Frasers Centrepoint Asset Management, the manager of Frasers Centrepoint Trust, said it achieved a distribution per unit (DPU) of 2.60 cents for the period 1 April to 30 June 2012 (3Q12).
The 3Q12 DPU is a new high for FCT and is 33.3% higher than the 1.95 cents distributed in the same period a year ago.
Gross revenue was up 30.2% on year to $35.5 million, mainly led by Causeway Point which recorded a 45.4% revenue increase compared to 3Q11 during which the mall was undergoing extensive refurbishment.
Net property income (NPI) for 3Q12 grew 32.1% to $24.6 million, up from the corresponding figure in 3Q11. This was mainly attributed to Causeway Point’s strong NPI growth of 60.9% over 3Q11. Northpoint’s NPI registered a slight dip of 2.7% due to increase in property expenses relating to ad-hoc repairs and higher electricity tariff rate during the quarter.
The aggregate distribution to unitholders for 3Q12 includes the amount of $1.2 million, which is part of the $2.3 million cash retained in 1H12. The distribution will be paid on 29 August 2012.
The average occupancy of FCT’s portfolio as at 30 June 2012 edged up slightly to 93.7% from the previous quarter. Occupancy at Northpoint improved to 99.7% from 92.5%, following the re-opening of one of its food courts in May 2012. Occupancy rate at Causeway Point dipped 3.6%-point to 87.8% as refurbishment at its fifth and seventh floor continues as planned. The refurbishment at Causeway Point is in its final phase and completion is expected in December 2012 whence occupancy of the mall is projected to reach 100%.
FCT renewed a total of 20 leases in 3Q12 with a positive average rental reversion of 27.2% over the preceding leases contracted three years ago, compared with the positive 11% achieved in 2Q12. The stronger-than-average rental reversion in 3Q12 was attributed mainly to a single lease at Northpoint which was contracted during the quarter at a significantly higher rate compared to the preceding lease. The average rental reversion of the portfolio for the nine months’ year-to-date period stood at a healthy 12.5%.
FCT said its financial position remains robust with gearing level at 31.7% as at 30 June 2012. FCT’s average cost of borrowings for 3Q12 improved to 2.75% from 3.04% in the previous quarter, following the retirement of FCT’s $75 million 4.8% Medium Term Notes (MTN) in June 2012 upon its maturity, with part of the proceeds from two new MTN issues comprising $70 million 2.3% MTN due 2015 and $30 million 2.85% MTN due 2017.
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