Thank you for joining our first quarter FY 2024 business update. In the first quarter of our new financial year, we continue to see very active leasing momentum and positive rent reversions in our portfolio, particularly for our L&I portfolio. For the first quarter for financial year 2024, FLCT achieved strong overall portfolio reversions of 11.6% on the incoming rent versus outgoing rent basis, and a positive 18.2% reversion on the average of preceding lease versus average of new or renewed lease basis. Portfolio occupancy remains well-maintained at 95.8%, while the L&I segment continues to enjoy full occupancy for this quarter. During this quarter, approximately 128,000 sq m of space was leased across the portfolio, and this is largely contributed by the L&I segment.
For our balance sheet, FLCT continues to maintain a healthy capital structure with aggregate leverage of 30.7%, the lowest gearing amongst the top 10 largest S-REITs. Our portfolio of SGD 6.7 billion comprises 108 assets across five developed countries. Moving on to slide seven, we are pleased to provide some updates on our development projects. In December, we completed the development of Ellesmere Port logistic facility, our second forward funding development in the U.K. Leased for 15 years, it serves as Peugeot's national parts distribution center in the U.K. In terms of green certification, Ellesmere Port is rated outstanding by BREEAM and EPC A rating. Last October, we also announced our purchase of the Maastricht logistics development in the Netherlands. This is another forward-funding development for FLCT, and the freehold property was acquired at a purchase price that is approximately 30% discounted to valuation.
Construction on the Maastricht project commenced in December. We had a groundbreaking small ceremony recently, and it's expected to be completed by the end of this year. This is also on a very good BREEAM rating. I will now hand the time over to our CFO, Tricia, who will walk you through our current capital management.
Thanks, Anthea. Good morning, all. For our debt that is maturing in FY 2024 that you can see in the chart, I'm happy to share that over 95% of that will actually only be due in the second half of this financial year, and facilities are already in place or available for more than half the debt maturing in FY 2024. Our aggregate leverage as at 31st December 2023 was 30.7%, as mentioned by Anthea, leaving us with ample headroom of more than SGD 1 billion before the 40% aggregate leverage limit is reached. We continue to place emphasis on maintaining a healthy gearing level, especially in this uncertain business environment. While we remain well-hedged with 76.8% of our borrowings at fixed rate, we continue to see an increase in our borrowing costs.
The trailing 12-month cost of borrowings has edged up by about 0.2 percentage point to 2.4% from the last quarter. We have also provided our trailing three-month cost of debt for 1Q FY 2024, which is at 2.6%. Our weighted average debt maturity remains at two years, and we continue to enjoy a BBB+ credit rating for stable outlook by S&P. With that, I'll hand over to Jay.
Thanks, Tricia, and hi, everyone. I'll take you through the portfolio highlights for Q1. Firstly, just looking at the operational environment for the first quarter. We achieved an overall portfolio occupancy of 95.8%, with L&I, which contributes 70% of the portfolio value, maintaining 100% occupancy. The commercial portfolio occupancy is at 89.4%, which has been relatively stable over the past quarter. There's been a slight decrease in occupancy at 357 Collins Street following the expiry of two smaller leases. However, we're in negotiations to lease a whole floor at the asset, which may result in an uptake in occupancy in the coming quarter. At Farnborough, there's also been a slight decrease in the occupancy over the quarter due to a tenant exiting.
However, we have secured Fluor, the American multinational engineering and construction firm, for the majority of the building at 200 Fowler, and we are currently in the process of closing out another large deal, which again, may result in an improvement occupancy in the next quarter. Over to the next slide, on the leasing, on slide 11. We've made good progress, as Anthea mentioned, in Q1, with approximately 128,000 sq m of space being leased, involving 22 deals. The overall positive rental reversion was 11.6% on an incoming versus outgoing rental basis, and 18.2% on average basis. Looking at slide 12, this includes a lease expiry profile, showing a well spread out profile with no more than 20% of GRI expiring in any single year. 83.5% of our total leases include step-up rent structures, such as periodic rent increments, CPI, or indexations.
This allows us to drive positive rental reversion growth and capture inflation indexation as well. The FY 2025 commercial expiries is dominated by the Commonwealth of Australia at Caroline Chisholm Centre, where lease extension discussions are progressing. Google at ATP, which is captured within the FY 2024 and FY 2025 expiries, will be exiting ATP at the end of their lease in December 2024. Aside from re-letting to a one tenant, there is potential to subdivide the large area to capture a wider variety of tenants. We've appointed marketing agencies through a phased leasing approach to ensure ATP continues to build up its occupancy, and negotiations are currently ongoing with prospects across various space requirements.
On slide 13, the top 10 tenants account for 25% of the portfolio GRI, with no single tenant accounting for more than 5% of the portfolio GRI. There was no change in the top 10 over the last quarter. Slide 14 covers our tenant composition. Approximately 45% of our tenant base is concentrated in the high-performing and growing 3PL, distribution, and consumer retail sectors. I'll now hand back to Anthea.
Thanks, Jamie. Advancing ESG initiatives is integral to strengthening our resilience, reputation, as well as maintaining stakeholders' trust. Having an ESG-focused strategy will also be attractive to investors with sustainability-linked weightages. FLCT also looks to maintain our market-leading position with green certification for our assets. Additional benefits in pursuing sustainability initiatives for occupiers as well as landlords include reducing utility costs and facilitating power security by installing PV systems, supporting the transition to a low-carbon operation and reducing the exposure to carbon tax and qualifying for sustainability-linked government incentives and grants. With sustainability features enhancing the quality of the property, this may be reflected in the asset achieving better rentals and improving the visibility and attracting potentially a higher yield. Looking ahead, I'd just like to highlight a few notable themes and observations. The crisis in the Red Sea has been causing disruptions in global logistics.
The Red Sea is one of the world's most densely packed shipping channels, with about 12% of the global ship passing through it, including 30% of global container traffic. The ongoing conflict have led to delays and rerouting of ships, with around 25% of the global shipping capacity being diverted from the Red Sea. This has not only disrupted the flow of goods but has also compelled vessels to seek alternative routes, such as circumnavigating Africa, leading to increased shipping costs and extended delivery times. As a result, tenants are likely to increase their inventory level within their own warehouses and properties in order to buffer any supply chain disruptions and cost impact. This will likely lead to higher demand for warehouse space. On the other point about AI, I think driven by the proliferation of smart devices and growing reliance on the internet.
AI is also increasingly used to optimize supply chain operations and to overcome the growing cost of logistics operations. Occupiers are also prioritizing higher quality modern facilities with green building certification to help them achieve their ESG goals and enhance operational efficiencies. In line with the global shift to hybrid working, many occupiers are also focusing on creating well-designed, effective hybrid work models. This flight to quality theme is gaining traction as tenants seek space with amenities and value-added services that cater to the workplace of the future. Lastly, the macroeconomic environment is expected to be challenging and continues to be volatile. Thank you. That brings me to the end of our short presentation. We actually deliberately kept this presentation a little bit shorter so that we have a little bit more time for any Q&As that anyone may have.