Frasers Centrepoint Trust DPU up 10% in Q1

FRASERS Centrepoint Trust (FCT) on Friday posted a 10 per cent increase in distribution per unit (DPU) from a year ago to 2.75 Singapore cents for its first quarter ended Dec 31, 2014.

Gross revenue for the quarter rose 18.3 per cent year on year to S$47.2 million, and net property income (NPI) increased 16.2 per cent to S$32.9 million.

The better performance was driven by the addition of Changi City Point to FCT's portfolio since June 16, 2014, as well as higher contribution from Causeway Point due to step-up rents and positive rental reversion achieved during the quarter.

The declared DPU of 2.75 Singapore cents will be paid out on Feb 27, and the books close on Feb 2.

The trust's units closed unchanged at S$2.02 on Friday before results were out.