Frasers Centrepoint Trust property in Yishun, Northpoint Shopping Centre. (Photo: REITsWeek)

Retail landlord Frasers Centrepoint Trust has reported a distribution per unit (DPU) of 3.0 Singapore cents for its 1Q 2018, an increase of 3.8% over the corresponding period of the previous financial year.

The REIT’s gross revenue for the period was up 8.7% year-on-year to SGD47.9 million (USD36.3 million) while net property income for the quarter was up 9.1% to SGD34.5 million.

The REIT has attributed this growth mainly to the 39.5% year-on-year revenue increase from Northpoint City North Wing, following the completion of the asset enhancement initiative, and improvement in occupancy at the mall.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.