Highest DPU for Frasers Centrepoint Trust

Higher rents and a boost from the acquisition of Changi City Point sent the distribution per unit (DPU) to a record high for Frasers Centrepoint Trust (FCT) in the third quarter. DPU came in at 3.036 cents, 0.5 per cent ahead of the same period last year and the highest for any quarter.

Gross revenue rose 14 per cent to $47.1 million for the three months to June 30 while net property income was up 13 per cent to $32.9 million.

Apart from the addition of Changi City Point in June last year, the trust also achieved higher rental income from existing leases and higher rents for new and renewed leases, said its manager, Frasers Centrepoint Asset Management.

Revenue rose across all its malls except for Bedok Point, which suffered from lower occupancy and lower average rents.

Portfolio occupancy was 96.5 per cent as at June 30, down from 98.5 per cent a year earlier. Occupancy at Causeway Point and Northpoint was stable at about 99 per cent, while occupancy at Changi City Point - which posted a 92.4 per cent level - has improved since a large fashion retailer opened in May. Discussions are ongoing with prospective tenants at Bedok Point.

Rental reversion for the quarter was 5.3 per cent and was positive for all malls save for Anchorpoint, which had a rental reversion of minus 5.1 per cent.

Net asset value per unit was unchanged at $1.85. The DPU for the third quarter will be paid on Aug 28.

FCT units closed down one cent at $2.06 yesterday. Results were announced after the market closed.

A version of this article appeared in the print edition of The Straits Times on July 23, 2015, with the headline 'Highest DPU for Frasers Centrepoint Trust'. Print Edition | Subscribe