Frasers Centrepoint Trust (FCT) is declaring a distribution per unit (DPU) of 3.04 cents for the 3Q16 ended June, up 0.1% from the same quarter a year ago.
This brings the total DPU for the 9 months ended June to 8.949 cents, which is 2.3% higher than the same period a year ago.
Gross revenue for 3Q was $45 million, which was 4.4% lower compared with the year ago period. Property expenses for the quarter was 2.6% lower at $13.9 million.
3Q16 net property income declined 5.1% to $31.2 million. The decline in gross revenue and net property income were due mainly to lower contributions from Northpoint which is currently undergoing asset enhancement works (AEI).
FCT’s gearing level stood at 28.5% after it issued $50 million 2.76% Medium Term Note on June 21 to partially refinance the $264 million secured borrowing due July 2016 and for working capital purposes.
As at end June, FCT has 78% of its borrowings on fixed or hedged-to-fixed interest rates. Net asset value as at 30 June 2016 was stable at $1.90 per unit.
The portfolio occupancy as at end June declined to 90.8% from 92.0% in the prior quarter, due mainly to the AEI at Northpoint and transitional vacancy at Changi City Point.
The portfolio shopper traffic in 3 months period between April and June nudged down 0.4% compared to the same period a year ago. Portfolio tenants’ sales for the 3-month period from March to May was 1.8% lower year-on-year.
“The growth in the overall retail sector remains tepid, as seen in April’s 3.0% year-on-year decrease in the Singapore retail sales index (excluding motor vehicle sales). Nevertheless, FCT’s well-located suburban malls are expected to remain resilient,” says Dr Chew Tuan Chiong, CEO of Frasers Centrepoint Asset Management, FCT’s manager.
FCT last traded at $2.12.
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This brings the total DPU for the 9 months ended June to 8.949 cents, which is 2.3% higher than the same period a year ago.
Gross revenue for 3Q was $45 million, which was 4.4% lower compared with the year ago period. Property expenses for the quarter was 2.6% lower at $13.9 million.
3Q16 net property income declined 5.1% to $31.2 million. The decline in gross revenue and net property income were due mainly to lower contributions from Northpoint which is currently undergoing asset enhancement works (AEI).
FCT’s gearing level stood at 28.5% after it issued $50 million 2.76% Medium Term Note on June 21 to partially refinance the $264 million secured borrowing due July 2016 and for working capital purposes.
As at end June, FCT has 78% of its borrowings on fixed or hedged-to-fixed interest rates. Net asset value as at 30 June 2016 was stable at $1.90 per unit.
The portfolio occupancy as at end June declined to 90.8% from 92.0% in the prior quarter, due mainly to the AEI at Northpoint and transitional vacancy at Changi City Point.
The portfolio shopper traffic in 3 months period between April and June nudged down 0.4% compared to the same period a year ago. Portfolio tenants’ sales for the 3-month period from March to May was 1.8% lower year-on-year.
“The growth in the overall retail sector remains tepid, as seen in April’s 3.0% year-on-year decrease in the Singapore retail sales index (excluding motor vehicle sales). Nevertheless, FCT’s well-located suburban malls are expected to remain resilient,” says Dr Chew Tuan Chiong, CEO of Frasers Centrepoint Asset Management, FCT’s manager.
FCT last traded at $2.12.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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