Frasers Centrepoint Asset Management (Commercial), the manager of Frasers Commercial Trust, has announced a distributable income of $11 million to unitholders for the quarter ended 30 June 2012 (3Q FY12). This represents a 25.8% increase compared to $8.7 million achieved a year ago.
Low Chee Wah, Chief Executive Officer of the manager, said: “We are pleased to have achieved a 23.2% increase in DPU for this quarter. The key drivers for this robust performance were the acquisition of the other 50% interest in Caroline Chisholm Centre, full quarter revenue contribution from China Square Central after expiry of the master lease, and the reduction in interest expense following the refinancing and partial prepayment of the A$105 million ($135.8 million) loan facility. On a year-to-date basis, DPU was 16.8% higher than the same period last year as a result of the good performance of the last few successive quarters.”
For the quarter, gross revenue recorded a 17.0% year-on-year growth to $35.7 million from $30.6 million. Correspondingly, NPI rose 7.1% to $26.6 million from $24.9 million a year ago.
The growth was mainly attributable to higher income received from Caroline Chisholm Centre due to the acquisition of the other 50% interest and higher revenue from direct leases with underlying tenants as a result of the expiry of the master lease at China Square Central. Net Property Income of Caroline Chisholm Centre and China Square Central grew 76.7% and 11.0% respectively.
Total distributable income was up 16.7% year-on-year to $15.6 million as a result of better overall portfolio performance. The income available for distribution to Series A Convertible Perpetual Preferred Unit (CPPU) holders remained stable at $4.7 million.
DPU for the quarter was 1.70 cents, an increase of 23.2% from a year earlier as a result of higher distributable income. There is no distribution payment this quarter as FCOT distributes semi-annually.
In Singapore, the occupancy rate of China Square Central increased 1.4 percentage points to 92.6% in 3Q FY12 from 91.2% in 2Q FY12. Notable leases which commenced in the quarter include WT Partnership, Wavecell, Cerebos Pacific and Wen & Weng Medical Group. In particular, Cerebos Pacific renewed and expanded its lease, representing approximately 9.7% of net lettable area (NLA) for another five years. This would spread the lease expiry profile and provides a healthy stream of income for China Square Central. 55 Market Street signed up new tenants such as ATC Trustees and Helios Lab, which boosted the property’s occupancy level to 100.0% this quarter from 95.8% a quarter ago. At Alexandra Technopark, a property under a master lease, Hewlett-Packard and Hitachi Homes Electronics Asia have renewed their leases for another three years to 2015.
In Perth, Central Park recorded a 2.1 percentage points quarter-on-quarter increase in occupancy to 98.0% from 95.9%. Leases that commenced in the quarter were Hamersley Iron and BHP Billiton.
In Japan, Grand Amenity a tenant in Azabu Aco which occupies about 27.3% of the NLA, has renewed for another two years. With this renewal, the trust has successfully renewed all the leases that were due for renewal in Azabu Aco for this financial year.
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