SINGAPORE - Stronger contributions from two properties and the completed acquisition of a third helped lift third-quarter earnings at Frasers Commercial Trust (FCOT).
The trust on Friday posted a 19 per cent rise in distributable income to S$19.1 million for the three months to June 30, up on the S$16.1 million in the same period a year ago.
Distribution per unit for the quarter rose 3 per cent to 2.41 cents, and will be paid out on August 29.
Gross revenue grew 11 per cent to S$38.6 million while net property income increased 16 per cent to S$28.1 million.
This was largely due to better performance at Alexandra Technopark on the back of higher rentals and lower utilities expenses; lower expenses for repair and maintenance and painting at Caroline Chisholm Centre; and the contribution from 357 Collins Street, which was fully acquired last August, said the manager.
It added that the gain, however, was partially offset by the weakening Australian dollar on the income from its Australian properties, as well as a lower occupancy rate for China Square Central and Central Park. Earnings per unit for the quarter came in at 2.07 cents, higher than the 2.05 cents previously.
The average occupancy rate across the trust's portfolio of six properties in Singapore and Australia was 93.3 per cent as at June 30. Its weighted average lease expiry stood at about 3.1 years.
With the low passing rents of expiring leases, the trust's Singapore properties enjoyed positive weighted average rental reversions of between 5.5 to 10.3 per cent during the quarter, said the manager.
FCOT units closed flat at 1.345 cents on Friday, before the results were announced.