FCOT – BT

Frasers Commercial Q1 DPU jumps 21%

Reit’s topline up 6% as occupancy rates, rentals at Central Park improve

FRASERS Commercial Trust (FCOT) reported a distribution per unit (DPU) of 1.51 cents for the first quarter ended Dec 31, 2011.

This is 21 per cent higher year-on-year after factoring in the consolidation of every five units held by unitholders into one unit on Feb 11, 2011.

Distribution for Series A convertible perpetual preferred units (CPPU) for the period remained little changed at 1.38 cents.

Q1’s total distributable income to both unitholders and CPPU holders rose 13 per cent from the previous year to $14.3 million, on the back of higher net property income, which rose 7 per cent year on year to $24.6 million. Distributable income to unitholders increased 22 per cent to $9.6 million over the same period.

The real estate investment trust (Reit) also managed to grow its topline, which climbed 6 per cent to $30.7 million as a result of better occupancy rates and rentals achieved for Central Park. Average occupancy rates stood at a healthy 97.6 per cent due to strong take-up in both the Reit’s Singapore and Australian portfolios, which was 98.1 per cent and 97.8 per cent, respectively. Occupancy levels in the Japanese portfolio stood at 91.4 per cent.

Said CEO of FCOT’s manager, Low Chee Wah: ‘In the coming quarter, we will be taking over the management of China Square Central upon the expiry of the master lease on 29 March, 2012.’ He said rejuvenation plans for the asset will be explored to capitalise on the opening of Telok Ayer MRT station next year.

The counter lost half a cent, or 0.6 per cent, to 76.5 cents yesterday.