Frasers Centrepoint Trust Q3 DPU up 1.8%

Frasers Centrepoint Trust’s (FCT) distribution per unit (DPU) edged up 1.8 per cent year-on-year to 3.053 Singapore cents, from three cents previously, for the third quarter ended June 30.

Gross revenue rose 10.9 per cent year-on-year to S$48.32 million on the back of higher contributions from three of its larger malls. Meanwhile, net property income was 13.7 per cent higher at S$35 million as revenue growth outpaced the increase in property expenses.

Distribution to unitholders for the quarter was up 2.2 per cent to S$28.28 million.

FCT’s gearing level was at 29.3 per cent as at June 30, while the weighted average debt maturity stood at 2.2 years. The all-in average cost of borrowings was 2.5 per cent, FCT said.

During the third quarter, 37 leases accounting for 4.6 per cent of FCT’s total net lettable area (NLA) were renewed at an average rental reversion of 5 per cent. In particular, Northpoint City North Wing saw rental reversion of 25.8 per cent, due largely to one lease which accounted for about 50 per cent of the mall’s NLA due for renewal during the quarter.

Portfolio occupancy as at June 30 was 94 per cent, rising from 87.1 per cent a year ago, largely due to higher occupancy at Northpoint City North Wing.

Unitholders will receive their DPU for 3Q18 on Aug 29.

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