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Frasers Centrepoint Trust’s net property income increased by 10 percent on an annual basis to $34.58 million in the fourth quarter ended 30 September 2017, revealed an SGX filing on Wednesday (25 October).
At the same time, its gross revenue rose 8.1 percent to $48.25 million. “The growth was driven mainly by higher rental income and improved occupancy at Northpoint North Wing (NPNW).”
“Causeway Point and Changi City Point which registered year-on-year revenue growth of 2.5 percent and 13.6 percent, respectively, also contributed to the strong Q4 2017 results,” stated the trust.
Consequently, distributable income climbed 6.1 percent to $27.48 million, while distribution per unit (DPU) grew 5.5 percent to $2.97 from about $2.82 previously.
For the whole of FY2017, distributable income rose marginally year-on-year by 1.6 percent to $109.8 million, while DPU inched up by 1.2 percent from $11.76 to $11.9.
“This is the eleventh consecutive year of DPU growth and the highest DPU achieved since FCT’s listing in 2006,” said the trust.
However, net property income for the entire year dipped by 0.2 percent to $129.56 million, while gross revenue marginally declined by 1.2 percent to $181.6 million due to planned vacancies related to the asset enhancement initiative (AEI) at NPNW.
Nevertheless, the overall appraised value of FCT’s portfolio of properties improved to about $2.67 billion as of 30 September 2017 versus $2.51 billion in the prior year.
“The increase was due to the higher appraised values of several of FCT properties, particularly Causeway Point and NPNW, as well as the addition of Yishun 10 retail podium.”
Furthermore, FCT’s net asset value (NAV) reached a new high of $2.02 per unit compared to $1.93 per unit in 2016, while portfolio occupancy hit 92 percent as of 30 September from 87.1 percent in the preceding quarter.
“We are delighted that FCT has delivered a healthy set of results in Q4 2017 to end FY2017 on a high note with record DPU and NAV per unit,” said Dr Chew Tuan Chiong, CEO of Frasers Centrepoint Asset Management.
This article was edited by Keshia Faculin.
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