Frasers Centrepoint Trust posts 1.3% rise in Q1 DPU to 3.06 S cents

FRASERS Centrepoint Trust (FCT) on Wednesday posted a first-quarter distribution per unit (DPU) of 3.06 Singapore cents, up 1.3 per cent from 3.02 cents a year ago.

For the three-month period ended Dec 31, distributable income increased 26.5 per cent to S$35 million.

The growth was mainly due to contributions from FCT's 24.8 per cent interest in PGIM Real Estate Asia Retail Fund (PGIM ARF), an open-end private investment vehicle, and 40 per cent interest in Sapphire Star Trust (SST), a private trust that owns Waterway Point in Punggol.

The contribution from PGIM ARF was S$4.12 million, while that from SST was S$3.63 million.

Share of associates' results from operations was S$7.4 million, up sharply from S$971,000 a year ago. Likewise, share of joint ventures' results soared to S$3.7 million from S$162,000 previously.

Gross revenue grew 1 per cent to S$49.8 million, while property expenses fell 3.3 per cent to S$13.4 million. The decrease in property expenses was mainly due to lower marketing expenses, partially offset by the absence of write-back on property tax not required, as well as more ad hoc repair and replacement works.

Net property income was 2.6 per cent higher at S$36.3 million.

Net asset value per unit was S$2.22 as at Dec 31, compared to S$2.21 as at Sept 30.

Gearing stood at 33.3 per cent as at Dec 31. The all-in cost of borrowing for Q1 was 2.57 per cent, down from 2.63 per cent in the previous quarter. The weighted average debt maturity was 2.5 years.

Portfolio occupancy rate was 97.3 per cent as at Dec 31.

FCT units closed at S$2.80 on Wednesday before results were out, down S$0.04 or 1.41 per cent.

Amendment note: A previous version of this article stated the incorrect closing price for FCT units. It has been updated.