 2018 Freehold 25,561 27,022 0.6 0.6
Chemnitz
Am Exer 9, Leipzig 25 May 2018 Freehold 22,384 22,096 0.5 0.5
Frankfurt
Im Birkengrund 5-7, 23 August 2019 Freehold 50,544 60,237 1.2 1.2
Obertshausen
Genfer Allee 6, Mainz 4 June 2021 Freehold 78,415 83,318 1.8 1.7
Bielefeld
Fuggerstraße 17, Bielefeld 28 November Freehold 43,323 49,681 1.0 1.0
2019
Berlin
Gewerbegebiet Etzin 1, Berlin 20 December Freehold 66,284 67,274 1.5 1.4
2019
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
C) Netherlands
Tilburg – Venlo
Belle van Zuylenstraat 5, 25 May 2018 Freehold 25,994 28,148 0.6 0.6
Tilburg
Heierhoevenweg 17, Venlo 25 May 2018 Freehold 45,056 49,118 1.0 1.0
Utrecht – Zeewolde
Brede Steeg 1, s-Heerenberg 25 May 2018 Freehold 115,239 123,711 2.6 2.5
Handelsweg 26, Zeewolde 25 May 2018 Freehold 71,050 80,222 1.6 1.6
Innovatielaan 6, De Klomp 30 June 2021 Freehold 33,503 37,859 0.8 0.8
Meppel
Mandeveld 12, Meppel 31 October 2018 Freehold 44,045 49,822 1.0 1.0
D) The United Kingdom

Connexion, Blythe Valley 4 June 2021 Freehold 60,016 70,563 1.4 1.5
Business Park, Shirley,
Solihull
Connexion II, Blythe Valley 4 June 2021 Freehold 37,343 – 0.8 –
Solihull
Worcester, West Midlands 26 January 2022 Freehold 36,678 – 0.8 –
Commercial portfolio
A) Singapore
Alexandra Technopark, 15 April 2020 88-year 678,000 662,000 15.5 13.7
438A/438B/438C Alexandra leasehold
Road expiring 25
August 2108
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
B) Australia
Central Park 152-158 St 15 April 2020 Freehold 320,945 307,798 7.3 6.4
Georges Terrace, Perth,
Western Australia, 6000
(“Central Park”)(d)
Caroline Chisholm Centre 15 April 2020 81-year 216,600 225,106 5.0 4.7
Block 4 Section 13, leasehold
Tuggeranong, ACT 2900 expiring 25 June
2101
357 Collins Street, Melbourne, 15 April 2020 Freehold 224,069 315,148 5.1 6.5
Victoria 3000
545 Blackburn Road, Mount 20 May 2022 Freehold 41,958 55,336 1.0 1.1
Waverley, Victoria 3149
C) The United Kingdom

Farnborough Business Park, 30 April 2020 Freehold 228,393 266,495 5.2 5.5
Farnborough, Thames
Valley
Maxis Business Park, 43 12 August 2020 Freehold 83,438 91,010 1.9 1.9
Western Road, Bracknell
Blythe Valley Business Park, 4 June 2021 Freehold 164,043 206,236 3.8 4.3
Shirley, Solihull
Total completed investment

properties and balance
carried forward 6,567,577 6,841,080 150.0 141.4
Portfolio Statement
Group
2023 2022 2023 2022
S$’000 S$’000 % %
Investment property held for sale

Australia
Port Melbourne
2-46 Douglas Street, Port 14 June 2016 37-year – (e) 38,264(c) – 0.8
Melbourne leasehold
expiring on 30
March 2053
Investment properties under

development
Logistics and industrial
portfolio
The United Kingdom
Worcester, West Midlands 26 January 2022 Freehold – (f) 26,621 – 0.5
Connexion II, Blythe Valley 4 June 2021 Freehold – (f) 26,621 – 0.5
Solihull
Ellesmere, Cheshire, North 14 July 2022 Freehold 81,894 37,430 1.8 0.8
West England
Total investment properties
under development 81,894 90,672 1.8 1.8
Total completed investment

properties, investment
property held for sale and
investment properties
under development 6,649,471 6,970,016 151.8 144.0
Other assets and liabilities
(net) (2,224,433) (2,081,852) (50.8) (43.0)
Net assets of the Group 4,425,038 4,888,164 101.0 101.0
Net assets attributable to
non-controlling interests (45,337) (49,320) (1.0) (1.0)
Unitholders’ funds 4,379,701 4,838,844 100.0 100.0
(a)
From the date of acquisition.
(b)
Includes an option for the Group to renew the land lease for 5 further terms of 5 years upon expiry.
(c)
Includes right-of-use asset.
(d)
The Group has an effective interest of 50% in the property.
(e)
The property was divested on 24 October 2022.
(f)
The property has been reclassified as completed investment property.
Notes to the Financial Statements

For the financial year ended 30 September 2023
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 16 November 2023.
1. GENERAL
Frasers Logistics & Commercial Trust (the “Trust”) is a Singapore-domiciled unit trust constituted in Singapore
pursuant to the Trust Deed dated 30 November 2015 (as amended) (the “Trust Deed”) between Frasers Logistics
& Commercial Asset Management Pte. Ltd. (the “Manager”) and Perpetual (Asia) Limited (the “Trustee”). The
Trustee is under a duty to take into custody and hold the assets of the Trust and its subsidiaries (the “Group”)
in trust for the holders (“Unitholders”) of units in the Trust (the “Units”).
The Trust was formally admitted to the Official List of the Main Board of the Singapore Exchange Securities
Trading Limited (“SGX-ST”) on 20 June 2016 (the “Listing Date”).
The registered office of the Manager is at 438 Alexandra Road, #21-00 Alexandra Point, Singapore 119958.
For financial reporting purposes, the Group is regarded as a subsidiary of Frasers Property Limited, a
Singapore-domiciled company. The ultimate holding company is TCC Assets Limited, which is incorporated
in the British Virgin Islands.
On 15 April 2020, the Trust completed its merger with Frasers Commercial Trust (“FCOT”) by way of a trust
scheme of arrangement (“the Merger”). Following the completion of the transaction, FCOT was delisted from
the Official List of the SGX-ST on 29 April 2020 and became a wholly-owned unlisted sub-trust of the Trust.
With effect from 29 April 2020, the Trust was renamed Frasers Logistics & Commercial Trust. Accordingly, the
Manager has been renamed Frasers Logistics & Commercial Asset Management Pte. Ltd. and has replaced
Frasers Commercial Asset Management Ltd. (“FCOT Manager”) as manager of FCOT. The Trustee of FCOT
is British and Malayan Trustees Limited (the “FCOT Trustee”). The Trustee, the FCOT Trustee and the HAUT
Trustee (as defined in Note 1(d)) are hereinafter collectively referred to as “the Trustees”.
The principal activity of the Group is to invest directly or indirectly in a diversified portfolio of income producing
real estate assets (i) used for logistics or industrial purposes and located globally which may also include office
components ancillary to the foregoing purposes, or (ii) used for commercial purposes (comprising primarily
office space in a Central Business District (“CBD office space”) or business park purposes (comprising primarily
non-CBD office space and/or research and development space) located in the Asia Pacific region or in Europe
(including the United Kingdom).
The consolidated financial statements relate to the Trust and its subsidiaries. A list of significant subsidiaries
is shown in Note 33.
The Group has entered into several service agreements in relation to the management of the Group and
operations of its properties. The fee structures of these services are as follows:
(a)(i) Manager’s management fees
Pursuant to the Trust Deed, the Manager is entitled to management fees comprising a base fee of 0.4%
per annum (or such lower percentage as may be determined by the Manager in its absolute discretion)
of the value of the Group’s Deposited Property (as defined in the Trust Deed) and a performance fee
of 5.0% per annum (or such lower percentage as may be determined by the Manager in its absolute
discretion) of the Distributable Income (as defined in the Trust Deed) of the Group in the relevant
financial year (calculated before accounting for the Manager’s performance fee but after accounting
for the Manager’s base fee and the HAUT Manager’s base fee and performance fee (as defined in Note
1(b)(i)).

1. GENERAL (CONT'D)
(a)(i) Manager’s management fees (cont'd)
For the purpose of calculating the base fee, if the Trust holds only a partial interest in any Deposited
Property, such Deposited Property shall be pro-rated in proportion to the partial interest held.
The Manager may elect to receive the base fee and performance fee in cash or Units, or a combination
of cash and Units. Management fees payable in cash and in the form of Units shall be payable quarterly
in arrears (in relation to the base fee) or annually in arrears (in relation to the performance fee).
As provided for in the Trust Deed, the price of a Unit issued shall be computed based on the volume
weighted average price of a Unit for all trades done on SGX-ST in the ordinary course of trading for the
last 10 business days immediately preceding the relevant period in which the fees accrue.
Any increase in the rate or any change in the structure of the Manager’s management fees must be
approved by an extraordinary resolution at a meeting of the holders of Units of the Trust duly convened
and held in accordance with the provisions of the Trust Deed.
The Manager’s change in its election to receive cash or Units or a combination of cash and Units is not
considered as a change in the structure of the Manager’s management fees.
In 2023, the Manager had elected to receive 100% (2022: 80.3%) of the base and performance fees in
the form of Units.
(a)(ii) Manager’s acquisition fee and divestment fee
The Manager is entitled to:
• an acquisition fee of 0.5% for acquisitions from related parties and 1.0% for all other cases (or
such lower percentage as may be determined by the Manager in its absolute discretion) of any of
the following as is applicable (subject to there being no double-counting):
(i) the acquisition price of any real estate (excluding stamp duty) purchased by the Trust,
whether directly or indirectly through one or more special purpose vehicles (“SPVs”), plus
any other payments in addition to the acquisition price made by the Trust or its SPVs to the
vendor in connection with the purchase of the real estate (pro-rated, if applicable, to the
proportion of the Trust’s interest);
(ii) the underlying value of any real estate which is taken into account when computing the
acquisition price payable for the equity interests of any vehicle holding directly or indirectly
the real estate purchased by the Trust, whether directly or indirectly through one or more
SPVs, plus any other payments made by the Trust or its SPVs to the vendor in connection
with the purchase of such equity interests (pro-rated, if applicable, to the proportion of the
Trust’s interest); or
(iii) the acquisition price of any investment purchased by the Trust, whether directly or indirectly
through one or more SPVs, in any debt securities of any property corporation or other SPV
owning or acquiring real estate or any debt securities which are secured whether directly
or indirectly by the rental income from real estate.

1. GENERAL (CONT'D)
(a)(ii) Manager’s acquisition fee and divestment fee (cont’d)
• a divestment fee of 0.5% (or such lower percentage as may be determined by the Manager
in its absolute discretion) of any of the following as is applicable (subject to there being no
double-counting):
(i) the sale price of any real estate sold or divested by the Trust, whether directly or indirectly
through one or more SPVs, plus any other payments in addition to the sale price received
by the Trust or its SPVs from the purchaser in connection with the sale or divestment of the
real estate (pro-rated, if applicable, to the proportion of the Trust’s interest);
sale price for the equity interests in any vehicle holding directly or indirectly the real
estate, sold or divested by the Trust, whether directly or indirectly through one or more
SPVs, plus any other payments received by the Trust or its SPVs from the purchaser in
connection with the sale or divestment of such equity interests (pro-rated, if applicable, to
the proportion of the Trust’s interest); or
(iii) the sale price of the investment sold or divested by the Trust, whether directly or indirectly
The Manager may elect to receive the acquisition fee and divestment fee in the form of cash and/or
Units, provided that in respect of any acquisition and sale or divestment of real estate assets from/to
related parties, such a fee should be received in the form of Units.
In 2023, the Manager had elected to receive 100% (2022: 100%) of the acquisition fee and divestment
fee in the form of cash.
(a)(iii) Development management fee payable to the Manager
The Manager is entitled to receive development management fee equivalent to 3.0% of the Total Project
Costs (as defined in the Trust Deed) incurred in a development project undertaken by the Manager on
behalf of the Trust.
When the estimated Total Project Costs is greater than S$200.0 million, the Trustee and the Manager’s
independent directors will first review and approve the quantum of the development management fee,
whereupon the Manager may be directed by its independent directors to reduce the development
management fee. Further, in cases where the market pricing for comparable services is, in the Manager’s
view, materially lower than the development management fee, the independent directors of the Manager
shall have the discretion to accept a development management fee which is less than 3.0% of the Total
Project Costs incurred in a Development Project undertaken on behalf of the Trust.
No acquisition fee shall be paid when the Manager receives the development management fee for a
Development Project. For the avoidance of doubt, the Manager shall be entitled to receive an acquisition
fee on the land costs.

1. GENERAL (CONT'D)
(b)(i) Head Australian Trust Manager’s management fees
The Trust has a subsidiary which is the head Australian trust in Australia, FLT Australia Trust (“HAUT”).
HAUT has a manager (“HAUT Manager”) to perform investment management services for it. Pursuant
to the investment management agreement for HAUT, the HAUT Manager is entitled to a management
fee comprising a base fee of 0.2% per annum (or such lower percentage as may be determined by the
HAUT Manager in its absolute discretion) of the total value of HAUT’s assets and a performance fee of
1.5% (or such lower percentage as may be determined by the HAUT Manager in its absolute discretion)
of HAUT’s net property income (after non-cash adjustments) in the relevant financial year.
(b)(ii) Acquisition fee and divestment fee payable to the HAUT Manager
In consideration for HAUT Manager providing services under the investment management agreement
with HAUT, the HAUT Manager will be entitled to:
• an acquisition fee of 0.4% for acquisitions from related parties and 0.8% for all other cases of:
(i) the acquisition price of any real estate purchased by HAUT whether directly or indirectly
through one or more SPVs, plus any other payments in addition to the acquisition price
made by HAUT or a SPV to the vendor in connection with the purchase of the real estate
(pro-rated, if applicable, to the proportion of HAUT’s interest);
acquisition price payable for the equity interests of any vehicle holding directly or indirectly
the real estate purchased by HAUT whether directly or indirectly through one or more
SPVs, plus any other payments made by HAUT or a SPV to the vendor in connection with
the purchase of such equity interests (pro-rated, if applicable, to the proportion of HAUT’s
interest); or
(iii) the acquisition price of any investment purchased by HAUT, whether directly or indirectly
• a divestment fee of 0.4% of:
(i) the sale price of any real estate sold or divested by HAUT whether directly or indirectly
through one or more SPVs, plus any other payments in addition to the sale price received
by HAUT or a SPV from the purchaser in connection with the sale or divestment of the
property (pro-rated, if applicable, to the proportion of HAUT’s interest);
sale price for the equity interests in any vehicle holding directly or indirectly the real estate,
sold or divested by HAUT, whether directly or indirectly through one or more SPVs, plus
any other payments received by HAUT or its SPVs from the purchaser in connection with
the sale or divestment of such equity interests (pro-rated, if applicable, to the proportion
of the HAUT’s interest); or
(iii) the sale price of any investment sold or divested by HAUT, whether directly or indirectly

1. GENERAL (CONT'D)
(b)(ii) Acquisition fee and divestment fee payable to the HAUT Manager (cont’d)
The HAUT Manager will also be entitled to be reimbursed for certain expenses properly incurred in
relation to performance of its role under the investment management agreement. The HAUT Manager’s
fees may be paid in the form of cash, or the Trust’s Units, or by a combination of these sources as
elected by the Manager.
The base fee, performance fee, acquisition fee and divestment fee payable to the Manager shall be
reduced by the amount of the relevant fee payable to the HAUT Manager.
The Manager and HAUT Manager are hereinafter collectively referred to as “the Managers”.
(c) Trustee’s fee
Pursuant to the Trust Deed, the Trustee’s fee is charged on a scaled basis of up to 0.015% per annum
of the value of the Trust’s Deposited Property (as defined in the Trust Deed), subject to a minimum
of S$15,000 per month, excluding out-of-pocket expenses and goods and services tax (“GST”). The
Trustee’s fee is payable monthly, in arrears.
(d) HAUT Trustee’s fee
Pursuant to the trust deed of HAUT, the trustee of the HAUT (the “HAUT Trustee”) is entitled to a fee of
0.025% per annum of the total value of HAUT’s assets excluding out-of-pocket expenses and GST. The
HAUT Trustee’s fee is payable quarterly, in arrears.
The HAUT Trustee will also be entitled to be reimbursed for certain expenses reasonably and properly
incurred in the proper performance of its duties in relation to HAUT.
(e) FCOT Trustee’s fees
Pursuant to the trust deed of FCOT, the FCOT Trustee’s fee is charged on a scaled basis of up to 0.015%
per annum of the gross asset value of FCOT and its subsidiaries, subject to a minimum of S$36,000 per
annum, excluding out-of-pocket expenses and GST. The FCOT Trustee’s fee is paid quarterly, in arrears.
(f) Property managers’ fees
Fees payable to the property managers, which are companies controlled by a substantial Unitholder
(except for the property managers of Central Park and Caroline Chisholm Centre in Australia, and
certain property managers for the commercial properties in the United Kingdom), in relation to services
provided, comprise:
(i) Property management fees
Logistics and industrial properties located in Australia
Pursuant to the Australian property management agreement, property management fees are
payable as follows:
(I) a property management fee of 1.2% per annum of the Net Property Income (as defined in
the Australian property management agreement) of each property; and
(II) where any property is not fully leased, A$1,000 per month per property in the event there
is vacant lettable area in such property.

1. GENERAL (CONT'D)
(f) Property managers’ fees (cont’d)
(i) Property management fees (cont’d)
Logistics and industrial properties located in Germany and the Netherlands
In the event that the aggregate property management fees recovered by the property manager
from the tenants under the relevant tenancy documents is more than the agreed property
management fee, thereby amounting to an excess, no further amounts will be paid to the
property manager. For the avoidance of doubt, the property manager will be entitled to retain for
its own benefit such amounts recovered from the tenants which is excess of the agreed property
management fee.
Pursuant to the master property management agreement, property management fees are payable
as follows:
(I) a property management fee of up to 2.0% per annum of the Gross Revenue (as defined in
the master property management agreement) of each property; and
(II) a lease management fee of up to 1.0% per annum of the Gross Revenue (as defined in the
master property management agreement) of each property.
Commercial properties located in Singapore
Pursuant to the Singapore property management agreement for the Singapore commercial
properties, a property management fee is payable at 3.0% per annum of the gross revenue of the
properties and the property manager is entitled to employee costs reimbursement.
Commercial property located in Australia
In Australia, the property manager of 357 Collins Street is entitled to fixed property management
fees with annual increases and employee costs reimbursement.
(ii) Project management fee
Under the property management agreement, the property manager will be entitled to project
management fee of up to 3% of the construction costs depending on the quantum of the
construction costs, to be mutually agreed by the Manager and the property manager, except
for the commercial properties in Singapore where the fee is to be mutually agreed between the
Manager, the FCOT Trustee and the property manager.
(iii) Marketing services commission
Under the property management agreement, the property manager will be entitled to
commissions for the marketing services of up to 3 months’ Gross Revenue (as defined in the
property management agreement) depending on the length of the new lease or renewed leases.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The financial statements of the Group have been prepared in accordance with the recommendations of
Statement of Recommended Accounting Practice 7 (“RAP 7”) Reporting Framework for Investment Funds
issued by the Institute of Singapore Chartered Accountants, the applicable requirements of the Code on
Collective Investment Schemes (the “CIS Code”) issued by the Monetary Authority of Singapore (“MAS”) and
the provisions of the Trust Deed. RAP 7 requires the accounting policies to generally comply with the principles
relating to recognition and measurement under the Financial Reporting Standards in Singapore (“FRSs”). The
changes to significant accounting policies are described in Note 2.2.
The financial statements are presented in Singapore dollars (“SGD”), which is the functional currency of the
Trust and rounded to the nearest thousand (S$’000), unless otherwise stated, and have been prepared on a
historical cost basis except as disclosed in the accounting policies below.
The accounting policies set out below have been applied by the Group consistently to the periods presented
in these financial statements and have been applied consistently by the Group entities.
Significant accounting judgements and estimates
The preparation of financial statements in conformity with RAP 7 requires the Manager to make judgements,
estimates and assumptions that affect the application of accounting policies and reported amounts of
assets, liabilities, income and expenses. Actual results may differ from these estimates. These estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.
Information about critical judgements in applying accounting policies that have the most significant effect on
the amounts recognised in the financial statements is described in Note 2.10(d) – Property acquisitions and
business combinations.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting
date that have a significant risk of causing a material adjustment to the carrying amounts of assets within the
next financial year relates to valuation of investment properties as discussed below and in Note 2.7 – Estimation
of provisions for current and deferred taxation.
Valuation of investment properties
The Group’s investment properties are stated at their fair values, which are determined annually based on
independent professional valuations undertaken. The fair values are based on independent professional
valuations conducted annually. The fair values of investment properties are determined using one or a
combination of capitalisation method, discounted cash flow method and/or residual approach. Certain valuers
have recommended that the value of the properties are to be kept under regular review given the current
market conditions including inflationary pressures, rising interest rates and the ongoing war in Ukraine. These
estimated fair values may differ from the prices at which the Group’s investment properties could be sold at
a particular time, since actual selling prices are negotiated between willing buyers and sellers. Also, certain
estimates require an assessment of factors not within the Managers’ control, such as overall market conditions.
As a result, actual results of operations and realisation of these investment properties could differ from the
estimates set forth in these financial statements, and the difference could be significant. The carrying amount
of investment properties is disclosed in the statement of financial position and the portfolio statement.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
2.1 Basis of preparation (cont’d)
Measurement of fair values
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as
possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in
the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value
hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value
hierarchy as the lowest level input that is significant to the entire measurement (with Level 3 being the lowest).
The Group recognises transfers between levels of the fair value hierarchy as of the end of the financial year
during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in the following notes:
Note 10 – Investment properties
Note 29 – Fair values of financial instruments
2.2 Changes in accounting policies
New standards and amendments
The Group has applied the following FRSs, amendments to and interpretation of FRSs for the first time for the
annual period beginning on 1 October 2022:
• Amendments to FRS 103: Reference to the Conceptual Framework
• Amendments to FRS 12: International Tax Reform – Pillar Two Model
• Amendments to FRS 16: Property, Plant and Equipment – Proceeds before Intended Use
• Amendments to FRS 37: Onerous Contracts – Cost of Fulfilling a Contract
• Annual Improvements to FRSs 2018-2020
Based on Amendments to FRS 12: International Tax Reform – Pillar Two Model Rules, the Group has applied
the exception to recognising and disclosing information about deferred tax assets and liabilities related
to Pillar Two income taxes. Other than the above, the application of these amendments to standards and
interpretations did not have a material impact on the financial statements.
2.3 New standards and interpretations not adopted
A number of new standards, interpretations and amendments to standards are effective for annual periods
beginning from 1 October 2023 and earlier application is permitted; however, the Group has not early adopted
the new or amended standards and interpretations in preparing these financial statements. The Group does
not expect the adoption of these standards, interpretations and amendments to standards to have significant
impact to its financial statements.

2.4 Revenue
Rental income from operating leases
Rental income from investment properties is recognised in the statement of total return on a straight-line
basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental
income, over the term of the lease. Contingent rentals, which include gross turnover rental, are recognised as
income in the accounting period in which it is earned and the amount can be reliably measured.
Recoverable outgoings
Recoverable outgoings is recognised when the services are rendered.
2.5 Levies
A provision for levies is recognised when the condition that triggers the payment of the levy as specified in the
relevant legislation is met. If a levy obligation is subject to a minimum activity threshold so that the obligating
event is reaching a minimum activity, then a provision is recognised when that minimum activity threshold
is reached.
2.6 Finance income and finance costs
The Group’s finance income and finance costs include:
• interest income;
• fair value gain/loss on financial assets at fair value through profit or loss;
• amortisation of debt upfront costs; and
• interest expense.
Interest income or expense is recognised using the effective interest method.
The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through
the expected life of the financial instrument to:
• the gross carrying amount of the financial asset; or
• the amortised cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of
the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial
assets that have become credit-impaired subsequent to initial recognition, interest income is calculated
by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer
credit-impaired, then the calculation of interest income reverts to the gross basis.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying
asset are recognised in statement of total return using the effective interest method.
2.7 Taxes
Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in the statement
of total return except to the extent that it relates to items recognised directly in unitholders’ funds.
The Group has determined that interest and penalties related to income taxes, including uncertain tax
treatments, do not meet the definition of income taxes, and therefore accounted for them under FRS 37
Provisions, Contingent Liabilities and Contingent Assets.

2.7 Taxes (cont’d)
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax
rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect
of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount
expected to be paid or received that reflects uncertainty related to income taxes, if any.
Current tax assets and liabilities are offset only if certain criteria are met.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and
liabilities for financing reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for:
– temporary differences on the initial recognition of assets or liabilities in a transaction that is not a
business combination and that affects neither accounting nor taxable profit or loss; and
– temporary differences related to investments in subsidiaries to the extent that the Group is able to
control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future.
The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the
Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. For
investment property that is measured at fair value, the presumption that the carrying amount of the investment
property will be recovered through sale has not been rebutted. Deferred tax is measured at the tax rates that
are expected to be applied to temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different
tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and
liabilities will be realised simultaneously.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary
differences to the extent that it is probable that future taxable profits will be available against which they can be
used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If
the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future
taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business
plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions
are reversed when the probability of future taxable profits improves.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it
has become probable that future taxable profits will be available against which they can be used.
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain
tax positions and whether additional taxes and interest may be due. The Group believes that its accruals for tax
liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations
of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series
of judgements about future events. New information may become available that causes the Group to change
its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax
expense in the period that such a determination is made.
The Group has obtained certain tax rulings and confirmations from the Inland Revenue Authority of Singapore
(“IRAS”) and the Singapore Ministry of Finance (“MOF”) in respect of the Singapore taxation on certain income
from the properties located in Singapore and overseas (as the case may be).

(a) Tax transparency treatment
The IRAS has granted tax transparency treatment on the Trust’s taxable income (“Taxable Income”) that
is distributed to the Unitholders and approved sub-trust status to FCOT. Broadly, the Trust’s Taxable
Income includes distributions made by FCOT out of income from the letting of real estate properties
in Singapore and incidental property related income and income from management or holding of real
estate properties (“Specified Income”). For FCOT (an approved sub-trust), tax transparency treatment
will only be applicable to the part of its Specified Income that is distributed to the Trust in the same year
the income is derived.
Subject to meeting the terms and conditions, for the tax transparency treatment, the Trust will not
be assessed tax on the Taxable Income. Instead, the Trust will deduct income tax at the prevailing
corporate tax rate, currently at 17.0% (2022: 17.0%), from the distributions made to Unitholders that are
made out of the Taxable Income of the Trust, except:
(i) where the beneficial owners are individuals or qualifying Unitholders, (excluding a person acting
in the capacity of a trustee), or where the Units are held by nominee Unitholders who can
demonstrate that the Units are held for beneficial owners who are qualifying Unitholders, the
Trust will make the distributions to such Unitholders without deducting any income tax; and
(ii) where the beneficial owners are qualifying foreign non-individual Unitholders or foreign funds, or
where the Units are held by nominee Unitholders who can demonstrate that the Units are held
for beneficial owners who are qualifying foreign non-individual investors or foreign funds, the
Trust will deduct/withhold tax at the reduced rate of 10.0% from the distribution made during the
period from 18 February 2005 to 31 December 2025 (both dates inclusive).
A qualifying Unitholder is a Unitholder who is:
(i) a company incorporated and resident in Singapore;
(ii) a Singapore branch of a company incorporated outside Singapore;
(iii) a body of persons (excluding companies or partnerships) incorporated or registered in Singapore,

including charities registered under Charities Act (Cap. 37) or established by any written law, town
councils, statutory boards, co-operative societies registered under the Co-operatives Societies
Act (Cap. 62) or trade unions registered under the Trade Unions Act (Cap. 333);
(iv) an international organisation that is exempt from tax on such distributions by reason of an order
made under the International Organisations (Immunities and Privileges) Act (Cap. 145);
(v) real estate investment trust exchange-traded funds (“REIT ETFs”) which have been accorded the
tax transparency treatment;
(vi) an individual (including those who purchased units in the Trust through agent banks or
Supplementary Retirement Scheme (“SRS”) operators which act as their nominee under the CPF
Investment Scheme or the Supplementary Retirement Scheme respectively); or
(vii) a nominee who can demonstrate that the Units are held for beneficial owners who are individuals
or who fall within the classes of Unitholders listed in (i) to (iv) above.

(a) Tax transparency treatment (cont’d)
A qualifying foreign non-individual Unitholder is one who is not a resident of Singapore for income tax
purposes and:
(i) who does not have any permanent establishment in Singapore; or
(ii) who carries on any operation in Singapore through a permanent establishment in Singapore,
where the funds used to acquire the Units are not obtained from that operation in Singapore.
A qualifying foreign fund is a fund which is not a resident of Singapore for income tax purposes and
qualifies for tax exemption under Section 13D, 13U or 13V of the Singapore Income Tax Act, and:
(i) does not have any permanent establishment in Singapore (other than a fund manager in
Singapore); or
(ii) carries on any operation through a permanent establishment in Singapore (other than a fund
manager in Singapore), where the funds used to acquire the Units are not obtained from that
operation in Singapore.
Under the tax transparency treatment, the Trust will have to distribute at least 90.0% of its Taxable
Income by a specific time. For the remaining amount of Taxable Income of the Trust not distributed, tax
will be assessed on and collected from the Trust on such remaining amount (referred to as “Retained
Taxable Income”).
In the event where a distribution is subsequently made out of such Retained Taxable Income, the Trust
will not have to make a further deduction of income tax from the distribution.
In the event that there are subsequent adjustments to the Taxable Income when the actual Taxable
Income of the Trust is finally agreed with IRAS, such adjustments are taken up as an adjustment to the
Taxable Income for the next distribution following the agreement with IRAS.
The above tax transparency treatment to the Trust and FCOT does not apply to gains from the sale of
real estate properties in Singapore and other income not constituting Specified Income. Such gains, if
determined by the IRAS to be trading gains, are assessable to tax on the trustee of the respective trust.
(b) Tax exemption on foreign sourced income
Pursuant to Section 13(12) of the Singapore Income Tax Act, the Trust and FCOT have obtained various
confirmations from the IRAS and/or the MOF in respect of certain foreign sourced income (including
foreign sourced dividends, foreign sourced interest income and foreign sourced trust distributions)
derived from its properties located overseas. Subject to satisfying certain conditions, such income is
exempt from Singapore income tax and the Trust and FCOT can distribute such income, after deduction
of certain expenses, to Unitholders without tax deduction at source.
2.8 Earnings/loss per Unit
The Group presents basic and diluted earnings/loss per Unit. Basic earnings/loss per Unit is calculated by
dividing the total return/loss attributable to Unitholders of the Group by the weighted average number of Units
outstanding during the financial year. Diluted earnings/loss per Unit is determined by adjusting the total return/
loss attributable to Unitholders and the weighted average number of Units outstanding adjusted for the effects
of all dilutive potential Units.

2.9 Segment reporting
An operating segment is a component of the Group that engages in business activities from which they may
earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of the
Group’s other components. All operating segments’ operating results are reviewed regularly by the Board of
Directors of the Manager to make decisions about resources to be allocated to the segment and assess its
performance, and for which discrete financial information is available.
Segment results that are reported to the Board of Directors of the Manager include items directly attributable
to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly
trust expenses.
Segment capital expenditure is the total cost incurred during the year on investment properties and plant
and equipment.
2.10 Basis of consolidation and business combinations
(a) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity.
(b) Consolidation
The financial year of the Group ends on 30 September unless otherwise stated. The consolidated financial
statements incorporate the financial statements of the Group made up to 30 September. The financial
statements of subsidiaries are prepared using consistent accounting policies. Adjustments are made
to any dissimilar material accounting policies to conform to the Group’s significant accounting policies.
All intra-group balances, income and expenses and unrealised gains and losses resulting from
intra-group transactions and dividends are eliminated in full.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains
control, and continue to be consolidated until the date that such control ceases.
(c) Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of
activities and assets meets the definition of a business and control is transferred to the Group (see Note
2.10(a)). In determining whether a particular set of activities and assets is a business, the Group assesses
whether the set of assets and activities acquired includes, at a minimum, an input and substantive
process and whether the acquired set has the ability to produce outputs.
The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether
an acquired set of activities and assets is not a business. The optional concentration test is met if
substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable
assets or group of similar identifiable assets.

2.10 Basis of consolidation and business combinations (cont’d)
(c) Business combinations (cont’d)
The Group measures goodwill at the date of acquisition as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interest (“NCI”) in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the pre-existing equity interest
in the acquiree,
over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities
assumed. Any goodwill that arises is tested annually for impairment.
When the excess is negative, a bargain purchase gain is recognised immediately in the statement of
total return.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in the statement of total return.
Any contingent consideration payable is recognised at fair value at the date of acquisition and included
in the consideration transferred. If the contingent consideration that meets the definition of a financial
instrument is recognised as equity, it is not remeasured and settlement is accounted for within
unitholders’ funds. Otherwise, subsequent changes to the fair value of the contingent consideration are
recognised in the statement of total return.
NCI are present ownership interests and entitle their holders to a proportionate share of the acquiree’s
net assets in event of liquidation are measured either at fair value or at the NCI’s proportionate share
of the recognised amounts of the acquiree’s identifiable net assets, at the date of acquisition. The
measurement basis taken is elected on a transaction-by-transaction basis. All other NCI are measured
at acquisition-date fair value, unless another measurement basis is required by another FRS.
(d) Property acquisitions and business combinations
Where a property is acquired, via corporate acquisitions or otherwise, the Manager considers the
substance of the assets and activities of the acquired entity in determining whether the acquisition
represents the acquisition of a business. The basis of the judgement is set out in Note 2.10(c).
Where such acquisitions are not judged to be an acquisition of a business, they are not treated as
business combinations. In such cases, the acquirer shall identify and recognise the individual identifiable
assets acquired and liabilities assumed. The cost to acquire the corporate entity is allocated between
the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition
date. Such a transaction or event does not give rise to goodwill.
(e) Joint operations
A joint operation is an arrangement in which the Group has joint control whereby the Group has rights
to the assets, and obligations for the liabilities, relating to an arrangement. The Group accounts for each
of its assets, liabilities and transactions, including its share of those held or incurred jointly, in relation
to the joint operation.

2.10 Basis of consolidation and business combinations (cont’d)
(f) Subsidiaries in the separate financial statements
Investment in subsidiaries are stated in the Trust’s statement of financial position at cost less any
accumulated impairment losses.
2.11 Foreign currencies
(a) Foreign currency transactions
Transactions in foreign currencies are measured in the respective functional currencies of each entity
at rates of exchange approximating those ruling at the transaction dates. Monetary assets and liabilities
denominated in foreign currencies at the reporting date are translated to the functional currency at the
rates ruling at the reporting date. The foreign currency gain or loss on monetary assets and liabilities is
the difference between amortised cost in the functional currency at the beginning of the year, adjusted
for effective interest and payments during the year, and the amortised cost in foreign currency translated
at the exchange rate at the end of the year.
Non-monetary assets and liabilities measured at historical cost in a foreign currency are recorded
using the exchange rates ruling at the date of the initial transactions. Non-monetary assets and liabilities
measured at fair value in a foreign currency are translated using the exchange rates at the date that the
fair value was measured. Foreign currency differences arising on the settlement of monetary assets and
liabilities or translating monetary assets and liabilities are recognised in the statement of total return.
However, foreign currency differences arising from the translation of the following items are recognised
in unitholders’ funds:
– a financial liability designated as a hedge of the net investment in a foreign operation to the extent
that the hedge is effective; and
– qualifying cash flow hedges to the extent the hedges are effective.
(b) Foreign operations
The assets and liabilities of foreign operations are translated to Singapore dollars at exchange rates at
the reporting date. The income and expenses of foreign operations are translated to Singapore dollars
at exchange rates at the dates of the transactions.
Foreign currency differences are recognised directly in the foreign currency translation reserve in
unitholders’ funds. However, if the foreign operation is not a wholly-owned subsidiary, then the relevant
proportionate share of the translation difference is allocated to the NCI. When a foreign operation is
disposed of such that control, joint control or significant influence is lost, the cumulative amount in the
foreign currency translation reserve related to that foreign operation is reclassified to the statement
of total return as part of the gain or loss on disposal. When only part of the interest in a subsidiary
that includes a foreign operation is disposed of while retaining control, the relevant proportion of the
cumulative amount is reattributed to NCI.
When the settlement of a monetary item receivable from or payable to a foreign operation is neither
planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such
a monetary item are considered to form part of a net investment in a foreign operation. These are
recognised directly in the foreign currency translation reserve in unitholders’ funds.

2.12 Investment properties
Investment properties are properties held to earn rental income and capital appreciation, but not for sale in
the ordinary course of business, use in the production or supply of goods or services, or for administrative
purposes. Investment properties under development include properties that are being constructed or
developed for future use as investment properties.
Investment properties and investment properties under development are measured at cost on initial recognition.
Cost includes expenditure that is directly attributable to the acquisition of the investment properties and
investment properties under development.
Subsequent to initial recognition, investment properties and investment properties under development are
measured at fair value. Any gains or losses arising from changes in fair values of the investment properties are
recognised in the statement of total return in the period in which they arise.
Fair value is determined at each reporting date in accordance with the Trust Deed. In addition, the investment
properties are to be valued by independent professional valuers at least once a year, in accordance with the
CIS Code issued by MAS.
Investment properties are de-recognised when they have been disposed of or when the investment property
is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or
losses on the retirement or disposal of an investment property is recognised in the statement of total return in
the year of retirement or disposal.
Subsequent expenditure relating to the investment properties and investment properties under development
that has already been recognised is added to the carrying amount of the asset when it is probable that future
economic benefits, in excess of originally assessed standard of performance of the existing asset, will flow to
the Group. All other subsequent expenditure is recognised as an expense in the period in which it is incurred.
2.13 Investment property held for sale
Investment property that is expected to be recovered primarily through disposal rather than through continued
use, is classified as an investment property held for sale and accounted for as a current asset. The investment
property is measured at fair value and any gains or losses arising from changes in the fair value of the investment
property is recognised in the statement of total return in the period in which they arise.
2.14 Plant and equipment
Plant and equipment are measured at cost less accumulated depreciation and accumulated impairment
losses. The cost includes directly attributable costs of bringing the asset to a working condition for its intended
use. Expenditure for additions, improvements and renewals are capitalised and expenditure for repair and
maintenance are charged to the statement of total return.
The gain or loss on disposal of an item of plant and equipment (calculated as the difference between the net
proceeds from disposal and the carrying amount of the item) is recognised in the statement of total return.
Depreciation is based on the cost of an asset less its residual value. Significant components of individual
assets are assessed and if a component has a useful life that is different from the remainder of that asset, that
component is depreciated separately.

2.14 Plant and equipment (cont’d)
Depreciation is recognised in the statement of total return on a straight-line basis over the estimated useful
lives of the plant and equipment. Depreciation is recognised from the date that the plant and equipment are
installed and are ready for use. The estimated useful lives of the plant and equipment are as follows:
Furniture and fittings 5 years

Equipment 5 years
Computers 3 years
The depreciation methods, useful lives and residual values are reviewed at the end of each reporting period
and adjusted if appropriate.
2.15 Financial instruments
(a) Non-derivative financial assets
At initial recognition
A financial asset is recognised if the Group becomes a party to the contractual provisions of the
financial asset.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in
the statement of total return.
Classification
The Group classifies its financial assets in the following measurement categories:
– amortised cost;
– fair value through other comprehensive income – debt investment;
– fair value through other comprehensive income – equity investment; or
– fair value through profit or loss.
The classification depends on the Group’s business model for managing the financial assets as well as
the contractual terms of the cash flows of the financial asset.
Financial assets with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payment of principal and interest.
The Group reclassifies financial assets when and only when its business model for managing those
assets changes.
Financial assets at amortised cost
Financial assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortised cost. Interest income from these
financial assets is included in interest income using the effective interest rate method.
Financial assets at FVTPL
All financial assets not classified as measured at amortised cost as described above are measured at
FVTPL. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets
the requirements to be measured at amortised cost or at FVTPL if doing so eliminates or significantly
reduces an accounting mismatch that would otherwise arise.

2.15 Financial instruments (cont’d)
(a) Non-derivative financial assets (cont’d)
Financial assets: Business model assessment
The Group makes an assessment of the objective of the business model in which a financial asset is
held at a portfolio level because this best reflects the way the business is managed and information is
provided to management. The information considered includes:
• the stated policies and objectives for the portfolio and the operation of those policies in practice.
These include whether management’s strategy focuses on earning contractual interest income,
maintaining a particular interest rate profile, matching the duration of the financial assets to the
duration of any related liabilities or expected cash outflows or realising cash flows through the
sale of the assets;
• how the performance of the portfolio is evaluated and reported to the Group’s management;
• the risks that affect the performance of the business model (and the financial assets held within
that business model) and how those risks are managed; and
• the frequency, volume and timing of sales of financial assets in prior periods, the reasons for
such sales and expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not
considered sales for this purpose, consistent with the Group’s continuing recognition of the assets.
Financial assets that are held-for-trading or are managed and whose performance is evaluated on a fair
value basis are measured at FVTPL.
Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial
recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk
associated with the principal amount outstanding during a particular period of time and for other basic
lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group
considers the contractual terms of the instrument. This includes assessing whether the financial asset
contains a contractual term that could change the timing or amount of contractual cash flows such that
it would not meet this condition. In making this assessment, the Group considers:
• contingent events that would change the amount or timing of cash flows;
• terms that may adjust the contractual coupon rate, including variable rate features;
• prepayment and extension features; and
• terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the
prepayment amount substantially represents unpaid amounts of principal and interest on the principal
amount outstanding, which may include reasonable additional compensation for early termination
of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its
contractual par amount, a feature that permits or requires prepayment at an amount that substantially
represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also
include reasonable additional compensation for early termination) is treated as consistent with this
criterion if the fair value of the prepayment feature is insignificant at initial recognition.

(a) Non-derivative financial assets (cont’d)
Subsequent measurement and gains and losses
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the effective interest method. The
amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses
and impairment are recognised in the statement of total return. Any gain or loss on derecognition is
recognised in the statement of total return.
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or
dividend income, are recognised in the statement of total return.
(b) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and bank deposits.
(c) Non-derivative financial liabilities
A financial liability is classified as fair value through profit or loss if it is classified as held for trading or
is designated as such on initial recognition. Directly attributable transaction costs are recognised in the
statement of total return as incurred. Financial liabilities at fair value through profit or loss are measured
at fair value and changes therein, including any interest expense, are recognised in the statement of
total return.
The Group classifies non-derivative financial liabilities under the other financial liabilities category. Such
financial liabilities are recognised initially at fair value less any directly attributable transaction costs.
Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the
effective interest rate method.
Interest rate benchmark reform
When the basis for determining the contractual cash flows of a financial asset or financial liability
measured at amortised cost changes as a result of interest rate benchmark reform, the Group updates
the effective interest rate of the financial asset or financial liability to reflect the change that is required
by the reform. No immediate gain or loss is recognised. A change in the basis for determining the
contractual cash flows is required by interest rate benchmark reform if the following conditions are met:
• the change is necessary as a direct consequence of the reform; and
• the new basis for determining the contractual cash flows is economically equivalent to the
previous basis – i.e. the basis immediately before the change.
When changes were made to a financial asset or financial liability in addition to changes to the basis
for determining the contractual cash flows required by interest rate benchmark reform, the Group first
updates the effective interest rate of the financial asset or financial liability to reflect the change that is
required by interest rate benchmark reform. After that, the Group applies the policies on accounting for
modifications to the additional changes.

(d) Derecognition
Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial
assets expire or if the Group transfers the financial assets to another party without retaining control or
transfers substantially all the risks and rewards of the assets. The Group derecognises a financial liability
when its contractual obligations are discharged, cancelled or expired.
(e) Offsetting
Financial assets and liabilities are offset and the net amount presented in the statement of financial
position when, and only when, the Group has a legal right to offset the amounts and intends either to
settle on a net basis or to realise the asset and settle the liability simultaneously.
(f) Derivative financial instruments and hedge accounting
The Group holds derivative financial instruments to hedge its foreign currency and interest rate
risk exposures.
On initial designation of a derivative as a hedging instrument, the Group formally documents the
economic relationship between the hedging instrument and hedged item, including the risk management
objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the
methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an
assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether
the hedging instruments are expected to be highly effective in offsetting the changes in the fair value
or cash flows of the respective hedged items attributable to the hedged risk. For a cash flow hedge
of a forecast transaction, the transaction should be highly probable to occur and should present an
exposure to variations in cash flows that could ultimately affect the statement of total return.
Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the
statement of total return when incurred. Subsequent to initial recognition, derivatives are measured at
fair value, and changes therein are accounted for as described below.
(i) Cash flow hedges
The Group designates certain derivatives as hedging instruments to hedge the variability in
cash flows associated with highly probable forecast transactions arising from changes in foreign
exchange rates and interest rates.
When a derivative is designated as a cash flow hedging instrument, the effective portion of
changes in the fair value of the derivative is recognised in unitholders’ funds and accumulated
in the hedging reserve. Any ineffective portion of changes in the fair value of the derivative is
recognised immediately in the statement of total return.
Where the hedged forecast transaction subsequently results in the recognition of a non-financial
item, the amounts accumulated in the hedging reserve is included in the initial cost of the
non-financial item.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold,
expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When
hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated
in the hedging reserve remains in unitholders’ funds until, for a hedge of a transaction resulting
in recognition of a non-financial item, it is included in the non-financial item’s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to the statement of total return in
the same period or periods as the hedged expected future cash flows affect the statement of
total return.

(f) Derivative financial instruments and hedge accounting (cont’d)
(ii) Net investment hedges
The Group designates certain derivatives and non-derivative financial liabilities as hedges of
foreign exchange risk on a net investment in a foreign operation.
When a derivative instrument or a non-derivative financial liability is designated as the hedging

instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a
derivative, changes in the fair value of the hedging instrument or, for a non-derivative, foreign
exchange gains and losses, is recognised in unitholders’ funds and presented in the translation
reserve within unitholders’ funds. Any ineffective portion of the changes in the fair value of the
derivative or foreign exchange gains and losses on the non-derivative is recognised immediately
in the statement of total return. The amount recognised in unitholders’ funds is reclassified to the
statement of total return on disposal of the foreign operation.
Hedges directly affected by interest rate benchmark (“IBOR”) reform
When the basis for determining the contractual cash flows of the hedged item or hedging
instrument changes as a result of IBOR reform and therefore there is no longer uncertainty arising
about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge
documentation of that hedging relationship to reflect the change(s) required by IBOR reform.
A change in the basis of determining the contractual cash flows is required by the interest rate
benchmark reform if the following conditions are met:
– the change is necessary as direct consequence of the reform; and
– the new basis for determining the contractual cash flows is economically equivalent to the
previous basis – i.e. the basis immediately before the change
For this purpose, the hedge designation is amended only to make one or more of the following
changes:
– designating an alternative benchmark rate as the hedged risk;
– updating the description of the hedged item, including the description of the designated
portion of the cash flows or fair value being hedged; or
– updating the description of the hedging instrument.
The Group amends the description of the hedging instrument only if the following conditions are
met:
– it makes a change required by IBOR reform by changing the basis for determining the
contractual cash flows of the hedging instrument or using another approach that is
economically equivalent to changing the basis for determining the contractual cash flows
of the original hedging instrument; and
– the original hedging instrument is not derecognised.


(f) Derivative financial instruments and hedge accounting (cont’d)
(ii) Net investment hedges (cont’d)
The Group amends the formal hedge documentation by the end of the reporting period during
which a change required by IBOR reform is made to the hedged risk, hedged item or hedging
instrument. These amendments in the formal hedge documentation do not constitute the
discontinuation of the hedging relationship or the designation of a new hedging relationship.
If changes are made in addition to those changes required by IBOR reform described above, then
the Group first considers whether those additional changes result in the discontinuation of the
hedge accounting relationship. If the additional changes do not result in the discontinuation of
the hedge accounting relationship, then the Group amends the formal hedge documentation for
changes required by IBOR reform as mentioned above.
When the interest rate benchmark on which the hedged future cash flows had been based is
changed as required by IBOR reform, for the purpose of determining whether the hedged future
cash flows are expected to occur, the Group deems that the hedging reserve recognised in
unitholders’ funds for that hedging relationship is based on the alternative benchmark rate on
which the hedged future cash flows will be based.
(g) Impairment of financial assets
The Group recognises loss allowances for expected credit losses (“ECL”) on financial assets measured
at amortised cost.
Loss allowances of the Group are measured on either of the following bases:
– 12 months ECL: these are ECL that result from default events that are possible within the 12 months
after the reporting date (or for a shorter period if the expected life of the instrument is less than
12 months); or
– Lifetime ECL: these are ECL that result from all possible default events over the expected life of
a financial instrument.
Simplified approach
The Group applied the simplified approach to provide for ECL for all trade receivables. The simplified
approach requires the loss allowance to be measured at an amount equal to lifetime ECL.
General approach
The Group applies the general approach to provide for ECL on all other financial instruments. Under
the general approach, the loss allowance is measured at an amount equal to 12-month ECL at
initial recognition.
At each reporting date, the Group assesses whether the credit risk of a financial instrument has
increased significantly since initial recognition. When credit risk has increased significantly since initial
recognition, loss allowance is measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECL, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and qualitative
information and analysis, based on the Group’s historical experience and informed credit assessment
and includes forward-looking information.

(g) Impairment of financial assets (cont’d)
If credit risk has not increased significantly since initial recognition or if the credit quality of the financial
instruments improves such that there is no longer a significant increase in credit risk since initial
recognition, loss allowance is measured at an amount equal to 12-month ECL.
The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit
obligations to the Group in full, without recourse by the Group to actions such as realising security (if
any is held).
The maximum period considered when estimating ECL is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present
value of all cash shortfalls (i.e. the difference between the cash flows due to entity in accordance with
the contract and the cashflows that the Group expects to receive). ECLs are discounted at the effective
interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost are
credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental
impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
– significant financial difficulty of the borrower or issuer;
– a breach of contract such as a default;
– the restructuring of a loan or advance by the Group on terms that the Group would not consider
otherwise;
– it is probable that the borrower will enter bankruptcy or other financial reorganisation; or
– the disappearance of an active market for a security because of financial difficulties.
Presentation of ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying
amount of these assets.
Write-off
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery. This is generally the case when the Group determines that the
debtor does not have assets or sources of income that could generate sufficient cash flows to repay
the amounts subject to the write-off. However, financial assets that are written off could still be subject
to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.

2.16 Impairment of non-financial assets
The carrying amounts of the Group’s non-financial assets, other than investment properties, are reviewed at
each reporting date to determine whether there is any indication of impairment. If any such indication exists,
the assets’ recoverable amounts are estimated.
The recoverable amount of an asset or cash-generating unit (“CGU”) is the greater of its value in use and its
fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested
individually are grouped together into the smallest group of assets that generate cash inflows from continuing
use that are largely independent of the cash inflows of other assets or CGU.
Impairment losses recognised in prior periods are assessed at each reporting date for any indication that
the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that
the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised.
2.17 Provisions
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event
and it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the amount of the obligation.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no
longer probable that an outflow of economic resources will be required to settle the obligation, the provision is
reversed. Where the effect of time value of money is material, provisions are discounted using a current pre-tax
rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase
in the provision due to the passage of time is recognised as a finance cost.
2.18 Financial guarantee contracts
Financial guarantees are financial instruments issued by the Group that require the issuer to make specified
payments to reimburse the holder for the loss it incurs because a specified debtor fails to meet payment when
due in accordance with the original or modified terms of a debt instrument.
Financial guarantees contracts are accounted for as insurance contracts. A provision is recognised based
on the Group’s estimate of the ultimate cost of settling all claims incurred but unpaid at the reporting date.
The provision is assessed by reviewing individual claims and tested for adequacy by comparing the amount
recognised and the amount that would be required to settle the guarantee contract.
2.19 Unitholders’ funds
Unitholders’ funds are classified as equity.
Expenses incurred in connection with the issuance of Units are deducted directly against unitholders’ funds.

2.20 Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time
in exchange for consideration.
(i) As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates
the consideration in the contract to each lease component on the basis of its relative stand-alone
prices. However, for leases of properties, the Group has elected not to separate non-lease components
and account for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the underlying
asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the
Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the
useful life of the underlying asset, which is determined on the same basis as those of property and
equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases. The Group recognises the lease payments associated with these leases
as an expense on a straight-line basis over the lease term.
(ii) As a lessor
To classify each lease, the Group makes an overall assessment of whether the lease transfers
substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the
case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment,
the Group considers certain indicators such as whether the lease is for the major part of the economic
life of the asset.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease
separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset
arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term
lease to which the Group applies the exemption described above, then it classifies the sub-lease as an
operating lease.
The Group recognises lease payments received from investment properties under operating leases as
income on a straight-line basis over the lease term as part of ‘revenue’.

2.21 Distribution policy
The Trust’s distribution policy is to distribute at least 90% of the Distributable Income to the Unitholders. The
actual level of distribution and payment of distributions will be at the sole discretion of the Board of Directors
of the Manager.
Distributions are made on a semi-annual basis, with the amount calculated as at 31 March and 30 September
each year for the six-month period ending on each of the said dates. In accordance with the Trust Deed, the
Manager is required to pay distributions within 90 days of the end of each distribution period.
3. REVENUE
Group
2023 2022
S$’000 S$’000
Rental income 346,653 371,188

Recoverable outgoings 73,437 72,498
Other revenue 692 6,501
420,782 450,187
Other revenue in 2023 relates mainly to early surrender fee received from various tenants of 357 Collins Street,
Melbourne, Victoria, and a tenant from the European portfolio, and government grant income received by the
Group in relation to subsidies on certain properties in the European portfolio. Other revenue in 2022 relates
mainly to the early surrender fee received from a tenant of Farnborough Business Park, Farnborough, Thames
Valley, make good income received from various tenants of 357 Collins Street, Melbourne, Victoria and Central
Park, and government grant income received by the Group in relation to property tax rebates on its Singapore
properties and subsidies on certain properties in the European portfolio.
4. PROPERTY OPERATING EXPENSES
Group
2023 2022
S$’000 S$’000
Land and property tax 21,149 21,470

Property management fees 15,299 16,259
Property maintenance and related expenses 38,458 32,480
Property related professional fees 1,512 618
Allowance for/(Reversal of) doubtful receivables 333 (107)
Statutory expenses 11,118 11,421
Other property expenses 17,912 19,225
105,781 101,366

5. MANAGERS’ MANAGEMENT FEES
Group
2023 2022
S$’000 S$’000
Base fee 28,090 29,753

Performance fee 10,459 12,265
38,549 42,018
During the financial year, an aggregate of 32,931,873 (2022: 25,478,672) Units were issued or will be issued to
the Managers as satisfaction of the management fees incurred, at unit prices ranging from S$1.11 to S$1.28
(2022: S$1.26 to S$1.49) per Unit, amounting to S$38,549,000 (2022: S$33,744,000).
6. NET FINANCE COSTS
Group
2023 2022
S$’000 S$’000
Finance income
Interest income 1,620 623
Fair value gain on financial assets at FVTPL – 104
1,620 727
Finance costs
Financial liabilities measured at amortised cost:
– Amortisation of debt upfront costs (1,923) (3,229)
– Interest expense on bank loans and notes (83,082) (39,962)
– Interest expense on lease liabilities (3,832) (4,709)
– Others (665) (711)
(89,502) (48,611)
Fair value loss on financial assets at FVTPL (204) –

Derivatives measured at fair value
– Interest income 42,943 7,016
(46,763) (41,595)
Net finance costs (45,143) (40,868)


7. TAX (CREDIT)/EXPENSE
The major components of tax (credit)/expense are:
Group
Note 2023 2022
S$’000 S$’000
Current tax expense

– Current year 12,041 11,191
– (Overprovision)/Underprovision in respect of prior years (33) 419
12,008 11,610
Withholding tax expense 10,381 14,437
Deferred tax (credit)/expense

– Origination and reversal of temporary differences 19 (28,970) 93,221
(6,581) 119,268
A reconciliation between tax expense and the product of accounting profit multiplied by the applicable
corporate tax rate for the financial year is as follows:
Group
2023 2022
S$’000 S$’000
Total (loss)/return for the year before tax (111,922) 858,009
Tax using the Singapore tax rate of 17% (2022: 17%) (19,027) 145,862
Effect of tax rates in foreign jurisdictions (10,293) 1,607
Non-deductible expenses 2,040 23,272
Tax transparency (5,319) (6,856)
Income not subject to tax (15,665) (61,063)
Deferred tax assets not recognised 31,820 1,522
Withholding tax expense 10,381 14,437
(Overprovision)/Underprovision in respect of prior years (33) 419
Change in tax rate 59 454
Others (544) (386)
(6,581) 119,268
The Group operates in several jurisdictions which have enacted or intend to enact new legislation to implement
the global minimum top-up tax from 31 December 2023. The Group does not expect that it will be subject to
top-up tax in relation to its operations in these jurisdictions where the statutory tax rates are above 15%.

8. TOTAL (LOSS)/RETURN FOR THE YEAR
The following items have been included in arriving at total (loss)/return for the year:
Group
2023 2022
S$’000 S$’000
Audit fees paid/payable to auditors of the Trust 421 373

Audit fees paid/payable to other auditors 814 931
Non-audit fees paid/payable to auditors of the Trust 69 47
Non-audit fees paid/payable to other auditors 28 38
Valuation fees 653 631
9. (LOSS)/EARNINGS PER UNIT
Basic (loss)/earnings per Unit
The calculation of basic (loss)/earnings per Unit for the Group is based on the total (loss)/return for the year
attributable to Unitholders and weighted average number of Units during the year:
Group
2023 2022
S$’000 S$’000
’000 ’000
Issued Units at the beginning of the year 3,696,167 3,676,420

Effect of issue of new Units:
– In satisfaction of the Managers’ management fees paid in Units 24,333 14,784
Weighted average number of Units 3,720,500 3,691,204
Diluted (loss)/earnings per Unit
The calculation of diluted (loss)/earnings per Unit for the Group is based on the total (loss)/return for the year
attributable to Unitholders and the weighted average number of Units during the year after adjustment for the
effects of all dilutive potential Units.
Group
2023 2022
S$’000 S$’000
’000 ’000
Weighted average number of Units used in calculation of basic (loss)/earnings

per Unit 3,720,500 3,691,204
– Effect of the Managers’ management fees payable in Units 24,037 20,401
Weighted average number of Units (diluted) 3,744,537 3,711,605

10. INVESTMENT PROPERTIES
Investment
Completed properties
Investment under
properties development Total
S$'000 S$'000 S$’000
At 1 October 2021 7,482,282 – 7,482,282

Acquisition of investment properties (including acquisition
costs) 127,913 24,203 152,116
Capital expenditure incurred 34,997 71,601 106,598
Transfer to investment property held for sale (38,264) – (38,264)
Transfer (9,255) 9,255 –
Disposal of investment property (633,552) – (633,552)
Capitalisation of leasing incentives, net of amortisation 852 – 852
Straight-lining of rental and other adjustments (3,198) – (3,198)
Net change in fair value recognised in statement of total return 431,916 (6,323) 425,593
Translation differences (552,611) (8,064) (560,675)
At 30 September 2022 6,841,080 90,672 6,931,752
At 1 October 2022 6,841,080 90,672 6,931,752

Capital expenditure incurred 41,544 102,770 144,314
Transfer 76,521 (76,521) –
Capitalisation of leasing incentives, net of amortisation 10,501 – 10,501
Straight-lining of rental and other adjustments (3,935) – (3,935)
Net change in fair value recognised in statement of total return (320,396) (38,560) (358,956)
Translation differences (77,738) 3,533 (74,205)
At 30 September 2023 6,567,577 81,894 6,649,471
Completed investment properties (“IP”) comprise industrial properties in Australia, Germany, the Netherlands,
and the United Kingdom and commercial properties and business parks in Singapore, Australia and the United
Kingdom that are leased to third parties under operating leases (Note 24).

10. INVESTMENT PROPERTIES (CONT'D)
Investment properties (2022: including investment property held for sale), are stated at fair value at the reporting
date. As at 30 September 2023, the fair values of the investment properties were based on independent
valuations undertaken by the following property valuers:
Properties in: Property Valuer
Australia CIVAS (VIC) Pty Ltd, CIVAS (NSW) Pty Ltd, CIVAS (WA) Pty Ltd, Knight Frank NSW Valuations
& Advisory Pty Ltd, Knight Frank Valuation & Advisory Victoria, CBRE Valuations Pty Limited
and Savills Valuations Pty Ltd (2022: CIVAS (VIC) Pty Ltd, CIVAS (NSW) Pty Ltd, Jones Lang
LaSalle Advisory Services Pty Ltd, Knight Frank NSW Valuations & Advisory Pty Ltd, Knight
Frank Valuation & Advisory Victoria and Savills Valuations Pty Ltd)
Germany and the BNP Paribas Real Estate Consult GmbH, CBRE GmbH and Colliers International Valuation
Netherlands GmbH (2022: Jones Lang LaSalle SE, BNP Paribas Real Estate Consult GmbH and CBRE
GmbH)
United Kingdom CBRE Limited (2022: CBRE Limited)
Commercial portfolio
Properties in: Property Valuer
Australia CBRE Valuations Pty Limited, CIVAS (WA) Pty Ltd and Savills Valuations Pty Ltd (2022:
CIVAS (VIC) Pty Ltd, Knight Frank Valuation & Advisory Canberra and Cushman & Wakefield
(Valuations) Pty Ltd)
Singapore Jones Lang LaSalle Property Consultants Pte Ltd (2022: CBRE Pte. Ltd.)
United Kingdom CBRE Limited (2022: CBRE Limited)
In December 2021, the Group announced its proposed divestment of a leasehold property at 2-46 Douglas
Street, Port Melbourne, Victoria, Australia (“Port Melbourne Divestment”). Accordingly, the investment property,
including the corresponding right-of-use assets, was reclassified to investment property held for sale and the
corresponding lease liabilities was reclassified to liabilities directly associated with the investment property
held for sale as at 30 September 2022. The Group completed the divestment on 24 October 2022.
Security
As at 30 September 2023, investment properties with a carrying amount of S$667,212,000 (2022: S$1,014,717,000)
are pledged as security to secure bank loans (see Note 18). The carrying amount of the properties excluding
the right-of-use assets is S$641,024,000 (2022: S$988,904,000).

Measurement of fair value
(i) Fair value hierarchy
In 2023, the fair values of the completed IP (2022: including IP held for sale), were determined using
the capitalisation method and/or discounted cash flow method (2022: capitalisation method and/or
discounted cash flow method). The fair values of the investment properties under development (“IPUD”)
were determined using the residual approach (2022: residual approach). The valuation methods involve
making certain estimates including those relating to capitalisation rate, net initial yield, discount rate,
terminal yield, gross development value and estimated costs to complete (2022: capitalisation rate, net
initial yield, discount rate, terminal yield, gross development value and estimated costs to complete).
The fair value measurement for all of the IP (2022: including IP held for sale), has been categorised as a
Level 3 fair value based on the inputs to the valuation techniques used. Details of the inputs used in the
valuation techniques are disclosed in note (ii) below.
2023 2022
S$’000 S$’000
Fair value of completed IP and IPUD (based on valuation reports) 6,526,662 6,804,308
Add: Carrying amount of lease liabilities (Note 18) 122,809 127,444
Carrying amount of completed IP and IPUD 6,649,471 6,931,752
2022
S$’000
Fair value of investment property held for sale (based on valuation report) 19,984
Add: Carrying amount of lease liability 18,280
Carrying amount of investment property held for sale 38,264
(ii) Valuation techniques and significant unobservable inputs
The following table shows the valuation techniques used in measuring the fair values of completed IP
(2022: including IP held for sale), as well as the significant unobservable inputs used.
Valuation Significant
Type techniques unobservable inputs Australia Europe United Kingdom
Logistics and Capitalisation Capitalisation rate 5.00% – 15.50% N.A. N.A.

industrial method (2022: 3.75% –
14.96%)
Net initial yield (1) N.A. N.A. 4.42% – 4.69%

(2022: 3.72%)

10. INVESTMENT PROPERTIES (CONT'D))
Measurement of fair value (cont’d)
(ii) Valuation techniques and significant unobservable inputs (cont’d)
Significant
Valuation unobservable
Type techniques inputs Australia Europe United Kingdom
Logistics and Discounted Discount rate 6.50% – 9.00% 4.50% – 6.90% N.A.
industrial cash flow (2022: 5.25% – (2022: 4.00% –
method 9.00%) 6.00%)
Terminal yield 5.25% – 15.25% 4.00% – 6.15% N.A.

(2022: 4.13% – (2022: 3.50% –
159.29%) 5.75%)
Significant
Valuation unobservable
Type techniques inputs Australia Singapore United Kingdom
Commercial Capitalisation Capitalisation 6.00% – 6.38% 5.75% N.A.

method rate (2022: 4.75% – (2022: 5.75%)
6.00%)
Net initial yield (1) N.A. N.A. 2.35% – 6.24%

(2022: 3.56% –
7.26%)
Discounted Discount rate 6.50% – 6.75% 7.50% N.A.

cash flow (2022: 5.75% – (2022: 7.75%)
method 7.00%)
Terminal yield 6.25% – 6.62% 6.00% N.A.

(2022: 5.00% – (2022: 6.00%)
6.50%)
The following table shows the valuation techniques used in measuring the fair values of IPUD as well as
the significant unobservable inputs used.
Type Valuation techniques Significant unobservable inputs United Kingdom
IPUD Residual approach Gross development value S$128.8 million (2022:

S$48.6 million – S$165.5
million)
Estimated costs to complete S$13.3 million (2022: S$7.7

million – S$89.0 million)
N.A.: Not applicable

(1)
Rent net of non-recoverable expenses divided by gross property value

Measurement of fair value (cont’d)
(ii) Valuation techniques and significant unobservable inputs (cont’d)
Inter-relationship between key unobservable inputs and fair value measurements
The significant unobservable inputs used in the fair value measurement of completed IP (2022: including
IP held for sale) are capitalisation rate, net initial yield, discount rate and terminal yield. An increase in
capitalisation rate, net initial yield, discount rate and terminal yield in isolation would result in a lower
fair value.
The significant unobservable inputs used in the fair value measurement of IPUD are gross development
value and estimated costs to complete. An increase in gross development value in isolation would result
in a higher fair value. An increase in estimated costs to complete in isolation would result in a lower
fair value.
Key unobservable inputs relate to:
• Capitalisation rate corresponds to a rate of return on a property based on the income that the
property is expected to generate.
• Net initial yield corresponds to a rate of return on a property based on the current passing income
net of estimated non-recoverable expenses.
• Discount rate represents the required rate of return, adjusted for a risk premium that reflects the
risks relevant to the asset.
• Terminal yield reflects the exit capitalisation rate applied to a projected terminal cash flow.
(iii) Valuation policies and procedures
The fair values of IP are determined annually by independent professional valuers. Certain valuers have
recommended that the value of the properties are to be kept under regular review given the current
market conditions including inflationary pressures, rising interest rates and ongoing war in Ukraine.
The appropriateness of the valuation methodologies and assumptions adopted are reviewed by the
Manager along with the appropriateness and reliability of the inputs used in the valuations.
In selecting the appropriate valuation models and inputs to be adopted for each valuation that uses
significant non-observable inputs, the independent professional valuers are required to recalibrate the
valuation models and inputs to actual market transactions (which may include transactions entered into
by the Group with third parties as appropriate) that are relevant to the valuation if such information is
reasonably available.
Significant changes in fair value measurements from period to period are evaluated for reasonableness.
Key drivers of the changes are identified and assessed for reasonableness against relevant information
from independent sources, or internal sources if necessary.
In accordance with the Group’s reporting policies, the valuation process and the results of the
independent valuations are reviewed once a year by the Audit, Risk and Compliance Committee before
the results are presented to the Board of Directors for approval.
In relying on the valuation reports, the Manager had exercised its judgement and was satisfied that the
independent valuers have the appropriate professional qualifications and experience in the location
and category of the properties being valued and the valuation estimates were reflective of the current
market conditions.

11. PLANT AND EQUIPMENT
Furniture and
fittings Equipment Computers Total
S$’000 S$’000 S$’000 S$’000
Group
Cost
At 1 October 2021 237 74 9 320
Write-off – (35) – (35)
Disposal – – (2) (2)
At 30 September 2022 237 39 7 283
At 1 October 2022 237 39 7 283

Write-off (9) – (1) (10)
At 30 September 2023 228 39 6 273
Accumulated depreciation
At 1 October 2021 (83) (22) (6) (111)
Depreciation (47) (11) (3) (61)
Write-off – 17 – 17
Disposal – – 2 2
At 30 September 2022 (130) (16) (7) (153)
At 1 October 2022 (130) (16) (7) (153)

Depreciation (47) (10) – (57)
Write-off 9 – 1 10
At 30 September 2023 (168) (26) (6) (200)
Net carrying amounts

At 1 October 2021 154 52 3 209
At 30 September 2022 107 23 – 130
At 30 September 2023 60 13 – 73
12. INVESTMENT IN SUBSIDIARIES
Trust
2023 2022
S$’000 S$’000
Equity investments, at cost 2,783,993 2,763,312
Details of the Group’s significant subsidiaries are disclosed in Note 33.
13. LOANS TO SUBSIDIARIES
Loans to subsidiaries are unsecured. Included in loans to subsidiaries are amounts of S$849,987,000 (2022:
S$888,777,000) which bear interest at 2.5% to 5.5% (2022: 2.5% to 5.5%) per annum and are repayable between
2024 and 2028 (2022: 2024 and 2028). The remaining loans to subsidiaries are interest-free and are repayable
by providing a 13 months’ notice, with final maturity being between 2028 and 2033 (2022: 2028 and 2032). There
is no impairment loss on these loans.

14. DERIVATIVE ASSETS/(LIABILITIES)
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Derivative assets
Interest rate swaps 24,540 35,172 14,118 19,227
Foreign currency forward contracts 320 793 320 793
Cross currency swaps 6,140 15,218 6,140 12,663
Cross currency interest rate swaps 62,626 117,928 62,626 117,928
93,626 169,111 83,204 150,611
Classified as:
– Non-current 79,886 165,241 69,843 149,672
– Current 13,740 3,870 13,361 939
93,626 169,111 83,204 150,611
Derivative liabilities
Interest rate swaps (93) – (93) –
Cross currency swaps (2,308) (451) (2,308) (451)
Cross currency interest rate swaps (3,717) – (3,717) –
(6,118) (451) (6,118) (451)
Classified as:
– Non-current (5,871) (451) (5,871) (451)
– Current (247) – (247) –
(6,118) (451) (6,118) (451)
Net derivative assets as a percentage of net

assets 1.98% 3.45% 2.45% 4.52%
(a) Interest rate swaps used for hedging
Interest rate swaps are used by the Group to hedge its exposure to interest rate risk associated with
movements in interest rates on the loans and borrowings of the Group.
As at the reporting date, the Group and the Trust have interest rate swap arrangements in place for the
following amounts:
Group Trust
Nominal amount Nominal amount
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Maturing:
Within one year 42,574 176,784 17,574 45,940
Between one to five years 510,628 412,671 313,347 215,671
553,202 589,455 330,921 261,611
At 30 September 2023, the fixed interest rates of the outstanding interest rate swap contracts ranged
between 0.26% to 4.67% (2022: 0.26% to 2.40%) per annum.
All of the Group’s interest rate swaps were designated as cash flow hedges to hedge the Group’s interest
rate risk arising from variable rate loans and borrowings.

14. DERIVATIVE ASSETS/(LIABILITIES) (CONT'D)
(b) Foreign currency forward contracts, cross currency swaps and cross currency interest rate swaps
Foreign currency forward contracts are used by the Group to hedge its foreign currency risk on
distributions to Unitholders. Cross currency swaps and cross currency interest rate swaps are
used by the Group to hedge its foreign currency and interest rate exposure and net investments in
foreign operations.
As at the reporting date, the Group and the Trust have foreign currency forward contracts, cross currency
swaps and cross currency interest rate swaps for the following amounts:
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Maturing:
Within one year 534,034 35,180 534,034 18,434
Between one to five years 422,299 871,521 422,299 871,521
956,333 906,701 956,333 889,955
15. CASH AND CASH EQUIVALENTS
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Cash at bank 152,218 156,076 41,791 33,578

Fixed deposits 519 64,652 519 64,652
152,737 220,728 42,310 98,230
The Group’s and the Trust’s exposure to foreign currency risk on cash and cash equivalents are disclosed in
Note 28(a)(i).
16. TRADE AND OTHER RECEIVABLES
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Trade receivables 8,153 8,528 – –

Less: Allowance for doubtful receivables (862) (552) – –
Net trade receivables 7,291 7,976 – –
Accrued receivables 1,068 1,010 – –
Other receivables 7,516 2,870 61 139
Amounts due from subsidiaries (non-trade) – – 185,251 70,702
Amounts due from related parties (non-trade) 857 1,497 – –
16,732 13,353 185,312 70,841
Rental guarantee receivable 307 1,407 – –
Prepayments 10,540 9,886 145 173
GST/VAT receivables 13,376 17,140 2,359 2,678
Tax receivables 797 7,942 – –
41,752 49,728 187,816 73,692

16. TRADE AND OTHER RECEIVABLES (CONT'D)
Trade receivables
Trade receivables comprise mainly rental receivables. These are secured by way of bankers and corporate
guarantees or security deposits held by the Group.
Other receivables
Other receivables of the Group mainly comprise security deposits received from tenants which are held by the
third party property manager on behalf of the Group. Included in 2023 was a deferred payment from the Port
Melbourne Divestment amounting to S$5,712,000.
Amounts due from subsidiaries and related parties
Amounts due from subsidiaries and related parties are unsecured, interest-free and repayable on demand.
There is no impairment loss on these outstanding balances as the expected credit loss is not material.
Rental guarantee receivable
In 2021, the Group acquired a freehold property located in the United Kingdom. The vendor has agreed to
provide a 24 months’ guarantee of rent (the “Rental Guarantee”) for certain vacant units in the property. The
Rental Guarantee amount was dependent on the vacancy of these units and was measured at fair value at each
reporting date with changes recognised in the statement of total return.
Credit risk
The Group’s and the Trust’s exposure to credit risk on trade receivables are disclosed in Note 28(c).
17. TRADE AND OTHER PAYABLES
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Current
Trade payables 4,927 2,885 – –
Accrued expenses 20,079 27,956 2,537 2,676
Accrued capital expenditure for investment
properties 6,276 13,950 – –
Security deposits 3,651 3,276 – –
Other payables 6,934 5,250 235 83
Amounts due to subsidiaries (non-trade) – – 223,941 125,484
Amounts due to related parties (non-trade) 2,955 4,526 6 –
Amounts due to non-controlling interests
(non-trade) 317 309 – –
45,139 58,152 226,719 128,243
Deferred income 288 301 – –
Rental received in advance 13,067 13,147 – –
GST/VAT payables 6,622 5,722 – –
65,116 77,322 226,719 128,243

17. TRADE AND OTHER PAYABLES (CONT'D)
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Non-current
Security deposits 9,215 9,311 – –
Deferred income 167 476 – –
9,382 9,787 – –
Total trade and other payables 74,498 87,109 226,719 128,243
Amounts due to subsidiaries and related parties are unsecured, interest-free and repayable on demand.
Amounts due to non-controlling interests are unsecured, interest-free and have no fixed terms of repayment.
18. LOANS AND BORROWINGS
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Current
Bank loans
– unsecured 512,399 22,970 512,399 22,970
– secured 10,290 116,990 – –
Fixed rate notes (unsecured) – 19,250 – –
Less: Unamortised transaction costs (724) (83) (724) (77)
521,965 159,127 511,675 22,893
Lease liabilities 863 952 – –
522,828 160,079 511,675 22,893
Non-current
Bank loans
– unsecured 1,211,936 1,509,228 968,936 1,281,228
– secured 153,304 159,150 – –
Fixed rate notes (unsecured) 150,000 150,000 – –
Loan from a subsidiary (unsecured) – – 150,000 150,000
Less: Unamortised transaction costs (3,725) (4,945) (3,263) (4,254)
1,511,515 1,813,433 1,115,673 1,426,974
Lease liabilities 121,946 126,492 – –
1,633,461 1,939,925 1,115,673 1,426,974
Total bank loans and notes 2,033,480 1,972,560 1,627,348 1,449,867

Total lease liabilities (Note 10) 122,809 127,444 – –
Total loans and borrowings 2,156,289 2,100,004 1,627,348 1,449,867

18. LOANS AND BORROWINGS (CONT'D)
Terms and debt repayment structure
Group Trust
Interest rate
range per Carrying Carrying
annum Year of maturity Face value amount Face value amount
% S$’000 S$’000 S$’000 S$’000
2023
AUD bank loans 5.2 to 5.4 2024 to 2026 493,237 492,193 493,237 492,193
Euro bank loans 1.4 to 5.0 2024 to 2036 218,867 218,514 55,272 54,919
SGD bank loans 4.6 to 4.9 2024 to 2027 830,099 828,754 587,100 586,217
GBP bank loans 6.1 to 6.3 2026 to 2027 134,477 133,385 134,477 133,385
JPY bank loans 0.8 2026 45,885 45,741 45,885 45,741
USD bank loans 6.4 to 6.9 2025 to 2026 165,364 164,893 165,364 164,893
SGD fixed rate notes 2.2 2028 150,000 150,000 – –
Loan from a subsidiary
(unsecured) 2.2 2028 – – 150,000 150,000
AUD lease liabilities 1.5 to 3.8 2024 to 2107 96,620 96,620 – –
Euro lease liabilities 1.4 2080 26,189 26,189 – –
2,160,738 2,156,289 1,631,335 1,627,348
2022
AUD bank loans 2.9 to 3.3 2023 to 2026 574,550 572,601 574,550 572,601
Euro bank loans 1.1 to 2.6 2022 to 2036 276,140 276,140 – –
SGD bank loans 1.6 to 3.0 2024 to 2026 747,999 745,836 519,999 518,527
GBP bank loans 2.7 2026 72,167 71,767 72,167 71,767
JPY bank loans 0.8 2026 49,885 49,660 49,885 49,660
USD bank loans 4.6 2025 87,597 87,312 87,597 87,312
SGD fixed rate notes 2.2 to 3.2 2023 to 2028 169,250 169,244 – –
Loan from a subsidiary
(unsecured) 2.2 2028 – – 150,000 150,000
AUD lease liabilities 1.5 to 3.8 2024 to 2107 101,631 101,631 – –
Euro lease liabilities 1.4 2080 25,813 25,813 – –
2,105,032 2,100,004 1,454,198 1,449,867
The interest rate range disclosed above 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).

18. LOANS AND BORROWINGS (CONT'D)
The reconciliation of liabilities arising from financing activities were as follows:
Other
loans and Lease
Note borrowings liabilities Total
S$’000 S$’000 S$’000
Group
Balance as at 1 October 2021 2,523,321 158,391 2,681,712

Financing cashflows* (460,310) (5,979) (466,289)
The effect of changes in foreign exchange rates (93,680) (11,220) (104,900)
Other changes:
Adjustment to lease liabilities – (177) (177)
Amortisation of debt transaction costs 3,229 – 3,229
Interest expense on lease liabilities – 4,709 4,709
Transfer to liabilities directly associated with the
investment property held for sale 10 – (18,280) (18,280)
Total other changes 3,229 (13,748) (10,519)
Balance as at 30 September 2022 1,972,560 127,444 2,100,004
Balance as at 1 October 2022 1,972,560 127,444 2,100,004

Financing cashflows* 76,699 (4,802) 71,897
The effect of changes in foreign exchange rates (17,702) (3,747) (21,449)
Other changes:
Adjustment to lease liabilities – 82 82
Amortisation of debt transaction costs 1,923 – 1,923
Interest expense on lease liabilities – 3,832 3,832
Total other changes 1,923 3,914 5,837
Balance as at 30 September 2023 2,033,480 122,809 2,156,289
* Cashflow from financing activities presented in the consolidated statement of cash flows include interest expense paid of S$40,859,000
(2022: S$33,810,000), which are included as part of accrued expenses in Note 17 – Trade and other payables. There are no material
non-cash changes associated with interest payables.

19. DEFERRED TAX LIABILITIES
Recognised Recognised
in statement in statement
At of total At of total At
1 October return Translation 30 September return Translation 30 September
2021 (Note 7) differences 2022 (Note 7) differences 2023
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Group
Deferred tax
liabilities
Investment
properties (223,497) (93,221) 24,774 (291,944) 28,970 8,301 (254,673)
Deferred tax assets have not been recognised in respect of the following items because it is not probable that
future taxable profit will be available against which the Group can utilise the benefits therefrom:
Group
2023 2022
S$’000 S$’000
Deductible temporary differences 61,111 15,211

Tax losses 6,763 6,160
67,874 21,371
The deductible temporary differences do not expire under the current tax legislation.
Under FRS 12 Income Taxes, deferred tax is not recognised for temporary differences on the initial recognition
of assets and liabilities in a transaction that is not a business combination and that affects neither accounting
or taxable profit or loss. The Group’s acquisition of subsidiaries were accounted for as acquisition of assets
and not a business combination, and affected neither accounting nor taxable profit at the point of acquisition.
Accordingly, the initial recognition exemption in FRS 12 applies. As at 30 September 2023, the Group has not
recognised deferred tax liabilities of S$127.7 million (2022: S$126.4 million) relating to temporary differences
on the initial recognition of assets and liabilities of subsidiaries acquired.
20. NON-CONTROLLING INTERESTS
The non-controlling interests (“NCI”) relate to the following subsidiary:
Principal place of business/ Effective interest

Name Country of incorporation held by NCI*
2023 2022
% %
FLT Europe B.V. and its subsidiaries The Netherlands 5.1 to 9.9 5.1 to 9.9
* This represents the effective interest held by NCI in various subsidiaries of FLT Europe B.V. (“FLTE”). The NCI in the underlying subsidiaries
of FLTE are individually immaterial.

20. NON-CONTROLLING INTERESTS (CONT'D)
The following summarised financial information of the above subsidiary is prepared in accordance with FRS,
modified for fair value adjustments on acquisition and differences in the Group’s accounting policies.
2023 2022
S$’000 S$’000
Revenue 101,467 101,157

(Loss)/Profit and total comprehensive income (67,212) 230,385
(Loss)/Profit and total comprehensive income attributable to NCI (2,307) 10,096
Non-current assets 1,905,653 1,995,651

Current assets 67,268 77,368
Non-current liabilities (1,073,177) (974,475)
Current liabilities (56,350) (168,377)
Net assets 843,394 930,167
Net assets attributable to NCI 45,337 49,320
Cash flows from operating activities 88,151 58,616

Cash flows used in investing activities (2,069) (4,181)
Cash flows used in financing activities (94,643) (55,980)
Net decrease in cash and cash equivalents (8,561) (1,545)
Dividends amounting to S$3,145,000 (2022: S$749,000) were paid to NCI during the year.
21. UNITS IN ISSUE AND TO BE ISSUED
Group and Trust

2023 2022
Number of Number of
Units Units
’000 S$’000 ’000 S$’000
Units issued
At beginning of the year 3,696,167 3,472,154 3,676,420 3,443,233
Creation of new Units:

– Managers’ management fees paid in Units 32,774 40,799 19,747 28,921
At end of the year 3,728,941 3,512,953 3,696,167 3,472,154
Units to be issued
– Managers’ management fees payable in Units 15,596 17,239 15,438 19,488
Total issued and issuable Units 3,744,537 3,530,192 3,711,605 3,491,642


21. UNITS IN ISSUE AND TO BE ISSUED (CONT'D)
2023
During the year, 32,774,272 Units were issued at S$1.16 to S$1.28 per Unit, amounted to S$40,799,000, as
satisfaction of the Managers’ management fees payable in Units.
2022
During the year, 19,746,643 Units were issued at S$1.35 to S$1.51 per Unit, amounted to S$28,921,000, as
satisfaction of the Managers’ management fees payable in Units.
Each Unit in the Trust represents an undivided interest in the Trust.
A holder of the Units of the Trust has no equitable or proprietary interest in the underlying assets of the Group
and is not entitled to the transfer to it of any asset (or any part thereof) or of any real estate, any interest in any
asset and real estate-related assets (or any part thereof) of the Group.
Under the Trust Deed, every Unit carries the same voting rights.
The holders of the Units are entitled to receive distributions as and when declared by the Trust.
The liability of a holder of the Units is limited to the amount paid for the Units.
All issued Units are fully paid.
22. NET ASSET VALUE PER UNIT
Group Trust
2023 2022 2023 2022
Net asset value per Unit is based on:

Net assets attributable to Unitholders (S$’000) 4,379,701 4,838,844 3,142,752 3,318,890
Total issued and issuable Units at end of the year

(’000) (Note 21) 3,744,537 3,711,605 3,744,537 3,711,605
Net asset value per Unit (S$) 1.17 1.30 0.84 0.89
23. DISTRIBUTIONS PAID TO UNITHOLDERS
Group and Trust

2023 2022
S$’000 S$’000
Distributions paid during the year:

Distribution of 2.57 Singapore cents per Unit for the period from 3 June 2021
to 30 September 2021 and paid on 16 December 2021 – 94,733
Distribution of 3.85 Singapore cents per Unit for the period from 1 October
2021 to 31 March 2022 and paid on 17 June 2022 – 142,108
Distribution of 3.77 Singapore cents per Unit for the period from 1 April 2022
to 30 September 2022 and paid on 15 December 2022 139,928 –
Distribution of 3.52 Singapore cents per Unit for the period from 1 October
2022 to 31 March 2023 and paid on 15 June 2023 131,058 –
270,986 236,841

24. LEASES
(i) Leases as lessee
The Group leases land. The leases typically run for periods ranging from 15 to 90 years, some with
options to renew after the lease expiry dates. Some lease payments are subject to market review and
renegotiated every five years to reflect market rentals and certain leases provide for additional rent
payments that are based on changes in local price indices.
Information about leases for which the Group is a lessee is presented below.
Amounts recognised in statement of total return
Group
2023 2022
S$’000 S$’000
Leases
Interest on lease liabilities 3,832 4,709
Group
2023 2022
S$’000 S$’000
Amounts recognised in statement of cash flows

Payment of lease liabilities 969 1,270
Interest expense 3,832 4,709
Total cash outflow for leases 4,801 5,979
Extension options
Some property leases contain extension options exercisable by the Group up to one year before the
end of the non-cancellable contract period. Where practicable, the Group seeks to include extension
options in new leases to provide operational flexibility. The extension options held are exercisable only
by the Group and not by the lessors. The Group assesses at lease commencement date whether it is
reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably
certain to exercise the options if there is a significant event or significant changes in circumstances
within its control.
The lease payments relating to lease extension periods for certain leasehold land leases had not been
included in lease liabilities as the Group is not reasonably certain if the lease extension options will
be exercised.
(ii) Leases as lessor
The Group leases out its investment properties consisting of its owned properties as well as leased
properties (Note 10). All leases are classified as operating leases from a lessor perspective.
Operating leases
The Group leases out its investment properties. The Group has classified these leases as operating
leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership
of the assets.
Rental income from investment properties during 2023 was S$346,653,000 (2022: S$371,188,000).

24. LEASES (CONT'D)
(ii) Leases as lessor (cont’d)
The following table sets out a maturity analysis of lease payments, showing the undiscounted lease
payments to be received after the reporting date.
Group
2023 2022
S$’000 S$’000
Less than one year 361,483 350,059

One to two years 313,395 315,839
Two to three years 252,114 256,187
Three to four years 198,139 200,930
Four to five years 162,661 161,908
More than five years 459,173 587,935
Total 1,746,965 1,872,858
25. SIGNIFICANT RELATED PARTY TRANSACTIONS
In addition to the related party transactions disclosed elsewhere in the financial statements, the following
significant transactions between the Group and related parties took place during the financial year at terms
agreed between parties:
Group
2023 2022
S$’000 S$’000
With related parties of the Managers:

– Settlement adjustment in relation to acquisition of subsidiaries – 490
– Insurance expense paid/payable – (816)
– Rental income and other income received/receivable 622 998
– Lease incentive reimbursement received/receivable 2,581 3,286
– Reimbursements (to)/from (887) 90
With the Managers:

– Base management fees paid/payable (28,090) (29,753)
– Performance management fees paid/payable (10,459) (12,265)
– Acquisition fees paid/payable (459) (1,192)
– Divestment fees paid/payable (187) (4,054)
– Reimbursements to (80) (61)
With the property managers who are related parties of the Manager:
– Property management fees paid/payable (9,342) (9,612)
– Marketing services commission and other expenses paid/payable (2,640) (2,750)
– Reimbursements to – (283)
With the Trustees:

– Trustee fees paid/payable (870) (924)

26. COMMITMENTS
(a) Capital commitments
Capital expenditure contracted for at the end of the year but not recognised in the financial statements
are as follows:
Group
2023 2022
S$’000 S$’000
Capital commitments in respect of investment properties (including

investment properties under development) 61,796 190,555
(b) Guarantees
(i) The Trust has provided unsecured corporate guarantees amounting to S$193,000,000 (2022:
S$178,000,000) and S$150,000,000 (2022: S$150,000,000) to banks for loans taken by certain
subsidiaries and fixed rate notes issued by a subsidiary respectively.
(ii) The Trust has provided bankers’ guarantees of S$41,678,000 (2022: S$93,015,000) to unrelated
parties in respect of performance contracts on behalf of certain subsidiaries. No liability is
expected to arise.
27. OPERATING SEGMENTS
The Group has six reportable segments, which are Logistics and industrial – Australia, Europe and UK and
Commercial – Australia, Singapore and UK. Each segment is managed separately because of the differences
in operating and regulatory environment. All the segments relate to properties used or predominantly used for
logistics and industrial or commercial properties. For each of the reporting segments, the Board of Directors
of the Manager reviews internal management reports on a regular basis.
Information regarding the results of each reportable segment is included below. Performance is measured
based on segment net property income, as included in the internal management reports that are reviewed by
the Board of Directors of the Manager. Segment net property income is used to measure performance as the
Manager believes that such information is the most relevant in evaluating the results of its segments relative to
other entities that operate within the same industry.

27. OPERATING SEGMENTS (CONT'D)
Information about reportable segments
<——— Logistics and industrial ———><—–––––—––— Commercial —–––––—––—> Total

Australia Europe UK Australia Singapore UK
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
2023
Revenue 147,920 101,650 5,403 64,494 55,734 45,581 420,782
Property operating expenses (31,744) (13,464) (1,047) (19,211) (17,364) (22,951) (105,781)
Reportable segment net
property income 116,176 88,186 4,356 45,283 38,370 22,630 315,001
Finance income 1,620

Finance costs (46,763)
Unallocated items:
– Expenses (39,740)
Net income 230,118
Net change in fair value of
derivatives (473)
investment properties 33,083 (141,915) (59,858) (83,059) 15,998 (123,205) (358,956)
Gain on divestment of
investment properties 17,389 – – – – – 17,389
Tax credit 6,581
Total loss for the year (105,341)
Capital expenditure 8,206 2,069 103,270 18,739 911 11,119 144,314

Non-current assets (1) 2,571,566 1,904,529 215,931 803,571 678,073 475,874 6,649,544
2022
Revenue 153,164 101,650 3,204 69,937 70,498 51,734 450,187
Property operating expenses (30,467) (15,094) (366) (19,134) (19,659) (16,646) (101,366)
Reportable segment net
property income 122,697 86,556 2,838 50,803 50,839 35,088 348,821
Finance income 727

Finance costs (41,595)
Unallocated items:
– Expenses (45,507)
Net income 262,446
derivatives 276
investment properties 228,349 227,697 (3,954) (2,529) 6,764 (30,734) 425,593
Gain on divestment of
investment properties – – – – 169,694 – 169,694
Tax expense (119,268)
Total return for the year 738,741
Capital expenditure 5,433 3,029 71,601 17,377 608 8,550 106,598

Non-current assets (1) 2,646,950 1,994,420 161,236 1,080,673 484,864 563,739 6,931,882
(1)
Excluding financial assets
There is no tenant that contributed more than 10% of the Group’s total revenue in 2023 and 2022.

28. FINANCIAL RISK MANAGEMENT
Risk management is integral to the business of the Group. The Group has a system of controls in place to
create an acceptable balance between the cost of risks occurring and the cost of managing the risks. The
Manager continually monitors the Group’s risk management process to ensure that an appropriate balance
between risk and control is achieved.
The Manager is responsible for setting the objectives and underlying principles of financial risk management
for the Group. This is supported by comprehensive internal processes and procedures which are formalised in
the Manager’s organisational and reporting structure, operating manuals and delegation of authority guidelines.
The Audit, Risk and Compliance Committee (“ARCC”) of the Manager oversees how management monitors
compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk
management framework in relation to the risks faced by the Group. The ARCC is assisted in its oversight role
by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and
procedures, the results of which are reported to the ARCC. The ARCC then reports to the Board of Directors on
any inadequacies, deficiencies or matters of concern of which the ARCC becomes aware or that it suspects,
arising from its review of the Group’s risk management policies and procedures.
(a) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates,
will affect the Group’s total return and unitholders’ funds. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters, while optimising the return
on risk.
(i) Foreign currency risk
The entities within the Group normally conduct their business in their respective
functional currencies.
The Group’s foreign currency risk relates mainly to cash and cash equivalents, trade and other
receivables, trade and other payables and loans and borrowings, that are denominated in a
currency other than the respective functional currencies of the Group entities. The currencies
in which these transactions primarily are denominated are the Australian dollar (“AUD”), Euro
(“EUR”), British Pound (“GBP”), Japanese Yen (“JPY”), United States dollar (“USD") and Singapore
dollar (“SGD”). The Manager monitors the Group’s foreign currency exposure on an ongoing
basis and limits its exposure to fluctuations in foreign currency exchange rates by using derivative
financial instruments or other suitable financial products, where appropriate.
It is the Manager’s policy to hedge the Group’s anticipated foreign currency exposure in respect
of its distributions to Unitholders, net of anticipated payments required in the same currency at
least six months forward by using foreign currency forward contracts.
The Group’s net investments in foreign subsidiaries are hedged naturally to the extent that
borrowings are taken up in their respective foreign currencies.
The Group uses cross currency swaps and cross currency interest rate swaps to hedge its
currency risk. The Group determines the existence of an economic relationship between the
hedging instrument and hedged item based on the currency and amount of their respective
cash flows.
The Group assesses whether the derivative designated in each hedging relationship is expected
to be and has been effective in offsetting changes in cash flows of the hedged item using the
critical terms match and hypothetical derivative method.

28. FINANCIAL RISK MANAGEMENT (CONT'D)
(a) Market risk (cont’d)
(i) Foreign currency risk (cont’d)
The exposure of the Group and the Trust to AUD, EUR, GBP, JPY, USD and SGD (where relevant)
in Singapore dollar equivalent is as follows:
<——————————–––—––———— 2023 ————–––––———————————>

AUD EUR GBP JPY USD SGD
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Group
Cash and cash equivalents 15,842 2,597 1,006 97 424 22
Trade and other payables (1,199) (576) 2 – – –
Loans and borrowings (493,237) (55,273) (134,477) (45,885) (165,364) –
Net statement of financial
position exposure (478,594) (53,252) (133,469) (45,788) (164,940) 22
Less: Cross currency swaps
and cross currency
interest rate swaps 383,400 – – 45,885 165,364 –
Less: Borrowings
designated as net
investment hedge 109,837 55,273 134,477 – – –
Net currency exposure 14,643 2,021 1,008 97 424 22
<——————————––––––—– 2022 ———–––———————–––—–>

AUD EUR GBP JPY USD
S$’000 S$’000 S$’000 S$’000 S$’000
Group
Cash and cash equivalents 18,999 8,899 1,686 107 –
Trade and other payables (234) (593) (33) – –
Loans and borrowings (574,550) – (72,167) (49,885) (87,597)
Net statement of financial position
exposure (555,785) 8,306 (70,514) (49,778) (87,597)
Less: Cross currency swaps and cross
currency interest rate swaps 400,896 – – 49,885 87,597
Less: Borrowings designated as net
investment hedge 173,653 – 72,167 – –
Net currency exposure 18,764 8,306 1,653 107 –

<——————————––––––—– 2023 ———–––———————–––—–>

AUD EUR GBP JPY USD
S$’000 S$’000 S$’000 S$’000 S$’000
Trust
Cash and cash equivalents 15,135 2,597 436 97 424
Trade and other receivables 4,230 216 139,528 – –
Trade and other payables (25,368) – (148,677) – –
Loans and borrowings (493,237) (55,273) (134,477) (45,885) (165,364)
exposure (499,240) (52,460) (143,190) (45,788) (164,940)
Less: Borrowings designated for net
investment hedge 109,837 55,273 134,477 – –
Net currency exposure (6,003) 2,813 (8,713) 97 424
<——————————––––––—– 2022 ———–––———————–––—–>

AUD EUR GBP JPY USD
S$’000 S$’000 S$’000 S$’000 S$’000
Trust
Cash and cash equivalents 18,405 8,899 1,280 107 –
Trade and other receivables 4,201 – 30,246 – –
Trade and other payables (221) – (16,334) – –
Loans and borrowings (574,550) – (72,167) (49,885) (87,597)
exposure (552,165) 8,899 (56,975) (49,778) (87,597)
Less: Borrowings designated for net
investment hedge 173,654 – 72,167 – –
Net currency exposure 22,385 8,899 15,192 107 –
As at 30 September 2023, the Group and the Trust had outstanding foreign currency forward
contracts with nominal amount of approximately S$21.8 million and S$21.8 million (2022: S$18.4
million and S$18.4 million) respectively to hedge future payments of distribution.

Sensitivity analysis
It is estimated that a one percentage point strengthening in the Singapore dollar against the foreign
currencies would decrease the Group’s total return by approximately S$400,000 (2022: S$473,000).
It is also estimated that a one percentage point strengthening in the Singapore dollar against the
foreign currencies would decrease the Trust’s total return by S$104,000 (2022: S$650,000). A one
percentage point weakening in the Singapore dollar against the foreign currencies would have
an equal but opposite effect. This analysis assumes that all other variables, in particular interest
rates, remain constant.
(ii) Interest rate risk
The Group adopts a policy of ensuring that at least 50% of its interest rate risk exposure is at a
fixed rate. This is achieved partly by entering into fixed-rate instruments and partly by borrowing
at a floating rate and using interest rate swaps to hedge the variability in cash flows.
The Group determines the existence of an economic relationship between the hedging instrument
and hedged item based on the reference interest rates, tenures, repricing dates, maturities and
the notional amounts.
The Group assesses whether the derivative designated in each hedging relationship is expected
to be effective in offsetting changes in cash flows of the hedged item using the hypothetical
derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
• the effect of the counterparty and the Group’s own credit risk on the fair value of the
swaps, which is not reflected in the change in the fair value of the hedged cash flows
attributable to the change in interest rates; and
• changes in the critical terms of either the swaps or the loans and borrowings.
Managing interest rate benchmark reform and associated risks
In 2022, the Group’s IBOR exposures to non-derivative financial liabilities included floating-rate
liabilities indexed to SOR and USD LIBOR (Note 18) and held interest rate swaps and cross
currency interest rate swaps for risk management purposes which were designated in cash flow
and net investment hedging relationships. The interest rate swaps and cross currency interest rate
swaps had floating legs that were indexed to SOR and USD LIBOR. The Group had transitioned
its non-derivative financial liabilities and derivatives indexed to SOR and USD LIBOR to reference
SORA and SOFR respectively.
Hedge accounting
In 2022, the Group replaced all its SOR and USD LIBOR interest rate derivatives used in cash flow
and net investment hedging relationships with economically equivalent interest rate derivatives
referencing SORA and SOFR. Therefore, there was no longer uncertainty about when and how
replacement may occur with respect to the relevant hedged items and hedging instruments. As a
result, the Group no longer applied the amendments to FRS 109 issued in December 2019 (Phase
1) to those hedging relationships.

(ii) Interest rate risk (cont’d)
Exposure to interest rate risk
At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments,
as reported to the management, was as follows:
Group Trust
2023 2022 2023 2022
S$’000 S$’000 S$’000 S$’000
Fixed rate instruments

Financial assets 519 64,652 850,506 953,429
Financial liabilities (411,440) (442,300) (150,000) (150,000)
Effect of interest rate swaps (553,202) (589,455) (330,921) (261,611)
Effect of cross currency interest rate
swaps (731,568) (773,381) (731,568) (754,131)
(1,695,691) (1,740,484) (361,983) (212,313)
Variable rate instruments

Financial assets 152,218 156,076 41,791 33,578
Financial liabilities (1,749,616) (1,663,041) (1,481,335) (1,304,198)
Effect of interest rate swaps 553,202 589,455 330,921 261,611
Effect of cross currency interest rate
swaps 731,568 773,381 731,568 754,131
(312,628) (144,129) (377,055) (254,878)
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets and liabilities at FVTPL, and the
Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair
value hedge accounting model. Therefore, in respect of the fixed rate instruments, a change in
interest rates at the reporting date would not affect total return.

(ii) Interest rate risk (cont’d)
Cash flow sensitivity analysis for variable rate instruments
A change of 1% in interest rates at the reporting date would have increased/(decreased) total
return and unitholders’ funds (before any tax effect) by the amounts shown below. This analysis
assumes that all other variables, in particular foreign currency rates, remain constant.
Total return Unitholders’ funds

1% 1% 1% 1%
increase decrease increase decrease
S$’000 S$’000 S$’000 S$’000
Group
2023
Variable rate instruments not hedged (3,126) 3,126 – –
Interest rate swaps – – 10,512 (10,788)
Cross currency interest rate swaps – – 4,284 (4,378)
Cash flow sensitivity (net) (3,126) 3,126 14,796 (15,166)
2022
Trust
2023
2022
Contents
(b) Hedge accounting
(i) Cash flow hedges
At 30 September, the Group and the Trust held the following instruments to hedge exposures to changes in foreign currency and
interest rates.
Overview
Changes in value used

for calculating hedge
Carrying amount ineffectiveness
Amount
reclassified Line item in
from hedging statement of
Contractual Financial reserve to total return Weighted
notional Assets/ statement Hedging Hedged statement of affected by the average
Organisational
amount (Liabilities) line item instrument item total return reclassification hedge rate Maturity date
S$’000 S$’000 S$’000 S$’000 S$’000 %
2023
Business
Cash flow hedges
Group
Interest rate risk
– Interest rate swaps to hedge Derivative

floating rate loans and financial
borrowings 553,202 24,447 instruments (27,924) 27,924 – – 1.31 2024 – 2027
Sustainability
Foreign exchange risk

– Cross currency swaps to Derivative
hedge foreign currency financial Exchange
loans and borrowings 148,264 (3,291) instruments (2,282) 2,282 (22,563) gains (net) – 2024 – 2026
Interest rate risk and foreign
exchange risk
Corporate
Governance
– Cross currency interest rate

swaps to hedge foreign Derivative
currency floating rate loans financial Exchange
and borrowings 753,695 6,547 instruments (38,806) 38,806 (2,198) gains (net) – 2024 – 2026
Financial &
Additional Information
275
28. FINANCIAL RISK MANAGEMENT (CONT'D) 276
(b) Hedge accounting (cont’d)
(i) Cash flow hedges (cont’d)

Amount
Frasers Logistics & Commercial Trust
S$’000 S$’000 S$’000 S$’000 S$’000 %
2023
Cash flow hedges
Trust
Interest rate risk
Annual Report 2023

borrowings 330,921 14,025 instruments (22,387) 22,387 – – 1.03 2024 – 2027

exchange risk
and borrowings 753,695 6,547 instruments (38,806) 38,806 (2,198) gains (net) – 2024 – 2026
Contents

Overview
Amount
S$’000 S$’000 S$’000 S$’000 S$’000 %
Organisational
2022
Cash flow hedges

Business
Group
Interest rate risk
borrowings 589,455 35,172 instruments 72,497 (72,497) – – 0.78 2023 – 2026

Sustainability

exchange risk
Corporate
swaps to hedge foreign

Governance
Derivative
and borrowings 753,695 45,353 instruments 10,952 (10,952) (5,671) gains (net) – 2024 – 2026
Financial &
277
28. FINANCIAL RISK MANAGEMENT (CONT'D) 278

Amount
S$’000 S$’000 S$’000 S$’000 S$’000 %
2022
Cash flow hedges
Trust
Interest rate risk
Annual Report 2023

borrowings 261,611 19,227 instruments 55,196 (55,196) – – 0.93 2023 – 2026

exchange risk
and borrowings 753,695 45,353 instruments 10,802 (10,802) (5,671) gains (net) – 2024 – 2026

The following table provides a reconciliation by risk category of components of unitholders’

funds resulting from cash flow hedge accounting.
Group Trust
2023 2022 2023 2022
Hedging reserve Hedging reserve
S$’000 S$’000 S$’000 S$’000
Balance as at 1 October 87,726 15,229 60,930 5,734

Cash flow hedges
Change in fair value
Interest rate risk (27,924) 72,497 (22,387) 55,196
Balance as at 30 September 59,802 87,726 38,543 60,930
(ii) Net investment hedge
A foreign currency exposure arises from the Group’s net investments in its subsidiaries in Australia,
Europe and the United Kingdom (“UK”) that have Australian dollar, Euro and British Pound as their
functional currencies, respectively. The risk arises from the fluctuation in spot exchange rates
between the Australian dollar, Euro and British Pound (2022: Australian dollar, Euro and British
Pound) against the Singapore dollar, which causes the amount of the net investments to vary.
The hedged risk in the net investment hedge is the risk of a weakening Australian dollar, Euro and
British Pound (2022: Australian dollar, Euro and British Pound) against Singapore dollar that will
result in a reduction in the carrying amount of the Group’s net investments in its subsidiaries in
Australia, Europe and the UK (2022: Australia, Europe and the UK).
Part of the Group’s net investment in foreign operations are hedged through the use of cross
currency swaps and cross currency interest rate swaps. The Group entered into cross currency
swaps and cross currency interest rate swaps to swap fixed/floating rate Singapore dollar
obligations for fixed/floating rate Australian dollar, Euro and British Pound obligations. No
ineffectiveness was recognised on the net investment hedges.
At the end of the financial year, the Group has designated a portion of the net investments in the
subsidiaries as net investment hedges amounting to S$1,278.9 million (2022: S$1,134.1 million),
which mitigate the currency risk arising from the subsidiaries’ net assets. As at 30 September 2023,
a cumulative net foreign exchange gain of S$56,338,000 (2022: net foreign exchange gain of
S$82,643,000) in respect of the Group’s net investment hedges remained in unitholders’ funds.
To assess hedge effectiveness, the Group determines the economic relationship between the
hedge instrument and the hedge item by adopting the critical term match method. Critical term
match method would be applied to assess qualitatively the economic relationship between the
hedging instrument and the hedged item. The hedged item and the hedging instrument are
expected to move in opposite directions as a result of a change in the hedged risk.

(c) Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to
settle its financial and contractual obligations with the Group, as and when they fall due.
The Group’s objective is to seek continual revenue growth while minimising losses incurred due to
increased credit risk exposure.
Trade receivables
The Manager monitors the amounts owing by lessees on an ongoing basis. Credit evaluations are
performed by the Manager before lease agreements are entered into with the lessees. Credit risk is also
mitigated by the bankers’ and corporate guarantees or security deposits held for each lessee.
At 30 September 2023 and 30 September 2022, there was no significant concentration of credit risk. The
Group’s maximum exposure to credit risk is represented by the carrying amounts of financial assets in
the statement of financial position, before taking into account security deposits held as collateral.
Exposure to credit risk
The exposure to credit risk for net trade receivables at the reporting date by operating segment was as
follows:
Group
2023 2022
S$’000 S$’000
Logistics and industrial

– Australia 401 247
– Europe 231 980
– United Kingdom 909 –
Commercial
– Australia 564 1,232
– Singapore 438 64
– United Kingdom 4,748 5,453
7,291 7,976
Expected credit loss assessment for individual tenants
In measuring the expected credit losses, trade debtors are grouped based on shared credit risk
characteristics and days past due. In calculating the expected credit loss rates, the Group considers
historical loss rates for each category of customers and adjusts to reflect current and forward-looking
macroeconomic factors affecting the ability of the debtor to settle the receivables.

(c) Credit risk (cont’d)
Expected credit loss assessment for individual tenants (cont’d)
The following table provides information about the exposure to credit risk and ECLs for trade receivables
as at 30 September:
Group
2023 2023 2022 2022
Gross Impairment Gross Impairment
carrying loss carrying loss
amount allowance amount allowance
S$’000 S$’000 S$’000 S$’000
Current (not past due) 2,552 – 741 –

1 – 30 days past due 3,898 (17) 6,870 –
31 – 60 days past due 416 (198) 304 –
61 – 90 days past due 17 (13) 28 –
More than 90 days past due 1,270 (634) 585 (552)
8,153 (862) 8,528 (552)
Trade receivables that are individually determined to be impaired at the reporting date relate to debtors
that are in significant difficulties and have defaulted on payments.
The allowance for impairment losses of receivables is made based on management’s assessment of the
amount that is expected to be recoverable.
The Manager believes that no allowance for impairment is necessary in respect of the remaining
trade receivables as they relate mainly to tenants that have a good record with the Group or have
provided bankers’ and corporate guarantees or sufficient security deposits as collateral, and hence
ECL is negligible.
The movement in the allowance for impairment loss in respect for trade receivables during the year was
as follows:
2023 2022
S$’000 S$’000
Group
At 1 October 552 884

Provision for/(Reversal of) impairment loss 333 (107)
Amount written off (25) (151)
Translation differences 2 (74)
At 30 September 862 552

(c) Credit risk (cont’d)
Cash and cash equivalents
Cash and fixed deposits are placed with financial institutions which are regulated. Investments and
transactions involving derivative financial instruments are allowed only with counterparties who have
sound credit ratings.
Impairment on cash and cash equivalents has been measured on the 12-month expected loss basis and
reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents
have low credit risk based on the external credit ratings of the counterparties. The amount of the
allowance on cash and cash equivalents is negligible.
Derivatives
Derivative financial instruments are only entered into with banks and financial counterparties with sound
credit ratings. The credit risk related to derivative financial instruments arises from the potential failure
of counterparties to meet their obligations under the contracts. It is the Group’s policy to enter into
derivative financial instrument transactions with credit worthy counterparties.
(d) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations due
to shortage of funds.
As at 30 September 2023, the Group has S$522.0 million of bank loans which are due within one year
(Note 18). The Manager has assessed the availability of credit facilities to the Group, including unutilised
committed lines of credit, ability to refinance existing facilities and funds derived from operations to the
Group as of 30 September 2023 and is confident that the Group will be able to meet ongoing obligations
as and when they fall due.
The Manager maintains a level of cash and cash equivalents and has unutilised committed and
uncommitted facilities for drawdown deemed adequate to finance the Group’s operations for
a reasonable period, including the servicing of financing obligations, and to mitigate the effects of
fluctuations in cash flows. In addition, the Manager also monitors and observes the CCIS issued by the
MAS concerning limits on total borrowings.
As at the end of the financial year, the Group maintains several unutilised lines of credit.
The Group has contractual commitments to incur capital expenditure on its investment properties (Note
26).
The following are the remaining contractual maturities of financial liabilities. The amounts are gross,
undiscounted, include contractual interest payments and exclude the impact of netting agreements.

(d) Liquidity risk (cont’d)
Cash flows
Between
Carrying Contractual Within one and More than
amount cash flows one year five years five years
S$’000 S$’000 S$’000 S$’000 S$’000
Group
2023
Non-derivative financial liabilities

Trade and other payables * 54,354 (54,354) (45,139) (7,038) (2,177)
Loans and borrowings 2,156,289 (2,621,912) (616,677) (1,620,628) (384,607)
2,210,643 (2,676,266) (661,816) (1,627,666) (386,784)
Derivative financial instruments

Interest rate swaps used for
hedging (net-settled) (24,447) 25,547 14,226 11,321 –
Foreign currency forward
contracts (gross-settled) (320)
– outflow (21,784) (21,784) – –
– inflow 22,104 22,104 – –
Cross currency swaps used
for hedging (gross-settled) (3,832)
– outflow (123,474) (123,474) – –
– inflow 129,762 129,762 – –
Cross currency interest rate
swaps used for hedging
(gross-settled) (58,909)
– outflow (1,520,644) (810,275) (710,369) –
– inflow 1,580,071 833,031 747,040 –
(87,508) 91,582 43,590 47,992 –
2,123,135 (2,584,684) (618,226) (1,579,674) (386,784)


Cash flows
Between
S$’000 S$’000 S$’000 S$’000 S$’000
Group
2022
Non-derivative financial
liabilities
Trade and other payables * 67,463 (67,463) (58,152) (7,421) (1,890)
2,167,467 (2,679,606) (299,379) (1,823,287) (556,940)
Derivative financial
instruments
– outflow (18,434) (18,434) – –
– inflow 19,256 19,256 – –
– outflow (207,795) (22,829) (184,966) –
– inflow 227,736 27,977 199,759 –
– outflow (650,541) (5,110) (645,431) –
– inflow 790,277 33,789 756,488 –
(168,660) 197,991 47,097 150,894 –
1,998,807 (2,481,615) (252,282) (1,672,393) (556,940)


Cash flows
Between
Carrying Contractual Within one and
amount cash flows one year five years
S$’000 S$’000 S$’000 S$’000
Trust
2023
Non-derivative financial liabilities

Trade and other payables * 226,719 (226,719) (226,719) –
Loans and borrowings 1,627,348 (1,788,076) (587,955) (1,200,121)
1,854,067 (2,014,795) (814,674) (1,200,121)
Derivative financial instruments

Interest rate swaps used for hedging (net-
settled) (14,025) 14,710 8,353 6,357
Foreign currency forward contracts (gross-
settled) (320)
– outflow (21,784) (21,784) –
– inflow 22,104 22,104 –
Cross currency swaps used for hedging
– outflow (123,474) (123,474) –
– inflow 129,762 129,762 –
Cross currency interest rate swaps used
– outflow (1,520,644) (810,275) (710,369)
– inflow 1,580,071 833,031 747,040
(77,086) 80,745 37,717 43,028
1,776,981 (1,934,050) (776,957) (1,157,093)


Cash flows
Between
S$’000 S$’000 S$’000 S$’000 S$’000
Trust
2022
Non-derivative financial
liabilities
Trade and other payables * 128,243 (128,243) (128,243) – –
1,578,110 (1,755,958) (213,430) (1,389,249) (153,279)
Derivative financial
instruments
– outflow (18,434) (18,434) – –
– inflow 19,256 19,256 – –
– outflow (190,872) (5,906) (184,966) –
– inflow 208,234 8,475 199,759 –
– outflow (650,541) (5,110) (645,431) –
– inflow 790,277 33,789 756,488 –
(150,160) 178,595 38,658 139,937 –
1,427,950 (1,577,363) (174,772) (1,249,312) (153,279)
* Excluding deferred income, rental received in advance and GST/VAT payables
The maturity analyses above show the contractual undiscounted cash flows of the Group’s financial
liabilities on the basis of their earliest possible contractual maturity. Derivative financial instruments held
are usually not closed out prior to contractual maturity. The disclosure shows net cash flow amounts
for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that
have simultaneous gross cash settlement. The interest payments on floating rate loans and borrowings
in the table above reflect market forward interest rates at the year end and these amounts may change
as market interest rates changes. The future cash flows on derivative instruments may be different from
the amounts in the above table as interest rates change. Except for these financial liabilities, it is not
expected that the cash flows included in the maturity analyses could occur significantly earlier, or at
significantly different amounts.
29. FAIR VALUES OF FINANCIAL INSTRUMENTS
Contents
(a) Classifications and fair values
The carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy are as follows. It does
not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable
approximation of fair value.
Overview
Carrying amount Fair value

Fair value
through Fair value Other
Amortised profit or – hedging financial
Note cost loss instruments liabilities Total Level 1 Level 2 Level 3 Total
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Group
Organisational
30 September 2023
Financial assets measured at

Business
fair value
Interest rate swaps 14 – – 24,540 – 24,540 – 24,540 – 24,540
contracts 14 – 320 – – 320 – 320 – 320
Cross currency swaps 14 – 6,140 6,140 – 6,140 – 6,140

Sustainability
swaps 14 – – 62,626 – 62,626 – 62,626 – 62,626

Trade and other receivables –
Rental guarantee receivable 16 – 307 – – 307 – – 307 307
– 627 93,306 – 93,933
Corporate
Financial assets not measured

Governance
at fair value
Cash and cash equivalents 15 152,737 – – – 152,737
Trade and other receivables * 16 16,732 – – – 16,732
169,469 – – – 169,469
* Excluding rental guarantee receivable, prepayments, GST/VAT receivables and tax receivables
Financial &
287
29. FAIR VALUES OF FINANCIAL INSTRUMENTS (CONT'D) 288
(a) Classifications and fair values (cont’d)

Fair value
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Group
30 September 2023
Financial liabilities measured

at fair value
Interest rate swaps 14 – – (93) – (93) – (93) – (93)

Cross currency swaps 14 – – (2,308) – (2,308) – (2,308) – (2,308)
swaps 14 – – (3,717) – (3,717) – (3,717) – (3,717)
Annual Report 2023
– – (6,118) – (6,118)
Financial liabilities not

measured at fair value

Trade and other payables** 17 – – – (54,354) (54,354)
Loans and borrowings*** 18 – – – (2,033,480) (2,033,480) (136,938) (1,877,976) – (2,014,914)
– – – (2,087,834) (2,087,834)
** Excluding deferred income, rental received in advance and GST/VAT payables
*** Excluding lease liabilities
29. FAIR VALUES OF FINANCIAL INSTRUMENTS (CONT'D)
Contents

Fair value
Overview
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Group
30 September 2022

Organisational
fair value

contracts 14 – 793 – – 793 – 793 – 793
Business
Cross currency swaps 14 – – 15,218 – 15,218 – 15,218 – 15,218

swaps 14 – – 117,928 – 117,928 – 117,928 – 117,928
Trade and other receivables –
Rental guarantee receivable 16 – 1,407 – – 1,407 – – 1,407 1,407

– 2,200 168,318 – 170,518
Sustainability

at fair value
Trade and other receivables * 16 13,353 – – – 13,353
Corporate
234,081 – – – 234,081
Governance
* Excluding rental guarantee receivable, prepayments, GST/VAT receivables and tax receivables
Financial &
289

Fair value
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Group
30 September 2022

at fair value
Cross currency swaps 14 – – (451) – (451) – (451) – (451)

Annual Report 2023
Trade and other payables** 17 – – – (67,463) (67,463)

Loans and borrowings*** 18 – – – (1,972,560) (1,972,560) (135,101) (1,818,854) – (1,953,955)
– – – (2,040,023) (2,040,023)
** Excluding deferred income, rental received in advance and GST/VAT payables

*** Excluding lease liabilities
Contents

Fair value
Overview
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Trust
30 September 2023

Organisational
fair value

contracts 14 – 320 – – 320 – 320 – 320
Business
Cross currency swaps 14 – 6,140 – – 6,140 – 6140 – 6,140

swaps 14 – 54,541 8,085 – 62,626 – 62,626 – 62,626
– 61,001 22,203 – 83,204

at fair value
Sustainability
Loans to subsidiaries 13 1,905,989 – – – 1,905,989 – 1,687,248 – 1,687,248

Trade and other receivables* 16 185,312 – – – 185,312
2,133,611 – – – 2,133,611
Corporate
Governance
* Excluding prepayments and GST/VAT receivables

Financial &
291

Fair value
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Trust
30 September 2023

at fair value
Interest rate swaps 14 – – (93) – (93) – (93) – (93)

Cross currency swaps 14 – (1,483) (825) – (2,308) – (2,308) – (2,308)
swaps 14 – (3,717) – – (3,717) – (3,717) – (3,717)
Annual Report 2023
– (5,200) (918) – (6,118)


Trade and other payables 17 – – – (226,719) (226,719)
Loans and borrowings 18 – – – (1,627,348) (1,627,348) (136,938) (1,477,348) – (1,614,286)
– – – (1,854,067) (1,854,067)
Contents

Fair value
Overview
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Trust
30 September 2022

Organisational
fair value

contracts 14 – 793 – – 793 – 793 – 793
Business
Cross currency swaps 14 – 12,025 638 – 12,663 – 12,663 – 12,663

swaps 14 – 72,575 45,353 – 117,928 – 117,928 – 117,928
– 85,393 65,218 – 150,611

at fair value
Sustainability
Loans to subsidiaries 13 1,811,636 – – – 1,811,636 – 1,621,427 – 1,621,427

Trade and other receivables* 16 70,841 – – – 70,841
1,980,707 – – – 1,980,707
Corporate
Governance
* Excluding prepayments and GST/VAT receivables

Financial &
293

Fair value
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Trust
30 September 2022

at fair value
Cross currency swaps 14 – 1,196 (1,647) – (451) – (451) – (451)

Annual Report 2023
Trade and other payables 17 – – – (128,243) (128,243)

Loans and borrowings 18 – – – (1,449,867) (1,449,867) (135,101) (1,299,867) – (1,434,968)
– – – (1,578,110) (1,578,110)

(b) Valuation techniques and significant unobservable inputs
The following table shows the valuation techniques used in measuring Level 2 and Level 3 fair values.
Type Valuation techniques
Financial instruments measured at fair value
Group and Trust

Interest rate swaps, foreign currency forward Market comparison technique:
contracts, cross currency swaps and cross The fair values are based on broker quotes.
currency interest rate swaps Similar contracts are traded in an active market
and the quotes reflect the actual transactions in
similar instruments.
Group
Rental guarantee receivable (classified under Discounted cash flows:
trade and other receivables) The fair value is based on the present value of
the expected future receipts, discounted at the
market interest rate at the measurement date.
Financial instruments not measured at fair value
Group and Trust Discounted cash flows:

Loans and borrowings The fair values are based on the present value of
future payments, discounted at the market interest
rate at the measurement date.
Trust
Loans to subsidiaries Discounted cash flows:
The fair values are based on the present value of
future receipts, discounted at the market rate of
interest at the measurement date.
There were no transfers between the levels of the fair value hierarchy during the year.
30. CAPITAL MANAGEMENT
The primary objective of the Group’s capital management is to ensure that it maintains an optimal capital
structure to support the business and maximise Unitholders’ value.
As at 30 September 2023, the Group’s aggregate leverage ratio(1) was 30.2% (2022: 27.4%) with an interest
coverage ratio(2) of 7.1 times (2022: 13.0 times), which were within the guidelines prescribed under the Property
Fund Guidelines of the CIS Code issued by MAS.
The Group was in compliance with all externally imposed capital requirements for the financial years ended
30 September 2023 and 30 September 2022 respectively.
There were no substantial changes in the Group’s and the Trust’s approach to capital management during
the year.
(1)
The impact of FRS 116 Leases and non-controlling interests has been excluded for the purpose of computing the Aggregate Leverage Ratio.
(2)
As defined in the Code on Collective Investment Schemes revised by the Monetary Authority of Singapore on 16 April 2020 and clarified
on 29 May 2020 and 28 December 2021. Computed as trailing 12 months earnings before interest, tax, depreciation and amortisation
(excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), over trailing
12 months borrowing costs. Borrowing costs exclude interest expense on lease liabilities (effective from 28 December 2021).

31. FINANCIAL RATIOS
2023 2022
% %
Expense to weighted average net assets (1)

– with performance fee of Managers 0.96 1.01
– without performance fee of Managers 0.74 0.76
Expense to net asset value (2) 3.40 3.05
Portfolio turnover ratio (3) – 3.20
(1)
The expense ratios are computed in accordance with the guidelines of the Investment Manager Association of Singapore. The expenses
used in the computation relate to the expenses of the Group, excluding property expenses, interest expense, foreign exchange gains and
losses and tax expense of the Group.
(2)
The expense ratio is computed based on total operating expense of S$150,540,000 (2022: S$148,997,000), including property expenses
and all fees and charges paid/payable to the Managers and the interested parties as a percentage of net asset value as at the end of the
financial year.
(3)
The portfolio turnover ratios are computed based on the lesser of purchases or sales of underlying investment properties of the Group
expressed as a percentage of daily average net asset value.
32. SUBSEQUENT EVENTS
There were the following significant events subsequent to the reporting date:
• On 13 October 2023, FLT INV 28 B.V., wholly-owned subsidiary of the Group entered into a sale and
purchase agreement with unrelated parties of the Group to acquire the freehold interest in the land
plots situated within the Aviation Valley business park and next to Maastricht Aachen Airport, in the
Netherlands. Simultaneously, FLT INV 28 B.V. also entered into a turnkey design and build agreement to
develop, design, construct and turnkey delivery of a logistic facility on the acquired land plots. The total
contract sum of the transaction is €14.5 million (approximately S$20.9 million).
• On 2 November 2023, the Manager declared a distribution of 3.52 Singapore cents per Unit to Unitholders
in respect of the period from 1 April 2023 to 30 September 2023.
33. LIST OF SIGNIFICANT SUBSIDIARIES
Country of Principal place of Effective interest

Name of subsidiaries Principal activity incorporation business held by the Trust
2023 2022
% %
Direct subsidiaries
FLT Australia Pte. Ltd. (1) Investment holding Singapore Singapore 100.0 100.0
FLCT Treasury Pte. Ltd. (1) Provision of treasury Singapore Singapore 100.0 100.0
service
FLT Europe Pte. Ltd. (1) Investment holding Singapore Singapore 100.0 100.0
FLT Europe Treasury Pte. Ltd. (1) Investment holding Singapore Singapore 100.0 100.0
FLT Europe 1 Pte. Ltd. (1) Investment holding Singapore Singapore 100.0 100.0
FLCT UK Pte. Ltd. (1) Investment holding Singapore Singapore 100.0 100.0
FLCT Industrial UK Pte. Ltd. (1) Investment holding Singapore Singapore 100.0 100.0
FLCT Commercial UK Pte. Ltd. (1) Investment holding Singapore Singapore 100.0 100.0
FLT Australia Trust (2) (3) Investment holding Australia Australia 100.0 100.0
Frasers Commercial Trust (1) Property investment Singapore Singapore 100.0 100.0
and investment
holding

33. LIST OF SIGNIFICANT SUBSIDIARIES (CONT'D)
Country of Principal place Effective interest

Name of subsidiaries Principal activity incorporation of business held by the Trust
2023 2022
% %
Indirect subsidiaries
Subsidiaries of FLT Australia Trust
Atlantic Drive Trust B Property investment Australia Australia 100.0 100.0
Atlantic Drive Trust C Property investment Australia Australia 100.0 100.0
Atlantic Drive Trust D Property investment Australia Australia 100.0 100.0
Aylesbury Drive Trust A Property investment Australia Australia 100.0 100.0
Bam Wine Court Trust A Property investment Australia Australia 100.0 100.0
Blackburn Road Trust A Property investment Australia Australia 100.0 100.0
Boundary Road Trust A Property investment Australia Australia 100.0 100.0
Boundary Road Trust B Property investment Australia Australia 100.0 100.0
Canterbury Road Trust A Property investment Australia Australia 100.0 100.0
Distribution Place Trust A Property investment Australia Australia 100.0 100.0
Doriemus Drive Trust A Property investment Australia Australia 100.0 100.0
Douglas Street Trust A Property investment Australia Australia 100.0 100.0
Earnshaw Road Trust A Property investment Australia Australia 100.0 100.0
Efficient Drive Trust A Property investment Australia Australia 100.0 100.0
Efficient Drive Trust B Property investment Australia Australia 100.0 100.0
Eucalyptus Place Trust A Property investment Australia Australia 100.0 100.0
Flint Street Trust A Property investment Australia Australia 100.0 100.0
Gibbon Road Trust A Property investment Australia Australia 100.0 100.0
Hanson Place Trust A Property investment Australia Australia 100.0 100.0
Horsley Drive Trust A Property investment Australia Australia 100.0 100.0
Horsley Drive Trust B Property investment Australia Australia 100.0 100.0
Horsley Drive Trust C Property investment Australia Australia 100.0 100.0
Hudson Court Trust A Property investment Australia Australia 100.0 100.0
Hudson Court Trust B Property investment Australia Australia 100.0 100.0
Indian Drive Trust A Property investment Australia Australia 100.0 100.0
Indian Drive Trust B Property investment Australia Australia 100.0 100.0
Jets Court Trust A Property investment Australia Australia 100.0 100.0
Jets Court Trust B Property investment Australia Australia 100.0 100.0
Kangaroo Avenue Trust A Property investment Australia Australia 100.0 100.0
Kangaroo Avenue Trust B Property investment Australia Australia 100.0 100.0
Kangaroo Avenue Trust C Property investment Australia Australia 100.0 100.0
Link Road Trust A Property investment Australia Australia 100.0 100.0
Magnesium Place Trust A Property investment Australia Australia 100.0 100.0
Magnesium Place Trust B Property investment Australia Australia 100.0 100.0
Magnesium Place Trust C Property investment Australia Australia 100.0 100.0
Pacific Drive Trust A Property investment Australia Australia 100.0 100.0
Pacific & Atlantic Drive Trust A Property investment Australia Australia 100.0 100.0
Paltridge Road Trust A Property investment Australia Australia 100.0 100.0
Pearson Road Trust A Property investment Australia Australia 100.0 100.0
Pearson Road Trust B Property investment Australia Australia 100.0 100.0
Platinum Street Trust A Property investment Australia Australia 100.0 100.0
Queensport Road Trust A Property investment Australia Australia 100.0 100.0
Reconciliation Rise Trust A Property investment Australia Australia 100.0 100.0
Reconciliation Rise Trust B Property investment Australia Australia 100.0 100.0
Shettleston Street Trust A Property investment Australia Australia 100.0 100.0
Siltstone Place Trust A Property investment Australia Australia 100.0 100.0
Sky Road East Trust A Property investment Australia Australia 100.0 100.0


2023 2022
% %
Indirect subsidiaries (cont’d)

Subsidiaries of FLT Australia Trust (cont'd)
Sky Road East Trust B Property investment Australia Australia 100.0 100.0
South Centre Road Trust A Property investment Australia Australia 100.0 100.0
South Park Drive Trust A Property investment Australia Australia 100.0 100.0
South Park Drive Trust C Property investment Australia Australia 100.0 100.0
South Park Drive Trust D Property investment Australia Australia 100.0 100.0
South Park Drive Trust E Property investment Australia Australia 100.0 100.0
Springhill Road Trust A Property investment Australia Australia 100.0 100.0
Stanton Road Trust A Property investment Australia Australia 100.0 100.0
Stanton Road Trust B Property investment Australia Australia 100.0 100.0
Station Road Trust A Property investment Australia Australia 100.0 100.0
Stradbroke Street Trust A Property investment Australia Australia 100.0 100.0
Sunline Drive Trust A Property investment Australia Australia 100.0 100.0
Sunline Drive Trust B Property investment Australia Australia 100.0 100.0
Wayne Goss Drive Trust A Property investment Australia Australia 100.0 100.0
Wayne Goss Drive Trust B Property investment Australia Australia 100.0 100.0
Wellington Road Trust A Property investment Australia Australia 100.0 100.0
Subsidiary of FLT Europe Pte. Ltd.

FLT Europe B.V. (2) Investment holding The Netherlands The Netherlands 100.0 100.0
Subsidiaries of FLT Europe B.V.

Al Gewerbepark Obertshausen Property investment The Netherlands The Netherlands 94.0 94.0
B.V. (formerly known as Al
Gewerbepark Obertshausen
GmbH)
Al Gewerbepark Ratingen Property investment The Netherlands The Netherlands 94.0 94.0
B.V. (formerly known as Al
Gewerbepark Ratingen GmbH)
Al Gewerbepark Tamm B.V. Property investment The Netherlands The Netherlands 94.0 94.0
(formerly known as Al
Gewerbepark Tamm GmbH)
BV Maschinen GmbH Investment holding Luxembourg Luxembourg 100.0 100.0
CCP IV Garching B.V. (formerly Property investment The Netherlands The Netherlands 94.0 94.0
known as CCP IV Garching
S.à.r.l.)
FLT Achern B.V. (formerly known Property investment The Netherlands The Netherlands 94.0 94.0
as FLT Achern GmbH)
FLT Freiberg B.V. Property investment The Netherlands The Netherlands 94.8 94.8
FLT Gottmadingen B.V. Property investment The Netherlands The Netherlands 90.1 90.1
FLT GUMES Verwaltung Objekt Property investment The Netherlands The Netherlands 93.1 93.1
Bielefeld-Sennestadt B.V.
(formerly known as FLT
GUMES Verwaltung Objekt
Bielefeld-Sennestadt GmbH)
FLT INV 1 B.V. Investment holding The Netherlands The Netherlands 94.9 94.9


2023 2022
% %

Subsidiaries of FLT Europe B.V. (cont’d)
FLT INV 4 B.V. Property investment The Netherlands The Netherlands 94.9 94.9
FLT Isenbuttel B.V. Property investment The Netherlands The Netherlands 94.8 94.8
FLT Marl GmbH Investment holding Germany The Netherlands 94.9 94.9
FLT Marl Investment GmbH & Property investment Germany The Netherlands 94.9 94.9
Co. KG
FLT Moosthenning 1 B.V. Property investment The Netherlands The Netherlands 94.8 94.8
Moosthenning 1 GmbH)
FLT Moosthenning 2 B.V. Property investment The Netherlands The Netherlands 94.8 94.8
Moosthenning 2 GmbH)
FLT Moosthenning (SP) B.V. Property investment The Netherlands The Netherlands 100.0 100.0
FLT Nuremberg B.V. Property investment The Netherlands The Netherlands 94.0 94.0
FLT Rheinberg B.V. (formerly Property investment The Netherlands The Netherlands 94.9 94.9
known as FLT Rheinberg
GmbH)
FLT Vaihingen B.V. Property investment The Netherlands The Netherlands 94.0 94.0
Frankenthal B.V. (formerly known Property investment The Netherlands The Netherlands 94.0 94.0
as Frankenthal S.A.)
Gewerbepark Bergheim Property investment The Netherlands The Netherlands 94.0 94.0
B.V. (formerly known as
Gewerbepark Bergheim
GmbH)


2023 2022
% %

Subsidiaries of Frasers
Commercial Trust
Frasers Commercial Sub No. 1 Investment holding Singapore Singapore 100.0 100.0
Pte. Ltd. (1)
Pte. Ltd. (1)
Pte. Ltd. (1)
FCOT Treasury Pte. Ltd. (1) Provision of treasury Singapore Singapore 100.0 100.0
services
Frasers Commercial (UK) Sub. Investment holding Singapore Singapore 100.0 100.0
1 Pte. Ltd. (1)
Frasers Commercial Investments Investment holding Singapore Singapore 100.0 100.0
No. 1 Pte. Ltd. (1)
Frasers Commercial Investments Investment holding Cayman Islands Cayman Islands 100.0 100.0
No. 3 Pty Ltd
Frasers Commercial Investments Investment holding Cayman Islands Cayman Islands 100.0 100.0
No. 4 Pty Ltd
Central Park Landholding Trust Property investment Australia Australia 100.0 100.0
Collins Street Landholding Trust Property investment Australia Australia 100.0 100.0
Athllon Drive Landholding Trust Property investment Australia Australia 100.0 100.0
ARC Trust Investment holding Australia Australia 100.0 100.0
Farnborough Business Park Ltd Property investment Jersey Jersey 100.0 100.0
Subsidiaries of FLCT UK Pte. Ltd.

Maxis Business Park Limited Property investment Jersey Jersey 100.0 100.0
Subsidiaries of FLCT Industrial

UK Pte. Ltd.
Connexion Property Co Limited Investment holding Jersey Jersey 100.0 100.0
Connexion Trust Property investment Jersey Jersey 100.0 100.0
FLCT UK 1 Pte Ltd (1) Investment holding Singapore Singapore 100.0 100.0
FLCT Ellesmere Port Property Investment holding Jersey Jersey 100.0 100.0
Co Limited
FLCT Ellesmere Trust Property investment Jersey Jersey 100.0 100.0
Worcester Property Co Limited Property investment Jersey Jersey 100.0 100.0
BVP Property Co Limited Investment holding Jersey Jersey 100.0 100.0
BVP Trust Property investment Jersey Jersey 100.0 100.0
(1)
Audited by KPMG LLP, Singapore.
(2)
Audited by other member firms of KPMG International.
(3)
Held by the Trust and FLT Australia Pte. Ltd. with equity interest of 50% each.
Unitholders’ Statistics
As at 24 November 2023
ISSUED AND FULLY-PAID-UP UNITS

3,744,536,585 Units (voting rights; one vote per Unit)

Market Capitalisation S$4,118,990,244 (based on closing price of S$1.10 per Unit on 24 November 2023)
DISTRIBUTION OF UNITHOLDINGS
No. of
Size of Unitholdings Unitholders % No. of units %
1 - 99 682 2.57 31,168 0.00

100 - 1,000 2,589 9.74 1,821,441 0.05
1,001 - 10,000 13,709 51.58 68,819,667 1.84
10,001 - 1,000,000 9,550 35.93 404,519,420 10.80
1,000,001 AND ABOVE 48 0.18 3,269,344,889 87.31
TOTAL 26,578 100.00 3,744,536,585 100.00
TWENTY LARGEST UNITHOLDERS

As shown in the Register of Unitholders
No. Name No. of Units %
1 FRASERS PROPERTY INDUSTRIAL TRUST HOLDINGS PTE LTD 827,412,719 22.10

2 CITIBANK NOMINEES SINGAPORE PTE LTD 783,035,614 20.91
3 DBS NOMINEES (PRIVATE) LIMITED 415,590,987 11.10
4 HSBC (SINGAPORE) NOMINEES PTE LTD 344,606,496 9.20
5 DBSN SERVICES PTE. LTD. 241,944,574 6.46
6 RAFFLES NOMINEES (PTE.) LIMITED 239,913,621 6.41
7 DB NOMINEES (SINGAPORE) PTE LTD 131,947,876 3.52
8 BPSS NOMINEES SINGAPORE (PTE.) LTD. 66,575,704 1.78
9 UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED 27,076,804 0.72
10 FRASERS LOGISTICS & COMMERCIAL ASSET MANAGEMENT PTE LTD 19,731,743 0.53
11 PHILLIP SECURITIES PTE LTD 17,133,570 0.46
12 MAYBANK SECURITIES PTE. LTD. 14,790,924 0.40
13 OCBC NOMINEES SINGAPORE PRIVATE LIMITED 12,866,312 0.34
14 IFAST FINANCIAL PTE. LTD. 10,962,224 0.29
15 ABN AMRO CLEARING BANK N.V. 10,859,504 0.29
16 CGS-CIMB SECURITIES (SINGAPORE) PTE. LTD. 10,781,234 0.29
17 DBS VICKERS SECURITIES (SINGAPORE) PTE LTD 10,467,845 0.28
18 UOB KAY HIAN PRIVATE LIMITED 10,245,758 0.27
19 OCBC SECURITIES PRIVATE LIMITED 9,916,139 0.26
20 SOCIETE GENERALE SINGAPORE BRANCH 5,039,699 0.13
TOTAL 3,210,899,347 85.74
SUBSTANTIAL UNITHOLDERS
Direct Interest Deemed Interest

No. of No. of Total No.
Units held % Units held % of Units held %
Frasers Property Industrial Trust Holdings

Pte Ltd 827,412,719 22.10 – – 827,412,719 22.10
Frasers Property Limited(1) – – 847,144,462 22.62 847,144,462 22.62
Thai Beverage Public Company Limited(2) – – 847,144,462 22.62 847,144,462 22.62
International Beverage Holdings Limited(3) – – 847,144,462 22.62 847,144,462 22.62
InterBev Investment Limited(4) – – 847,144,462 22.62 847,144,462 22.62
Siriwana Co., Ltd(5) – – 847,144,462 22.62 847,144,462 22.62
Shiny Treasure Holdings Limited(6) – – 847,144,462 22.62 847,144,462 22.62
TCC Assets Limited(7) – – 847,144,462 22.62 847,144,462 22.62
Charoen Sirivadhanabhakdi(8) – – 847,144,462 22.62 847,144,462 22.62
The estate of the late Khunying Wanna
Sirivadhanabhakdi(9) – – 847,144,462 22.62 847,144,462 22.62
Notes:
(1)
Frasers Property Limited (“FPL”) holds a 100% direct interest in each of Frasers Logistics & Commercial Asset Management Pte. Ltd. (“FLCAM”)
and Frasers Property Industrial Trust Holdings Pte. Ltd. (“FPITH”). Each of FLCAM and FPITH directly holds units in FLCT. FPL therefore has a
deemed interest in the units in FLCT in which each of FLCAM and FPITH has an interest, by virtue of Section 4 of the Securities and Futures Act
2001 of Singapore (“SFA”).
(2)
Thai Beverage Public Company Limited (“ThaiBev”) holds a 100% direct interest in International Beverage Holdings Limited (“IBHL”);
– IBHL holds a 100% direct interest in InterBev Investment Limited (“IBIL”);
– IBIL holds a greater than 20% interest in FPL;
– FPL holds a 100% direct interest in each of FLCAM and FPITH; and
– Each of FLCAM and FPITH directly holds units in FLCT.
ThaiBev therefore has a deemed interest in the units in FLCT in which FPL has an interest, by virtue of Section 4 of the SFA.
(3)
IBHL holds a 100% direct interest in IBIL;
IBHL therefore has a deemed interest in the units in FLCT in which FPL has an interest, by virtue of section 4 of the SFA.
(4)
IBIL holds a greater than 20% interest in FPL;
IBIL therefore has a deemed interest in the units in FLCT in which FPL has an interest, by virtue of section 4 of the SFA.
(5)
Siriwana Co., Ltd (“SCL”), holds directly, and indirectly through its wholly-owned subsidiary, Siriwanan Co., Ltd, a majority interest in ThaiBev;
– ThaiBev holds a 100% direct interest in IBHL;
– IBHL holds a 100% direct interest in IBIL;
SCL therefore has a deemed interest in the units in FLCT in which FPL has an interest, by virtue of Section 4 of the SFA.
(6)
Shiny Treasure Holdings Limited (“STHL”) holds a greater than 20% interest in SCL;
– SCL holds, directly and indirectly, a majority interest in ThaiBev;
– ThaiBev holds a 100% direct interest in IBHL;
– IBHL holds a 100% direct interest in IBIL;
STHL therefore has a deemed interest in the units in FLCT in which FPL has an interest, by virtue of Section 4 of the SFA.
(7)
TCC Assets Limited (“TCCA”) holds a majority interest in FPL;
TCCA therefore has a deemed interest in the units in FLCT in which FPL has an interest, by virtue of Section 4 of the SFA.
(8)
Charoen Sirivadhanabhakdi and the estate of the late Khunying Wanna Sirivadhanabhakdi, each owns 50% of the issued and paid-up share capital
of TCCA;
– TCCA holds a majority interest in FPL;
– FPL holds a 100% direct interest in FLCAM and FPITH; and
Charoen Sirivadhanabhakdi therefore has a deemed interest in the units in FLCT in which FPL has an interest, by virtue of Section 4 of the SFA.
(9)
The estate of the late Khunying Wanna Sirivadhanabhakdi and Charoen Sirivadhanabhakdi, each owns 50% of the issued and paid-up share capital
of TCCA;
– TCCA holds a majority interest in FPL;
– FPL holds a 100% direct interest in FLCAM and FPITH; and
The estate of the late Khunying Wanna Sirivadhanabhakdi therefore has a deemed interest in the units in FLCT in which FPL has an interest, by
virtue of Section 4 of the SFA.
UNITHOLDINGS OF DIRECTORS OF THE MANAGER

As at 21 October 2023
Direct Interest Deemed Interest

Directors No. of Units held No. of Units held
Mr Ho Hon Cheong – 1,123,100

Mr Goh Yong Chian 800,000
Mr Kyle Lee Khai Fatt – –
Mr Phang Sin Min – –
Ms Soh Onn Cheng Margaret Jane – 18,495
Mr Panote Sirivadhanabhakdi – 118,559,700
Mr Chia Khong Shoong – 220,000
Mr Reinfried Helmut Otter – –
FREE FLOAT
Based on information available to the Manager as at 24 November 2023, approximately 74% of the Units are held in
the hands of the public. Rule 723 of the Listing Manual of the SGX-ST has accordingly been complied with.
Interested Person Transactions
Aggregate value of
all interested person
transactions during the Aggregate value
financial year under of all interested
review (excluding person transactions
transactions less than conducted under
$100,000 and transactions shareholders' mandate
conducted under pursuant to Rule 920
Nature of shareholders' mandate (excluding transactions
Name of interested persons relationship pursuant to Rule 920) less than $100,000)
FY2023 FY2023
S$'000 S$'000
Frasers Logistics & Commercial Asset

Management Pte. Ltd. ("FLCAM")
– Manager's base management fees paid/payable (22,930) –
– Manager's performance management fees paid/ (8,756) –
payable
– Manager's acquisition fees paid/payable (459) –
– Manager's divestment fees paid/payable (38) –
– Reimbursement of expenses (80) –
FLT Australia Management Pty Ltd ("HAUT

Manager")
– Manager's base management fees paid/payable (5,160) –
– Manager's performance management fees paid/ (1,703) –
payable
– Manager's divestment fees paid/payable (149) –
Associates
Frasers Property Management Services Pty of controlling
Limited shareholder
– Property management fees paid/payable of REIT (647) –
– Rental and other property income Manager and 44 –
controlling
Frasers Property Australia Pty Limited and its unitholder of
subsidiaries ("FPA Group") FLCT
– Incentives reimbursement 1,673 –
– Reimbursement of expenses (887) –
Frasers Property Funds Management Limited (in

its capacity as trustee of FLT Australia Trust)
– Trustee fees payable (63) –
FPI Property Management Services Pty Limited

– Property management fees paid/payable (2,148) –
– Facility management fees paid/payable (839) –
– Marketing services commissions paid/payable (1,505) –
FPI Queensland Pty Limited

– Proposed assignment of leases 1,118 –
– Proposed novation of make good obligations 251 –

FLCT
– Trustee fees paid/payable (582) –
Trustee
– Disbursements / out of pocket expenses paid (4) –
Interested Person Transactions
Aggregate value of
all interested person
transactions during the Aggregate value
financial year under of all interested
review (excluding person transactions
transactions less than conducted under
$100,000 and transactions shareholders' mandate
conducted under pursuant to Rule 920
Nature of shareholders' mandate (excluding transactions
Name of interested persons relationship pursuant to Rule 920) less than $100,000)
FY2023 FY2023
S$'000 S$'000
FPE Advisory B.V. Associates

– Property management fees paid/payable of controlling (1,869) –
– Leasing fees shareholder (371) –
of REIT
Frasers Property Investments (Holland) B.V. Manager and
– Incentives reimbursement controlling 908 –
unitholder of
FLCT
British and Malayan Trustees Limited FCOT

– Trustee fees paid/payable Trustee (225) –
Frasers Management (UK) Limited

– Lease commission and development (519) –
management fee
– Estimated project management fees (166) –
Associates
Frasers Property Commercial Management Pte Ltd of controlling
– Property management fees paid/payable and shareholder (3,839) –
payroll-related expenses of REIT
– Marketing services commissions paid/payable Manager and (149) –
– Proposed extension of property management controlling (13,700) –
agreement at Alexandra Technopark ("ATP") unitholder of
– Other expenses FLCT (96) –
Frasers Property Corporate Services Pte Ltd

– Rental and other property income 431 –
– Other expenses (49) –
– Proposed renewal of lease for premises at ATP, 764 –
Block A, #08-05
Fees payable to the Manager, the HAUT Manager, Frasers Property Funds Management Limited (in its capacity
as trustee of FLT Australia Trust), Perpetual (Asia) Limited and certain of the fees payable to Frasers Property
Management Services Pty Limited, FPA Group and FPI Property Management Services Pty Limited on the basis of,
and in accordance with, the terms and conditions set out in the Trust Deed dated 30 November 2015 (as amended)
and/or the prospectus dated 10 June 2016 (see “The REIT Manager and Corporate Governance – Related Party
Transactions – Exempted Agreements”) are not subject to Rules 905 and 906 of the SGX-ST’s Listing Manual.
Accordingly, such fees are not subject to aggregation and other requirements under Rules 905 and 906 of the SGX-
ST’s Listing Manual.
Save as disclosed above, there were no other interested person transactions (excluding transactions of less than
$100,000 each) entered into during the financial year under review nor any material contracts entered into by the
Trust that involved the interests of the CEO, any Director or any controlling unitholder of the Trust.
Notice of Annual General Meeting
(Constituted in the Republic of Singapore pursuant to a trust deed dated 30 November 2015
(as amended, restated and supplemented))
NOTICE IS HEREBY GIVEN that the 7th Annual General Meeting (“AGM”) of the unitholders of FRASERS LOGISTICS
& COMMERCIAL TRUST (“FLCT”, and the unitholders of FLCT, “Unitholders”) will be held at the Grand Ballroom,
Level 2, InterContinental Singapore, 80 Middle Road, Singapore 188966 on Tuesday, 23 January 2024 at 2.00 p.m.
for the following purposes:
(A) ROUTINE BUSINESS
Ordinary Resolution 1
1. To receive and adopt the Report of the Trustee of FLCT issued by Perpetual (Asia) Limited, in its
capacity as trustee of FLCT (the “Trustee”), the Statement by the Manager issued by Frasers Logistics
& Commercial Asset Management Pte. Ltd., as manager of FLCT (the “Manager”), the Audited Financial
Statements of FLCT for the financial year ended 30 September 2023 and the Auditors’ Report thereon.
2. To re-appoint KPMG LLP (“KPMG”) as Auditors of FLCT to hold office until the conclusion of the next
annual general meeting of FLCT, and to authorise the Manager to fix their remuneration.
(B) SPECIAL BUSINESS
To consider and, if thought fit, to pass with or without any modifications, Ordinary Resolution 3 which is
proposed as an Ordinary Resolution:
3. That authority be and is hereby given to the Manager, to:
(a) (i) issue units in FLCT (“Units”) whether by way of rights, bonus or otherwise; and/or
(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or
would require Units to be issued, including but not limited to the creation and issue of (as
well as adjustments to) securities, warrants, debentures or other instruments convertible
into Units,
at any time and upon such terms and conditions and for such purposes and to such persons
as the Manager may in its absolute discretion deem fit; and
(b) issue Units in pursuance of any Instrument made or granted by the Manager while this Resolution
was in force (notwithstanding that the authority conferred by this Resolution may have ceased to
be in force at the time such Units are issued),
provided that:
(1) the aggregate number of Units to be issued pursuant to this Resolution (including Units to be
issued in pursuance of Instruments made or granted pursuant to this Resolution) shall not
exceed fifty per cent (50%) of the total number of issued Units (excluding treasury Units, if any) (as
calculated in accordance with sub-paragraph (2) below), of which the aggregate number of Units
to be issued other than on a pro rata basis to Unitholders shall not exceed twenty per cent (20%)
of the total number of issued Units (excluding treasury Units, if any) (as calculated in accordance
with sub-paragraph (2) below);
(2) subject to such manner of calculation as may be prescribed by Singapore Exchange Securities
Trading Limited (the “SGX-ST”) for the purpose of determining the aggregate number of Units
that may be issued under sub-paragraph (1) above, the total number of issued Units (excluding
treasury Units, if any) shall be based on the number of issued Units (excluding treasury Units, if
any) at the time this Resolution is passed, after adjusting for:
(a) any new Units arising from the conversion or exercise of any Instruments which are
outstanding at the time this Resolution is passed; and
(b) any subsequent bonus issue, consolidation or subdivision of Units;
(3) in exercising the authority conferred by this Resolution, the Manager shall comply with the
provisions of the Listing Manual of the SGX-ST for the time being in force (unless such compliance
has been waived by the SGX-ST) and the trust deed constituting FLCT (as amended, restated and
supplemented) (the “Trust Deed”) for the time being in force (unless otherwise exempted or
waived by the Monetary Authority of Singapore);
(4) unless revoked or varied by Unitholders in a general meeting, the authority conferred by this
Resolution shall continue in force until (i) the conclusion of the next annual general meeting
of FLCT or (ii) the date by which the next annual general meeting of FLCT is required by the
applicable law or regulations to be held, whichever is earlier;
(5) where the terms of the issue of the Instruments provide for adjustment to the number of
Instruments or Units into which the Instruments may be converted in the event of rights, bonus
or other capitalisation issues or any other events, the Manager is authorised to issue additional
Instruments or Units pursuant to such adjustment notwithstanding that the authority conferred
by this Resolution may have ceased to be in force at the time the Instruments or Units are issued;
and
(6) the Manager, any director of the Manager (“Director”) and the Trustee, be and are hereby
severally authorised to complete and do all such acts and things (including executing all such
documents as may be required) as the Manager, such Director, or, as the case may be, the Trustee
may consider expedient or necessary or in the interest of FLCT to give effect to the authority
conferred by this Resolution.

(Company Registration No: 201528178Z)
as manager of Frasers Logistics & Commercial Trust
Catherine Yeo
Company Secretary
Singapore
22 December 2023
NOTES:
Format of Meeting
(1) The Annual General Meeting will be held, in a wholly physical format, at the Grand Ballroom, Level 2,
InterContinental Singapore, 80 Middle Road, Singapore 188966 on Tuesday, 23 January 2024 at 2.00
p.m.. Unitholders, including CPF and SRS investors, and (where applicable) duly appointed proxies and
representatives will be able to ask questions and vote at the Annual General Meeting by attending the Annual
General Meeting in person. There will be no option for Unitholders to participate virtually.
(2) Printed copies of this Notice, , the accompanying Proxy Form and the Notification & Request Form
will be sent by post to Unitholders. These documents will also be published on FLCT’s website at the
URL www.frasersproperty.com/reits/flct and on the SGX website at the URL www.sgx.com/securities/
company-announcements. Additional printed copies of the Proxy Form, if required, can be requested from
Boardroom Corporate & Advisory Services Pte. Ltd. by calling +65 6536 5355 or via email at flctagm2024@
boardroomlimited.com. Requests for additional printed copies of the Proxy Form should be made by 5.00
p.m. on Friday, 12 January 2024.
Appointment of Proxy(ies)
(3) A Unitholder who is not a Relevant Intermediary entitled to attend and vote at the meeting is entitled to
appoint not more than two proxies to attend and vote in the Unitholder’s stead. Where a Unitholder appoints
more than one proxy, the appointments shall be invalid unless the Unitholder specifies in the proxy form the
proportion of the Unitholder’s holdings (expressed as a percentage of the whole) to be represented by each
proxy.
(4) A Unitholder who is a Relevant Intermediary entitled to attend and vote at the meeting is entitled to appoint
more than two proxies to attend and vote instead of the Unitholder, but each proxy must be appointed to
exercise the rights attached to a different Unit or Units held by such Unitholder. Where such Unitholder
appoints more than two proxies, the appointments shall be invalid unless the Unitholder specifies in the
proxy form the number of Units in relation to which each proxy has been appointed.
“Relevant Intermediary” means:
(a) a banking corporation licensed under the Banking Act 1970 of Singapore or a wholly-owned subsidiary
of such a banking corporation, whose business includes the provision of nominee services and who
holds Units in that capacity;
(b) a person holding a capital markets services licence to provide custodial services for securities under
the Securities and Futures Act 2001 of Singapore and who holds Units in that capacity; or
(c) the Central Provident Fund Board (“CPF Board”) established by the Central Provident Fund Act 1953
of Singapore, in respect of Units purchased under the subsidiary legislation made under that Act
providing for the making of investments from the contributions and interest standing to the credit
of members of the Central Provident Fund, if the CPF Board holds those Units in the capacity of an
intermediary pursuant to or in accordance with that subsidiary legislation.
A Unitholder who wishes to appoint a proxy(ies) must complete the Proxy Form before submitting it in the
manner set out below.
(5) A proxy need not be a Unitholder. A Unitholder may choose to appoint the Chairman of the Annual General
Meeting as his/her/its proxy.
(6) The Proxy Form must be submitted to the Manager c/o the Unit Registrar, Boardroom Corporate & Advisory
Services Pte. Ltd., in the following manner:
(a) if submitted by post, be lodged at the office of the Unit Registrar at 1 Harbourfront Avenue, Keppel Bay
Tower #14-07, Singapore 098632; or
(b) if submitted electronically, be submitted via email to the Unit Registrar at

[email protected]
in either case, by 2.00 p.m. on Saturday, 20 January 2024, being 72 hours before the time fixed for the Annual
General Meeting.
A Unitholder who wishes to submit a Proxy Form by post or via email can either use the printed copy of the
Proxy Form which is sent to him/her/it by post or download a copy of the Proxy Form from FLCT’s website
or the SGX-ST website, and complete and sign the Proxy Form, before submitting it by post to the address
provided above, or before scanning and sending it by email to the email address provided above.
(7) CPF and SRS investors:
(a) may vote at the Annual General Meeting if they are appointed as proxies by their respective CPF Agent
Banks or SRS Operators, and should contact their respective CPF Agent Banks or SRS Operators if
they have any queries regarding their appointment as proxies; or
(b) may appoint the Chairman of the Annual General Meeting as proxy to vote on their behalf at the
Annual General Meeting, in which case they should approach their respective CPF Agent Banks or
SRS Operators to submit their votes by 5.00 p.m. on Thursday, 11 January 2024, being seven business
days before the date of the Annual General Meeting.
Submission of Questions
(8) Unitholders, including CPF and SRS investors, may submit substantial and relevant questions related to the
resolutions to be tabled for approval at the Annual General Meeting in advance of the Annual General Meeting.
In order for Unitholders to submit questions in advance of the Annual General Meeting, the questions must
be submitted in the following manner by 2.00 p.m on Thursday, 11 January 2024:
(a) deposited at the registered office of the Manager at 438 Alexandra Road, #21-00 Alexandra Point,
Singapore 119958; or
(b) via email to the Manager, at [email protected].
When submitting questions by post or via email, Unitholders should also provide the following information
for authentication: (a) the Unitholder’s full name; (b) the Unitholder’s address; and (c) the manner in which
the Unitholder holds the Units (e.g., via CDP, CPF or SRS).
(9) The Manager will address all substantial and relevant questions received from Unitholders by the 2.00 p.m.
on Thursday, 11 January 2024 deadline by publishing its responses to such questions on the FLCT website
at the URL www.frasersproperty.com/reits/flct and the SGX website at the URL www.sgx.com/securities/
company-announcements at least 48 hours prior to the closing date and time for the submission of the
Proxy Form. The Managers will respond to questions or follow-up questions submitted after the 2.00p.m.
on Thursday, 11 January 2024 deadline either within a reasonable timeframe before the Annual General
Meeting, or at the Annual General Meeting itself. Where substantially similar questions are received,
the Manager will consolidate such questions and consequently not all questions may be individually
addressed.
(10) Unitholders, including CPF and SRS investors, and (where applicable) duly appointed proxies and
representatives can also ask the Chairman of the Annual General Meeting substantial and relevant questions
related to the resolutions to be tabled for approval at the Annual General Meeting, at the Annual General
Meeting itself.
Access to Documents
(11) The Annual Report for the financial year ended 30 September 2023 may be accessed at FLCT’s website at
the URL www.frasersproperty.com/reits/flct and at the SGX website at the URL www.sgx.com/securities/
company-announcements. Printed copies of the Notification & Request Form will be sent to Unitholders by
post for Unitholders to request for a printed copy of the Annual Report. Requests for a printed copy of the
Annual Report should be made by submitting the request form to the Unit Registrar, Boardroom Corporate
& Advisory Services Pte. Ltd., in the following manner:
(a) if submitted by post, be lodged at the office of the Unit Registrar at 1 Harbourfront Avenue, Keppel
Bay Tower #14-07, Singapore 098632; or
(b) if submitted electronically, be submitted via email to the Unit Registrar at

[email protected].
in either case, by no later than 5.00 p.m. on Friday, 12 January 2024.
(12) Unitholders should check FLCT’s website at www.frasersproperty.com/reits/flct for the latest updates on the
status of the Annual General Meeting.
EXPLANATORY NOTE:
Ordinary Resolution 3 above, if passed, will empower the Manager from the date of this AGM until the earliest of (i)
the conclusion of the next annual general meeting of FLCT or (ii) the date by which the next annual general meeting
of FLCT is required by the applicable laws and regulations or the Trust Deed to be held, whichever is earlier, or (iii)
the date on which such authority is revoked or varied by the Unitholders in a general meeting, to issue Units and
to make or grant instruments (such as securities, warrants or debentures) convertible into Units and issue Units
pursuant to such instruments, up to a number not exceeding 50% of the total number of issued Units (excluding
treasury Units, if any), with a sub-limit of 20% for issues other than on a pro rata basis to Unitholders.
For the purpose of determining the aggregate number of Units that may be issued, the percentage of issued Units
will be calculated based on the total number of issued Units at the time Ordinary Resolution 3 above is passed,
after adjusting for new Units arising from the conversion or exercise of any Instruments which are outstanding at
the time Ordinary Resolution 3 above is passed and any subsequent bonus issue, consolidation or subdivision of
Units.
Fund raising by issuance of new Units may be required in instances of property acquisitions or debt repayments.
In any event, if the approval of Unitholders is required under the Listing Manual of the SGX-ST and the Trust Deed
or any applicable laws and regulations in such instances, the Manager will then obtain the approval of Unitholders
accordingly.
PERSONAL DATA PRIVACY:
By submitting an instrument appointing a proxy(ies) and/or representative(s) to attend, speak and vote at the AGM
and/or any adjournment thereof, a Unitholder (i) consents to the collection, use and disclosure of the Unitholder’s
personal data by the Manager and the Trustee (or their agents or service providers) for the purpose of the
processing and administration by the Manager and the Trustee (or their agents or service providers) of proxies and
representatives appointed for the AGM (including any adjournment thereof) and the preparation and compilation
of the attendance lists, minutes and other documents relating to the AGM (including any adjournment thereof), and
in order for the Manager and the Trustee (or their agents or service providers) to comply with any applicable laws,
listing rules, regulations and/or guidelines (collectively, the “Purposes”), (ii) warrants that where the Unitholder
discloses the personal data of the Unitholder’s proxy(ies) and/or representative(s) to the Manager and the Trustee
(or their agents or service providers), the Unitholder has obtained the prior consent of such proxy(ies) and/or
representative(s) for the collection, use and disclosure by the Manager and the Trustee (or their agents or service
providers) of the personal data of such proxy(ies) and/or representative(s) for the Purposes, and (iii) agrees that
the Unitholder will indemnify the Manager and the Trustee (or their agents or service providers) in respect of any
penalties, liabilities, claims, demands, losses and damages as a result of the Unitholder’s breach of warranty.
IMPORTANT NOTICE
The value of Units and the income derived from them, if any, may fall or rise. Units are not obligations
of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to
investment risks, including the possible loss of the principal amount invested.
Investors should note that they have no right to request the Manager to redeem or purchase their Units for
so long as the Units are listed on the SGX-ST. It is intended that Unitholders may only deal in their Units
through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for
the Units.
The past performance of FLCT is not necessarily indicative of the future performance of FLCT.
This page has been intentionally left blank.
FRASERS LOGISTICS & COMMERCIAL TRUST
(Constituted in the Republic of Singapore Pursuant to a Trust Deed dated 30 November 2015
(As Amended, restated and supplemented))
Proxy Form
Annual General Meeting
IMPORTANT
1. The Annual General Meeting will be held, in a wholly physical format, at the Grand Ballroom, Level 2, InterContinental Singapore, 80 Middle Road,
Singapore 188966 on Tuesday, 23 January 2024 at 2.00 p.m.. There will be no option for Unitholders to participate virtually.
2. Please read the notes overleaf which contain instructions on, inter alia, the appointment of a proxy(ies).
3. This Proxy Form is not valid for use by CPF and SRS investors and shall be ineffective for all intents and purposes if used or is purported to be used by
them.
4. CPF and SRS investors:
(a) may vote at the Annual General Meeting if they are appointed as proxies by their respective CPF Agent Banks or SRS Operators, and should contact
their respective CPF Agent Banks or SRS Operators if they have any queries regarding their appointment as proxies; or
(b) may appoint the Chairman of the Annual General Meeting as proxy to vote on their behalf at the Annual General Meeting, in which case they should
approach their respective CPF Agent Banks or SRS Operators to submit their votes by 5.00 p.m. on Thursday, 11 January 2024, being seven business
days before the date of the AGM.
5. By submitting an instrument appointing a proxy(ies) and/or representative(s), the Unitholder accepts and agrees to the personal data privacy terms set
out in the Notice of Annual General Meeting dated 22 December 2023.
I/We___________________________________________________ (Name) ______________________________________________ (NRIC/ Passport No./

Company Registration No.) of __________________________________________________________________________________________ (Address)
being a holder/s of units in Frasers Logistics & Commercial Trust (“FLCT”, and the units of FLCT, the “Units”),
hereby appoint:
NRIC/Passport Proportion of Unitholdings

Name Address Number No. of Units %
and/or (delete as appropriate)
NRIC/Passport Proportion of Unitholdings

Name Address Number No. of Units %
or failing the person, or either or both of the persons, referred to above, the Chairman of the Annual General
Meeting as my/our proxy/proxies to attend and to vote for me/us on my/our behalf at the Annual General Meeting
of FLCT to be held at the Grand Ballroom, Level 2, InterContinental Singapore, 80 Middle Road, Singapore 188966,
on Tuesday, 23 January 2024 at 2:00 p.m., and at any adjournment thereof. I/We direct my/our proxy/proxies to vote
for or against, or to abstain from voting on, the resolutions to be proposed at the AGM as indicated hereunder. If no
specific direction as to voting is given, the proxy/proxies may vote or abstain from voting at his/her/their discretion,
as he/she/they may on any other matter arising at the AGM (or any adjournment thereof). If no person is named
in the above boxes, the Chairman of the AGM shall be *my/our proxy/proxies to vote, for or against, or to abstain
from voting on, the resolution to be proposed at the AGM for *me/us and on *my/our behalf at the AGM and at any
adjournment thereof.
No. of Votes No. of Votes No. of Votes
No. Resolutions Relating to: For* Against* to Abstain*
ROUTINE BUSINESS
1. To receive and adopt the Trustee’s Report, the Statement by the Manager,
the Audited Financial Statements of FLCT for the financial year ended 30
September 2023 and the Auditor’s Report thereon
2. To re-appoint KPMG LLP as Auditors of FLCT to hold office until the conclusion
of the next Annual General Meeting, and to authorise the Manager to fix their
remuneration
SPECIAL BUSINESS
3. To authorise the Manager to issue Units and to make or grant convertible
instruments
* Voting will be conducted by poll. If you wish your proxy/proxies to exercise all your votes “For” or “Against” the relevant resolution, please tick (√) within the
relevant box provided. Alternatively, if you wish your proxy/proxies to exercise your votes for both “For” and “Against” the relevant resolution, please indicate
the number of Units in the boxes provided. If you wish your proxy/proxies to abstain from voting on the resolution, please tick (√) within the “Abstain” box
provided. Alternatively, please indicate the number of Units that your proxy/proxies is/are directed to abstain from voting.
Dated this day of 2023/2024 (delete as appropriate)

Total number of Units held (Note 1)
Signature(s) of Unitholder(s)/Common Seal of Corporate Unitholder

Email Address of Unitholder(s) (optional):
IMPORTANT: PLEASE READ NOTES TO THE PROXY FORM
Fold here, do not staple. Glue all sides firmly.
IMPORTANT: PLEASE READ THE NOTES TO PROXY FORM BELOW

Notes To Proxy Form
1. A Unitholder should insert the total number of Units held. If the Unitholder has Units entered against the Unitholder’s name in the Depository Register maintained
by The Central Depository (Pte) Limited (“CDP”), the Unitholder should insert that number of Units. If the Unitholder has Units registered in the Unitholder’s
name in the Register of Unitholders of FLCT, the Unitholder should insert that number of Units. If the Unitholder has Units entered against the Unitholder’s name
in the said Depository Register and registered in the Unitholder’s name in the Register of Unitholders, the Unitholder should insert the aggregate number of
Units. If no number is inserted, this Proxy Form will be deemed to relate to all the Units held by the Unitholder.
2. A Unitholder who is not a Relevant Intermediary entitled to attend and vote at the meeting is entitled to appoint not more than two proxies to attend and vote
instead of the Unitholder. A proxy need not be a Unitholder. Where a Unitholder appoints more than one proxy, the appointments shall be invalid unless the
Unitholder specifies the proportion of the Unitholder’s holdings (expressed as a percentage of the whole) to be represented by each proxy.
3. A Unitholder who is a Relevant Intermediary entitled to attend and vote at the meeting is entitled to appoint more than two proxies to attend and vote instead of the
Unitholder, but each proxy must be appointed to exercise the rights attached to a different Unit or Units held by such Unitholder. Where such Unitholder appoints
more than two proxies, the appointments shall be invalid unless the Unitholder specifies the number of Units in relation to which each proxy has been appointed.
“Relevant Intermediary” means:
(a) a banking corporation licensed under the Banking Act 1970 of Singapore or a wholly-owned subsidiary of such a banking corporation, whose business
includes the provision of nominee services and who holds Units in that capacity;
(b) a person holding a capital markets services licence to provide custodial services for securities under the Securities and Futures Act 2001 of
Singapore and who holds Units in that capacity; or
(c) the Central Provident Fund Board (“CPF Board”) established by the Central Provident Fund Act 1953 of Singapore, in respect of Units purchased
under the subsidiary legislation made under that Act providing for the making of investments from the contributions and interest standing to the
credit of members of the Central Provident Fund, if the CPF Board holds those Units in the capacity of an intermediary pursuant to or in accordance
with that subsidiary legislation.
4. A proxy need not be a Unitholder. A Unitholder may choose to appoint the Chairman of the Annual General Meeting as his/her/its proxy.
5. This Proxy Form must be submitted to the Manager c/o the Unit Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., in the following manner:
(a) if submitted by post, be lodged at the office of the Unit Registrar at 1 Harbourfront Avenue, Keppel Bay Tower #14-07, Singapore 098632; or
(b) if submitted electronically, be submitted via email to the Unit Registrar at [email protected];
in either case, by 2.00 p.m. on Saturday, 20 January 2024, being 72 hours before the time fixed for the AGM.
A Unitholder who wishes to submit a Proxy Form by post or via email can either use the printed copy of the Proxy Form which is sent to him/her/it by
post or download a copy of the Proxy Form from FLCT’s website or the SGX website, and complete and sign the Proxy Form, before submitting it by post
to the address provided above, or before scanning and sending it by email to the email address provided above.
6. Completion and return of this Proxy Form shall not preclude a Unitholder from attending and voting at the AGM. Any appointment of a proxy or proxies shall be
deemed to be revoked if a Unitholder attends the AGM in person, and in such event, the Manager reserves the right to refuse to admit any person or
persons appointed under this Proxy Form, to the AGM.
7. This Proxy Form must be under the hand of the appointor or of his attorney duly authorised in writing. Where the Proxy Form is executed by a corporation,
it must be executed either under its common seal or under the hand of its attorney or a duly authorised officer. A corporation which is a Unitholder may
authorise by resolution of its directors or other governing body such person as it thinks fit to act as its representative at the AGM and the person so
authorised shall upon production of a copy of such resolution certified by a director of the corporation to be a true copy, be entitled to exercise the powers
on behalf of the corporation so represented as the corporation could exercise in person if it were an individual.
8. Where a Proxy Form is signed on behalf of the appointor by an attorney, the power of attorney or a duly certified copy thereof must (failing previous registration
with the Manager) be lodged with the Proxy Form, failing which the Proxy Form may be treated as invalid.
9. The Manager shall be entitled to reject a Proxy Form which is incomplete, improperly completed or illegible or where the true intentions of the appointor are not
ascertainable from the instructions of the appointor specified on and/or attached to the Proxy Form. In addition, in the case of Units entered in the Depository
Register, the Manager may reject a Proxy Form if the Unitholder, being the appointor, is not shown to have Units entered against the Unitholder’s name in the
Depository Register as at 72 hours before the time appointed for holding the AGM, as certified by CDP to the Manager.
Fold here
Postage will
be paid by
addressee. For
posting in
Singapore
only.
BUSINESS REPLY SERVICE

PERMIT NO. 09470
The Company Secretary

(as manager of Frasers Logistics & Commercial Trust)
c/o Boardroom Corporate & Advisory Services Pte. Ltd.
1 Harbourfront Avenue
Keppel Bay Tower #14-07
Singapore 098632
Fold here
Corporate Information
Board of Directors Nominating and Remuneration Company Secretary of The Manager

Mr Ho Hon Cheong Committee (“NRC“) Ms Catherine Yeo
Chairman, Non-Executive and Mr Ho Hon Cheong
Independent Director Chairman Trustee
Mr Kyle Lee Khai Fatt Perpetual (Asia) Limited
Mr Kyle Lee Khai Fatt Mr Goh Yong Chian 16 Collyer Quay #07-01
Non-Executive and Independent Mr Panote Sirivadhanabhakdi Singapore 049318
Director Phone: +65 6908 8203
The Manager Fax: +65 6438 0255
Mr Goh Yong Chian Frasers Logistics & Commercial Asset
Non-Executive and Independent Management Pte. Ltd. Bankers
Director 438 Alexandra Road Bank of China Limited, Singapore
#21-00 Alexandra Point Branch
Mr Phang Sin Min Singapore 119958 Citibank N.A., Singapore Branch
Non-Executive and Independent
Phone: +65 6813 0588 Crédit Industriel et Commercial,
Director
Fax: +65 6813 0578 Singapore Branch
www.frasersproperty.com/reits/flct DBS Bank Ltd.
Ms Soh Onn Cheng Margaret Jane
Deutsche Pfandbriefbank AG
Non-Executive and Independent
Director Registered Address Oversea-Chinese Banking Corporation
438 Alexandra Road Limited
Mr Panote Sirivadhanabhakdi #21-00 Alexandra Point Sumitomo Mitsui Trust Bank Limited,
Non-Executive and Non-Independent Singapore 119958 Singapore Branch
Director The Bank of East Asia Limited,
Unit Registrar Singapore Branch
Mr Chia Khong Shoong Boardroom Corporate & Advisory The Bank of Nova Scotia,
Non-Executive and Non-Independent Services Pte Ltd Singapore Branch
Director 1 Harbourfront Avenue UniCredit Bank AG
Keppel Bay Tower #14-07 United Overseas Bank Limited
Mr Reinfried Helmut Otter (Reini Otter) Singapore 098632
Non-Executive and Non-Independent Phone: +65 6536 5355
Director Fax: +65 6536 1360
Audit, Risk and Compliance Committee Auditors

(“ARCC“) KPMG LLP
Mr Kyle Lee Khai Fatt 12 Marina View
Chairman #15-01 Asia Square Tower 2
Mr Ho Hon Cheong Singapore 018961
Mr Goh Yong Chian Phone: +65 6213 3388
Mr Phang Sin Min Fax: +65 6225 0984
Partner in charge: Lim Pang Yew, Victor
Appointed since financial year ended
30 September 2022
To find out more,

please scan the QR code:
Notes:
• The composition of the Board of Directors, the ARCC and the NRC are shown as at 30 September 2023
• Mr Rodney Vaughan Fehring retired as a Non-Executive and Non-Independent Director with effect from 1 December 2022
FRASERS LOGISTICS & COMMERCIAL TRUST
Managed by Frasers Logistics & Commercial Asset Management Pte. Ltd.
Company Registration Number: 201528178Z
438 Alexandra Road

#21-00 Alexandra Point
Singapore 119958
Phone: +65 6813 0588

Fax: +65 6813 0578
frasersproperty.com/reits/flct

FLCT Annual Report 2023

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FLCT Annual Report 2023

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A member of Frasers Property Group

3PL Third-party logistics

KRI Key Risk Indicator

107 Properties1 $4.0 billion

286 Queensport Road, North Murarrie

About Frasers Logistics & About Our Sponsor

1 Excludes the property under development in the UK

Our Multinational Presence

107 5 $6.4 billion

The Netherlands Germany

GREEN AND SUSTAINABLE

Logistics & Industrial 69.6% Logistics & Industrial 99

1 Excludes the property under development in the UK

Revenue ($ million) Adjusted net property income2 (“Adjusted NPI”)

Distributable income ($ million) Distribution per Unit (“DPU”) (cents)

270.1 281.8 7.68 7.62

FY2019 FY2020 FY2021 FY2022 FY2023

Selected balance sheet data

Key financial indicators

Global Headwinds and Tailwinds

Growth of E-commerce FLCT’s Approach

Global retail e-commerce is

Supply Chain Security FLCT’s Approach

Transition to Net-zero Carbon FLCT’s Approach

• Walk-the-talk with clear sustainability

1 Source: eMarketer, Retail e-commerce sales (June 2023)

Flight to Quality FLCT’s Approach

Rising Cost of Energy FLCT’s Approach

• Tenants bear energy costs in our L&I portfolio

Inflationary Pressures and Rising Interest

• Enhancing portfolio income security

OUR COMPETITIVE PROVEN GROWTH VALUE CREATED IN

Global Portfolio Of Acquisition Growth Robust Financial

Growth Strategy: Focus on increasing our L&I exposure

1 Excludes the property under development in the UK

Our FY2023 Achievements

ROBUST FINANCIAL METRICS ACTIVE ASSET MANAGEMENT

PROACTIVE CAPITAL VALUE CREATION THROUGH STRATEGIC

• Aggregate Leverage: 30.2% • Completed the development of two L&I

HIGH SUSTAINABILITY AND GOVERNANCE PERFORMANCE

The past year has been a test of

Geopolitical tensions between

Our operating environments were

We have maintained a prudent

FY2023 FINANCIAL A RESILIENT AND STABLE with healthy positive reversions of

“WE ARE CONFIDENT THAT WITH OUR SOUND BUSINESS FUNDAMENTALS

vigilant on the movement of energy On 1 December 2022, Mr Rodney

With Mr Wallace’s departure, we

with the CEO Since its listing on the Singapore

1 Excludes the property under development in the UK and right-of-use assets

In Conversation with the CEO

Q What are the key near-term

Management services Acts on behalf

Ownership of assets Net property income

Industrial Properties Commercial Properties

Property holding Property holding

Australia Germany The Netherlands UK Singapore Australia UK

Nominating and Remuneration Committee Audit, Risk and Compliance Committee