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Frasers Centrepoint Trust (FCT) posted a distribution per unit (DPU) of 3.053 cents for the third quarter ended 30 June, up 1.8 percent over the same period last year.
Gross revenue rose 10.9 percent year-on-year to $48.3 million on the back of higher contributions from three larger malls in its portfolio. Net property income also climbed 13.7 percent to $35 million in Q3 as revenue growth outpaced the 4.3 percent hike in property expenses.
For the nine months year-to-date, DPU climbed 2.5 percent to 9.153 cents while gross revenue and net property income increased 8.6 percent and 9.8 percent to $144.8 million and $104.3 million respectively.
In an SGX filing, FCT’s manager revealed that the trust’s financial position remains solid with gearing level at 29.3 percent as at 30 June 2018 while the weighted average debt maturity stood at 2.2 years. Its all-in average cost of borrowings, on the other hand, stood at 2.5 percent.
It added that 37 leases accounting for 4.6 percent of the trust’s total net lettable area were renewed in Q3 2018 at an average rental reversion of five percent.
“Northpoint City North Wing registered rental reversion of +25.8 percent, due substantially to the one lease which accounted for approximately 50 percent of the mall’s net lettable area (NLA) due for renewal during the quarter,” it said.
Other malls that registered positive rental reversions include Causeway Point, Changi City Point, Bedok Point and YewTee Point.
Meanwhile, portfolio occupancy as at 30 June was 94 percent, up from the 87.1 percent registered in June 2017, “mainly due to occupancy improvement at Northpoint City North Wing”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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