Increased rental revenue and higher occupancy at Northpoint City delivered a first-quarter boost to retail landlord Frasers Centrepoint Trust (FCT).
Distribution per unit (DPU) came in at three cents for the three months to Dec 31, rising 3.8 per cent from a year earlier.
Gross revenue was up 8.7 per cent to $47.9 million, while net property income grew 9.1 per cent to $34.5 million.
The trust enjoyed a lift due in part to the end of renovations at Northpoint City North Wing.
The integration of the North Wing with the South Wing has been completed, with 99 per cent of the reconfigured areas leased and handed over to tenants, said FCT's manager.
Revenue from Northpoint City North Wing jumped 39.5 per cent in the quarter from a year earlier to $12.93 million.
The other two major malls in FCT's portfolio also registered revenue growth: Causeway Point was up 1.9 per cent to $21.53 million while Changi City Point added 5.8 per cent to $6.06 million.
AT A GLANCE
GROSS REVENUE: $47.9 million (+8.7%)
NET PROPERTY INCOME: $34.5 million (+9.1%)
DISTRIBUTION PER UNIT: 3 cents (+3.8%)
There were 97 leases accounting for 8.8 per cent of FCT's total net lettable area renewed at an average 1 per cent higher.
This rental reversion was affected by Bedok Point, where rents for new leases were 31.2 per cent lower than the preceding leases.
Excluding Bedok Point, the portfolio rental reversion for the quarter would have been up 3.3 per cent.
Due mainly to an improvement at Northpoint City North Wing and Causeway Point, FCT enjoyed a boost in portfolio occupancy to 92.6 per cent as of Dec 31, from 91.3 per cent a year earlier.
Total tenant sales at Northpoint City North Wing were 41 per cent higher compared with the same period a year earlier due to more tenants setting up shop.
Its tenant mix has also shifted to become more focused on food and beverage with 36.9 per cent of leased area taken up by food and restaurants, while services/education saw a steep reduction, from 17.8 per cent to 6.7 per cent of the leased area.
Mr Chew Tuan Chiong, chief executive of the manager, told a briefing yesterday that the Reit manager remains on the lookout for third-party assets in Singapore and abroad.
Meanwhile, it has not yet commenced discussions with its sponsor, Frasers Centrepoint Limited, on acquiring pipeline assets.
FCT units closed up one cent to $2.24 yesterday.