Frasers Centrepoint Trust reduces DPU by 49% on COVID-19 retentions

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Frasers Centrepoint Trust (FCT) has reported a distribution per unit (DPU) of 1.61 Singapore cents for its 2Q 2020.

This is a reduction of 48.7% lower year-on-year amid an enlarged unitholders base, and higher amount of distributable income retained during the quarter.

The REIT’s gross revenue increased marginally by 0.9% to SGD50.1 million, but net property income (NPI) slid by 1.3% to SGD36 million.

Accordingly, the REIT's distributable income has been slashed by 25% to SGD36 million.

“Our tenants are experiencing tough trading conditions as shopper traffic and tenants’ sales at our properties have been severely affected due to the COVID-19 outbreak”, said the REIT.

“FCT, together with Frasers Property Retail, rolled out our tenant support package on 26 February 2020, and a SGD45 million enhancement to the TSP on 27 March 2020, to help our tenants meet immediate cash flow challenges and to provide rental relief and support over the next few months”, it added.

“We will continue to monitor the COVID-19 situation and take appropriate measures to help FCT navigate through this difficult period".

FCT’s gearing level stood at 37.4%5 as at 31 March 2020, with cost of debt at 2.44%.

FCT unitholders can expect to receive their DPU for 2Q20 on 29 May 2020.

The ex-date is 30 April 2020 and the book closure date is 4 May 2020.

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