Frasers Centrepoint Asset Management, the manager of Frasers Centrepoint Trust, today announced a distribution per unit of 1.95 cents for the financial period from 1 April to 30 June 2011 (3Q11).
For 3Q11, the trust posted gross revenue of $27.3 million and net operating income of $18.7 million, both lower compared to the same period a year ago. This is primarily due to lower contribution from Causeway Point, which is undergoing planned refurbishment works.
The operating performance of the trust for the nine months year-to-date period (October 2010 to June 2011) remained steady compared to the same period a year ago, as stronger contributions from other malls in the trust’s portfolio mitigated the impact of lower contribution from CWP.
The overall portfolio occupancy rate as at 30 June 2011 rose to 88% from 83% in March. The occupancy rate at CWP rebounded to 78 % from 69% while the other malls in the portfolio continued to operate at near-full occupancy. Average rental reversion for the new leases signed in the 9 months year-to-date period was also healthy at 9% over preceding rents. These new leases represented 6.4% of the Trust’s portfolio total net lettable area (NLA).
The refurbishment works at CWP continue to progress on schedule. Full completion is scheduled December 2012. As at 30 June 2011, 51.5% of the works have been completed. The basement and the first two levels of the mall have been re-opened and tenants have commenced moving-in at these levels in late June 2011. CWP continues to receive strong leasing interest from retailers and pre-commitment level is about 95%.
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