FCOT – BT

FCOT DPU for Q3 up 39% to 0.25 cent

FRASERS Commercial Trust (FCOT) said income distributable to unit-holders increased 39 per cent year on year to $7.7 million for its third quarter ended June 30.

Distribution per unit (DPU) for the quarter is 0.25 cent, also up 39 per cent. This takes DPU for the first three quarters to 0.81 cent, an increase of 21 per cent from the same period last year.

FCOT recorded a 29 per cent rise in gross revenue of $29.2 million and a 33 per cent increase in net property income to $22.7 million in Q3.

Total distributable income was up 123 per cent year on year to $12.4 million. This was mainly due to full-quarter contributions from Alexandra Technopark, a stronger Australian dollar and lower finance costs due to reduced borrowings and lower interest rates.

$4.7 million has been set aside for distribution to Series A Convertible Perpetual Preferred Units (CPPU) holders.

FCOT’s portfolio occupancy rate was 93.1 per cent at June 30, up 0.7 per cent from Q2, due to a rise in occupancy at its KeyPoint and Galleria Otemae properties.

The average occupancy rates for Singapore and Australian properties remained healthy – above 95 per cent – and they contribute more than 90 per cent of portfolio net property income, said FCOT. The portfolio’s weighted average lease term to expiry is about 4.1 years.

There is no distribution payment for Q3, as FCOT distributes semi-annually.