Frasers Commercial Trust's Q1 distributable income up 22%

FRASERS Commercial Trust on Thursday reported a 22 per cent increase in distributable income from a year ago to S$16.7 million for the financial quarter ended Dec 31, 2014, as it reaped the first full quarter of contribution from Alexandra Technopark following the expiry of the master lease last August.

This translated to a 20 per cent year-on-year growth in distribution per unit (DPU) to 2.46 Singapore cents for the commercial real estate investment trust (Reit).

Low Chee Wah, chief executive of the Reit manager, said: "The Singapore office properties which continue to ride on the uptrend of the Singapore office market also contributed to the good performance of the Trust."

Gross revenue rose significantly by 23.3 per cent to S$35.5 million as compared to a year ago. Accordingly, net property income for the quarter increased by 15 per cent to S$25.4 million.

The declared DPU will be paid out on Feb 27. The Reit manager will again let unitholders choose between receiving their distributions in units or in cash or both. The books closure date is Jan 30.

The trust's units closed two Singapore cents higher at S$1.46 on Thursday, before the results were announced.