Office-focused REIT Frasers Commercial Trust (FCOT) has reported distributable income of SGD21.8 million for its 3QFY19.
This translates to a distribution per unit (DPU) of 2.40 cents, unchanged from the previous quarter, and 3QFY18.
Gross revenue of SGD30.2 million for the period represents a fall of 7% year-on-year, while net property income slid by 3% to SGD19.8 million.
The REIT has attributed these to lower occupancy rate for Alexandra Technopark, divestment of 55 Market Street on 31 August 2018, and effects of the average weaker Australia Dollar.
The portfolio average committed occupancy rate as at 30 June 2019 was 94.1%, a 12.6 percentage-point improvement from 81.5% at the end of the previous quarter.
FCOT’s gearing as at 30 June 2019 was 29.3%, with an average borrowing rate of 2.96%.
FCOT was last done on the Singapore Exchange at SGD1.64.