Frasers Centrepoint Trust reported all round better performance for its malls. The portfolio’s committed occupancy improved 0.9%-pt q-o-q and 1.2%-pt y-o-y to 98.4% as leasing demand remains firm, FCT’s manager said. This was underpinned by improved occupancy at Changi City Point with a reconfigured food court space which is fully leased; and a 1.9%pt improvement in occupancy at Century Square.
Shopper traffic during CY2022 averaged around 80% of pre-Covid levels but tenant sales in the same period is 12% above pre-Covid levels, FCT’s manager says.
On the capital management front, gearing remained low as at Dec 31, 2022 at 33.9%, albeit marginally higher than the 33% as at Sept 30, 2022 (FCT has a Sept year-end). With average cost of debt rising to 3.5% during the quarter ended Dec 31, 2022 from 3% from the quarter ended Sept 30, 2022, interest coverage ratio in 1QFY2023 fell to 4.73x versus 5.19x in 4QFY2022 (for the three months to Sept 30, 2022).
