FCT's Q4 distributable income up 17.5% on Changi mall contribution
FRASERS Centrepoint Trust (FCT) posted a 17.5 per cent increase in income available for distribution for its fiscal fourth quarter as it reaped the contributions from the newly acquired Changi City Point mall.
The retail real estate investment trust (Reit) said income available for distribution rose to S$25.5 million over the three months to Sept 30. All of that will be paid out to unitholders. The per-unit distribution of 2.785 Singapore cents represents a 6.5 per cent decrease from the year-ago payout of 2.98 Singapore cents per unit.
For the full fiscal year, income available for distribution rose 5.9 per cent to S$95.4 million. Full-year distribution per unit rose 2.4 per cent to 11.187 Singapore cents per share.
Gross revenue rose 16.1 per cent to S$46.7 million during the latest quarter as Changi City Point, which was acquired on June 16, began contributing. The S$305 million purchase was financed by bank borrowings and a private placement of 88 million new units at a price of $1.835 per unit.
Frasers Centrepoint Trust shares closed at S$1.94, up by 1.6 per cent or three Singapore cents, before the results were announced.
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