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FCT posts 1.2% rise in Q2 DPU on higher occupancy, revenue

HIGHER portfolio occupancy rate of its properties, increased revenue from Northpoint City and Changi City Point, and lower property expenses delivered a second-quarter boost to retail landlord Frasers Centrepoint Trust (FCT).

Distribution per unit (DPU) for the three months ended March 31 came in at 3.137 Singapore cents, up 1.2 per cent from 3.10 Singapore cents in the year-ago period. 

Gross revenue rose 2.3 per cent to S$49.7 million mainly due to higher revenue from Northpoint City North Wing and Changi City Point, while net property income grew 4.8 per cent to S$36.4 million.

FCT's property portfolio in Singapore comprises Causeway Point, Northpoint City North Wing (including Yishun 10 Retail Podium), Anchorpoint, YewTee Point, Bedok Point and Changi City Point. 

As at end-March, the portfolio occupancy rate of its properties stood at 96 per cent, up from 94 per cent in the preceding year. 

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Property expenses for the quarter fell 3.8 per cent to S$13.3 million, mainly attributable to lower property tax expenses as a result of a write back of prior years' property tax provision that was no longer required, FCT's manager said.

Looking ahead, the manager said that the focus on necessity shopping, healthy mall occupancy and steady shopper traffic will help to underpin the stable performance and resilience of its portfolio.

The distribution payment date is May 30, while the ex-distribution date is May 2. 

Units in FCT closed at S$2.36 on Tuesday, down 0.4 per cent, or one Singapore cent. 

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