The Straits Times | April 18, 2013
Higher contributions from the Causeway Point and Northpoint malls helped Frasers Centrepoint Trust (FCT) deliver a higher payout for the second quarter.
Distributable income for the three months to March 31 was $22.3 million, up 8 per cent from the $20.6 million recorded in the same period a year earlier.
Distribution per unit was 2.7 cents, also up 8 per cent.
Chief executive Chew Tuan Chiong told a briefing yesterday that the trust plans to add Changi City Point mall to the portfolio in the next two years, while Centrepoint Shopping Centre had always been in the pipeline.
He declined to comment on when Centrepoint Shopping Centre would be acquired by the trust.
Net property income was $28.7 million, up 9.7 per cent from $26.2 million a year ago.
Gross revenue for the quarter was $39.8 million, up 8.4 per cent from $36.7 million in the previous year.
Frasers noted that revenue from Causeway Point had risen 14.5 per cent to $19.2 million from the same period a year earlier, due to renewed leases and higher rental collections from its tenants.
Northpoint revenue grew 5.9 per cent to $12.1 million for the same period, also on the back of higher rents and renewed leases.
"We expect Causeway Point and Northpoint to continue to drive growth, with the rest of the malls remaining stable," said Dr Chew.
He added that Causeway Point and Northpoint malls have contributed to about 80 per cent of the trust's income.
Net asset value was $1.54, up from $1.53 as at Sept 30 last year.
Occupancy across FCT's malls for the quarter was 98.2 per cent, up from 97.2 per cent in the previous quarter.
FCT noted that 22.431 sq ft of net lettable area was renewed in the quarter, with a 10.1 per cent increase in average rents over the preceding leases.
FCT units closed six cents up at $2.24 yesterday.
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