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Frasers Commercial Trust’s distributable income for Q3 2014 rose 2.9 percent to $14.8 million. This works out to a distribution per unit (DPU) of 2.19 cents, which was unchanged from the same period last year.
The trust’s gross revenue of $29.6 million was 1.1 percent lower from the previous year’s $30 million, primarily due to the weaker Australian dollar.
Nonetheless, gross revenue for Singapore properties during the period grew three percent year-on-year due to higher occupancy as well as rental rates achieved by China Square Central.
Net property income marginally declined by 0.7 percent to $22.9 million in Q3 FY2014 from S$23 million over the same period last year.
Despite the slightly lower NPI, savings in the CPPU distribution resulted to higher distributable income for the quarter.
Going forward, Low Chee Wah, Chief Executive Officer of the Manager, said: “We will continue to focus on maintaining the strong occupancy rates for the portfolio and managing the expiring leases proactively. We are looking forward to the upcoming expiry of the master lease at Alexandra Technopark in August 2014 as this will further boost the performance of the Trust and provide greater growth. In the meantime, we are working on refinancing and terming out all maturing debt.”
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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