Frasers Commercial Trust's China Square (Photo: REITsWeek)Frasers Logistics and Commercial Trust's Cross Street Exchange (Photo: REITsWeek)

Singapore-listed office REIT, Frasers Commercial Trust (FCOT, has reported a distribution per unit (DPU) of 2.40 Singapore cents for its 1Q 2019, unchanged from what was reported in the corresponding period of the previous financial year.

The REIT’s gross revenue of SGD31.5 million (USD23 million) was 10.7% lower year-on-year, mainly due to the lower occupancy rates at its Singapore properties, divestment of 55 Market Street in August 2018, and effects of the average weaker AUD.

Subsequently, the REIT's net property income (NPI) for the quarter was 15.0% lower year-on-year on lower gross revenue, higher property tax for Alexandra Technopark, and higher amortisation of lease incentives for Central Park and 357 Collins Street.

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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.