Frasers Centrepoint Trust’s full-year distribution per unit (DPU) rose 11.3 per cent on year for 2008, from 6.55 cents to 7.29 cents.
Quarter-on-quarter, its DPU climbed 22.8 per cent to 2.05 cents.
The mainboard-listed retail REIT’s gross revenue for the year was up 9.2 per cent compared to last year, at S$84.7 million.
Frasers said its gross revenue and net property income growth was driven by strong performance from two of its three suburban malls – Causeway Point and Anchorpoint.
Rentals at Causeway Point were renewed 15 per cent higher than preceding rates in the fourth quarter of this year due to strong demand and tight supply in the suburban retail sector.
The trust said its organic growth strategies of delivering sustainable rentals and asset enhancements to unlock value remain on track.
Works on its Northpoint mall will be completed by June next year, and will push rents there up by 20 per cent to S$13.20 per square foot per month. This will translate to a 30 per cent increase in net property income.
However, it has put on hold its plans for acquisition until confidence and stability return to the capital markets.
Frasers Centrepoint Trust’s portfolio of three suburban malls – Northpoint, Causeway Point and Anchorpoint – has a combined value of about S$1.1 billion as at 30 September 2008.
It also has an interest in an underlying portfolio of suburban malls in Malaysia through a 31 per cent stake in Hektar REIT.
Source : Channel NewsAsia – 23 Oct 2008