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

Frasers Commercial Trust (FCOT) has reported a distribution per unit (DPU) of 2.40 cents for its 2Q 2019, unchanged from the previous quarter and 2QFY18.

The REIT’s gross revenue of SG30.4 million, and net property income (NPI) of SGD20.1 million for the quarter were 3.6% and 4.9% lower respectively year-on-year.

FCOT has attributed to lower numbers mainly to the lower occupancy rate for Alexandra Technopark, and effects of the average weaker AUD, among other factors.

The REIT’s average portfolio committed occupancy as at 31 March 2019 was 81.5%, a fall from the 83.8% at the end of the previous quarter.

Occupancy rates for FCOT’s Singapore portfolio, Australia portfolio, and Farnborough Business Park as at 31 March 2019 were 67.5%, 94.0% and 98.0% respectively.

Occupancy for the Singapore portfolio has been affected mainly by the exits of Hewlett-Packard companies from Alexandra Technopark.

FCOT has indicated that it is currently in discussions with various prospective tenants to lease space at the property.

The REIT’s gearing as at 31 March 2019 was at 29.1%.

The distribution for 2Q 2019 will be paid out on 30 May 2019, with the distribution books closure date scheduled for 2 May 2019.

FCOT’s manager will be applying the distribution reinvestment plan for the 2Q 2019.

The REIT was last done on the Singapore Exchange at SGD1.49, up 1.3% from its previous close.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.