Frasers Centrepoint Trust (FCT) J69U has reported improved performance for its malls in 1QFY2024 ended Dec 31 as retail committed occupancy rose to 99.9%.
The portfolio’s committed occupancy, excluding Tampines 1 which is undergoing asset enhancement initiatives (AEIs), improved 0.2 percentage points q-o-q and 1.5 percentage points y-o-y, falling only 0.1% shy of full committed occupancy.
Meanwhile, Tampines 1 has achieved a leasing commitment of 97% of its AEI spaces. The first batch of completed units were handed over and commenced operations in December 2023, with overall AEI on track for completion by September.
Shopper traffic during the quarter was also 3.1% higher y-o-y while tenant sales for the same period was down 0.7% y-o-y. Adjusting for tenants under renovation, tenants’ sales would have been up1.1% y-o-y, says FCT’s manager.
On the capital management front, gearing lowered to 37.2% as at Dec 31, 2023, compared to 39.3% as at end-September last year at 33.9%.
With average cost of debt rising to 4.3 % during the quarter from 4.1% in the quarter ended Sept 30, 2023, FCT’s adjusted interest coverage ratio in 1QFY2024 fell to 3.35x versus 3.47x in 4QFY2023.
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Units in FCT closed 4 cents higher or 1.82% up at $2.24 on Jan 22.
