Singapore-listed office REIT, Frasers Commercial Trust, announced on 21 April that it has achieved a distribution per unit (DPU) of 2.45 Singapore cents for its financial quarter ended 31 March 2016, an increase of 2.9% as compared to the 2.38 cents paid in the corresponding period of 2015.

Distributable income for the period rose 19.5% to SGD19.3 million while gross revenue for was up 12.0% to SGD39.0 million as compared to 2QFY15. Correspondingly net property income increased by 16.7% to SGD28.8 million.

The REIT has attributed the results mainly to the better performance of Alexandra Technopark, lower expenses, and contribution from 357 Collins Street.

Frasers Commercial Trust’s aggregate portfolio occupancy as at 31 March 2016 was 92.6% with occupancy rates in Singapore and Australia at 92.0% and 93.4% respectively. The portfolio weighted average lease expiry (WALE) is about 3.3 years, influenced by the long WALE of Caroline Chisholm Centre of 9.3 years.

As at 31 March 2016, the REIT’s gearing was at 36.2% with a weighted average debt maturity of 2.8 years and an average interest rate of 3.07% per annum.

“The properties in Singapore continued to achieve positive rental reversions despite the weaker Singapore office market outlook and challenging leasing environment”, said Low Chee Wah, CEO of the REIT’s manager. “This is a testament of the resilience of the trust’s grade B offices in Singapore”, he added.

Units of Frasers Commercial Trust are currently trading about 0.7% higher from its previous close on the Singapore Exchange at SGD1.30.