Frasers Centrepoint Trust property, Causeway Point. (Photo: REITsWeek)

Retail REIT Frasers Centrepoint Trust (FCT) has reported a distribution per unit (DPU) of 3.00 cents for its 3Q 2019, which is lower 1.7% year-on-year.

This is due mainly to an enlarged unit base following the completion of the private placement in May 2019, and preferential offering in June the same year.

The REIT’s income available for distribution of SGD31.8 million for the period the quarter is up 12.4% year-on-year.

Gross revenue for 3Q 2019 was up 1.6% year-on-year to SGD49.1 million as portfolio occupancy improved to 96.8% as at 30 June 2019, compared to 94.0% a year ago.

Net property income for the period was SGD34.6 million, down 1.1% year-on-year due to higher property expenses arising from the absence of property tax refund.

FCT’s gearing level as at 30 June 2019 was 23.5%, with all-in average cost of borrowings at 2.7%, with weighted average debt maturity at 2.3 years.

FCT has approximately 67% of its borrowings on fixed or hedged-to-fixed interest rates.

FCT was last done on the SGX at SGD2.65, up 0.7% from its previous close.

By Shariffa Al-Habshee

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