Bookmark & Share
While net property income (NPI) was at $32.8 million, it’s still lower compared with the same period last year.
Frasers Centrepoint Trust (FCT) had a distribution per unit (DPU) of 2.913 cents for the period from 1 July to 30 September 2019 (4Q19), a 1.8 percent rise year-on-year (YoY). This figure brings the total DPU for the financial year ended 30 September 2019 (FY2019) to an all-new high at 12.07 cents.
Frasers Centrepoint Asset Management Ltd. (FCAM), manager of FCT, revealed in a press release that unitholders can expect to get their DPU for 4Q19 on 29 November. The Books Closure Date is 1 November and the Date is 31 October.
“We are delighted that the Trust has delivered another quarter of good performance to close FY2019 on a strong note. FY2019 is a transformational year for FCT,” said Richard Ng, FCAM CEO.
“The Trust invested $910 million to acquire significant stakes in PGIM Real Estate AsiaRetail Fund Limited (PGIM ARF) and in Waterway Point, which reinforced FCT’s position and enlarged its market share in the Singapore suburban retail sector.”
FCT reported net property income (NPI) of $32.8 million and gross revenue of $48.3 million for 4Q19, both lower compared with the same period last year.
Excluding non-cash accounting adjustments, the NPI and revenue were 4.8 percent and 2.7 percent better year-on-year (YoY), because of higher average portfolio occupancy and higher contributions from Changi City Point, YewTee Point and Northpoint City North Wing.
Overall property expenses, meanwhile, was 1.4 percent lower YoY and the NPI margin was stable.
Distributable income grew 17.9 percent YoY to $30.4 million, mainly driven by additional contributions from FCT’s shareholding in PGIM ARF and its shareholding in Sapphire Star Trust.
FCT’s total appraised value of its portfolio of investment properties as at 30 September 2019 totalled $2,846 million, which is 3.5 percent higher than what was recorded a year earlier.
A total of 63 leases covering 66,304 sq ft of net lettable area were renewed at an average rental reversion of +3.9 percent. The portfolio average rental reversion for the full year FY2019 stood at +4.8 percent in comparison to the +3.2 percent reached in FY2018.
The portfolio occupancy for the company as at 30 September 2019 stood at 96.5 percent, bigger than the 94.7 percent reached in the same quarter in the previous year. Portfolio shopper traffic in 4Q19 was 8.9 percent higher YoY, mainly due to Northpoint City North Wing’s increase in shopper traffic caused by the opening of the new Yishun bus interchange.
FCT’s property portfolio consists of Northpoint City North Wing and Yishun 10 Retail Podium, Causeway Point, Bedok Point, Waterway Point (40 percent interest), YewTee Point, Anchorpoint, and Changi City Point.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
Related Articles:
Frasers Centrepoint Trust buys additional stake in Waterway Point
Frasers Property, Sekisui House sell 3 retail assets in Australia