Frasers Centrepoint Trust reported on Tuesday that its net property income for the fiscal third quarter rose 13.7 percent on-year to S$35.01 million amid higher contributions from its three larger malls.
The distribution per unit (DPU) for the quarter rose 1.8 percent on-year to 3.053 Singapore cents, from 3.0 Singapore cents in the year-earlier quarter, the trust manager said in a filing to SGX after the market close on Tuesday.
Revenue from Northpoint City North Wing, including Yishun 10 Retail Podium, rose 35.9 percent on-year on higher occupancy and rental revenue, while Causeway Point and Changi City Point saw 3.8 percent and 15.8 percent revenue growth, respectively, the filing said. That outpaced the 4.3 percent increase in property expenses, it said. The three larger malls account for 90 percent of Frasers Centrepoint Trust’s net property income, it said.
In the quarter, 37 leases accounting for 4.6 percent of the trust’s total net lettable area were renewed with average rental reversion growth of 5.0 percent, it said.
Rental reversion at Northpoint City North Wing was positive 25.8 percent, mainly on one lease accounting for around half of the mall’s net lettable area due for renewal in the quarter, the filing said.
Anchorpoint mall posted negative rental reversion of 32.8 percent on lease renewals for two small units accounting for 1.3 percent of the mall’s net lettable area, it said.
At the end of the quarter, portfolio occupancy was at 94.0 percent, up from 87.1 percent at the end of the year-earlier quarter, primarily on improved occupancy at Northpoint City North Wing, the filing said.
For the nine months ended June 30, the trust reported net property income rose 9.8 percent on-year to S$104.31 million.
The DPU for the nine-month period rose 2.5 percent on-year to 9.153 Singapore cents, it said.