25 Apr 2017
Frasers Commercial Trust (FCOT) announced a 3.5% increase in distributable income from 2QFY17 to 2QFY16. FCOT’s 2QFY17 DPU increased 2.4% to 2.51 cents compared with a year ago, and a healthy portfolio occupancy rate of 91.8% as at 31 March 2017 was also reported.
Separately, Frasers Centrepoint Trust (FCT) delivered a steady DPU of 3.04 cents for the period from 1 January to 31 March 2017 (2QFY17). 5.0% of FCT’s total net lettable area were renewed at an average rental reversion of +4.1%. The overall rental reversion for the six months ended 31 March 2017 was 5.7%. Read on for more updates on FCOT’s and FCT’s results.
Artist’s Impression. Alexandra Technopark’s Asset Enhancement Initiative, expected to be completed by mid-2018, will transform into an even more attractive business location with a refreshed and contemporary look, lush green environment, greater connectivity and integration, and a generous offering of wellness, lifestyle and social amenities.
2QFY17 Results by Frasers Commercial Trust – DPU up by 2.4%
Frasers Centrepoint Asset Management (Commercial) Ltd (“FCAMCL” or the “Manager”), the manager of Frasers Commercial Trust (“FCOT”, SGX:Frasers Comm Tr), is pleased to announce that for the financial quarter ended 31 March 2017 (“2QFY17”), FCOT’s distributable income to Unitholders rose 3.5% to S$20.0 million, as compared to the financial quarter ended 31 March 2016 (“2QFY16”). 2QFY17 distribution per Unit (“DPU”) increased 2.4% to 2.51 cents compared with a year ago, with no management fees taken in Units. On a quarter-on-quarter basis 2QFY17 DPU held steady as compared to the DPU of 2.51 cents for the preceding quarter ended 31 December 2016.
Mr Jack Lam, Chief Executive Officer of the Manager, said, “We are pleased to deliver another healthy set of results and stable DPU performance notwithstanding continued challenges and uncertainties in the market environment.”
For more information, read here.
2QFY17 Results by Frasers Centrepoint Trust – DPU Held Steady at 3.04 cents
The Oasis at Changi City Point.
Frasers Centrepoint Asset Management Ltd. (“FCAM”), the manager of Frasers Centrepoint Trust (“FCT”), is pleased to announce distribution per unit (“DPU”) of 3.04 cents for the period from 1 January to 31 March 2017 (“2Q17”).
Gross revenue for 2Q17 was $45.7 million, down 2.9% year-on-year, due mainly to lower contribution from Northpoint which is undergoing asset enhancement initiative (AEI) works, but partially offset by higher contributions from other properties. Net property income for 2Q17 declined 3.3% year-on-year to $32.6 million. Higher net property income contributions from Causeway Point and Changi City Point helped to mitigate the lower contributions from other properties in the portfolio.
Gearing level of FCT stood at 29.4% and the weighted average debt maturity was 2.4 years. The all-in average cost of borrowings in 2Q17 was 2.2%, up slightly from 2.1% in the prior quarter. FCT has approximately 57% of its borrowings on fixed or hedged-to-fixed interest rates. Net asset value as at 31 March 2017 was $1.93 per unit.
Dr Chew Tuan Chiong, Chief Executive Officer of FCAM, said, “FCT has continued to deliver consistent performance and a steady DPU of 3.04 cents for 2Q17. Our financial position remains solid with low gearing level of 29.4%. We will continue to focus on improving our mall performance and to deliver steady performance for our stakeholders.”
For more information, read here.