Waterway Point, in Punggol. Frasers Centrepoint Trust has acquired a stake in the mall. (Photo: REITsWeek)

Data from Frasers Centrepoint Trust’s latest disclosure has been updated into the Singapore REITs table.

Frasers Centrepoint Trust (FCT) has reported a distribution per unit (DPU) of 6.130 Singapore cents for its 1H 2023.

This represents a marginal decline from the 6.136 cents reported for 1H 2022.

1H 2023 gross revenue rose 6.5% year-on-year to SGD187.59 million given higher occupancy, stronger turnover rents, positive rental reversion for new and renewed leases and higher atrium income, said the REIT.

With the higher revenue, net property income for 1H 2023 increased 5.7% year-on-year to SGD137.96 million.

Distribution to unitholders for 1H 2023 was SGD104.68 million which is 0.3% higher year-on-year.

The REIT’s aggregate leverage as at 31 March 2023 was at 39.6%, a significant increase from the 33% as at September 2022.

Related: Frasers Centrepoint Trust’s gearing level poised to spike in 2023

This leverage spike was attributed to the increase in bank borrowings to finance the acquisitions of the stakes in NEX and Waterway Point, which were completed on 6 February 2023 and 8 February 2023 respectively.

The year-to-date all-in average cost of debt stood at 3.6%, compared with 3.5% as at 31 December 2022.

The REIT’s committed occupancy has hit a high of 99.2% during the reporting period.

FCT was last done on the Singapore Exchange at SGD2.28, which presently implies a distribution yield of 5.38% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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