Singapore-listed office REIT, Frasers Commercial Trust (FCOT) has reported no growth in its distribution per unit (DPU) for 1Q 2020.
The REIT announced distribution to unitholders of SGD22.0 million for the quarter, which translates to a DPU of 2.40 Singapore cents, unchanged from 1Q 2019.
On a year-on-year basis, gross revenue and net property income (NPI) increased by 19.8% and 26.5% respectively.
The REIT has attributed these mainly to higher rental income for China Square Central, Alexandra Technopark, Central Park and 357 Collins Street.
Lower utilities expenses for Alexandra Technopark was partially offset by the effects of the weaker average Australia Dollar.
The REIT’s portfolio committed occupancy rate improved to 95.2% as at 31 December 2019 from 95.0% in the previous quarter.
Occupancy rates for the REIT’s Singapore portfolio, Australia portfolio and Farnborough Business Park as at 31 December 2019 were 95.5%, 94.0% and 99.1%, respectively.
FCOT’s gearing as at 31 December 2019 was 29.0%
Figures from the REIT’s latest results have been updated into the Singapore REITs table.