SINGAPORE (Apr 25): The manager of Frasers Centrepoint Trust’s (FCT) has declared a 2Q18 DPU of 3.10 cents, 2% higher compared to 2Q17 DPU of 3.04 cents.
This came on the back of a 2.5% increase in distribution to unitholders to $28.7 million, from $28.0 million last year.
Gross revenue was 6.3% higher at $48.6 million compared to $45.7 million a year ago, mainly driven by a 31.7% y-o-y revenue increase from Northpoint City North Wing as its occupancy improved significantly after the completion of the asset enhancement initiative (AEI) works.
Causeway Point, which accounts for 45% of FCT’s revenue, achieved 1.3% year-on-year increase in revenue on higher gross rent revenue.
Property expenses also increased by 5.0% to $13.8 million from $13.2 million in the previous year, mainly due to higher other property expenses and property manager’s fees, but partially offset by lower maintenance expenses.
This brings net property income (NPI) for the quarter ended Mar 31 to $34.8 million, 6.9% higher than $32.6 million last year.
The trust’s portfolio occupancy rate as at Mar 31, 2018 was 94.0%, which was higher than 87.2% recorded in the same time a year ago.
Chew Tuan Chiong, CEO of Frasers Centrepoint Asset Management, says, “This momentum will continue to underpin FCT’s earnings growth for FY2018. We remain focused on improving FCT’s performance and to deliver steady returns for our stakeholders.”
Units in FCT last traded at $2.22 on Tuesday.
