Frasers Centrepoint Trust says DPU of 2.07 cents for 2Q

Frasers Centrepoint Trust (FCT) has announced distribution per unit (DPU) of 2.07 cents for 2Q11 (1 Jan to 31 Mar 2011 period).

2Q11 gross revenue rose 2% y-on-y to $28.8 million, bolstered by higher revenue contributions from Northpoint and YewTee Point. 2Q11 net property income dipped slightly to $20.1 million, as Causeway Point income was affected by on-going refurbishment works.

Portfolio occupancy declined to 83% as at 31 March 2011, pulled down by lower occupancy at Causeway Point. The other malls in the portfolio continue to maintain close to full occupancy. In 2Q11, leases for 1% of the portfolio NLA were signed, achieving average rental reversions of 12% over preceding rents.

Causeway Point is currently undergoing an intensive phase of the refurbishment exercise, resulting in a decline in its occupancy to 69%. As at 31 March 2011, 33% of the construction works at Causeway Point have been completed, with all works on schedule for completion by December 2012. Retailers continue to show keen interest with pre-commitment levels running at close to 99%. When completed, the enhancement initiative will increase the net property income of Causeway Point.