FCT's NPI up 1.5% to $139.28m in FY2019
This was attributed to property expenses rising 1.7% YoY to $57.1m.
Frasers Centrepoint Trust (FCT) saw its net property income (NPI) inch up 1.5% YoY to $139.28m in FY2019 from $137.19m in 2018, an announcement revealed. Distribution per unit (DPU) also grew 0.5% YoY to 12.07 cents from 12.015 cents over the same period.
The NPI growth was attributed to expenses rising 1.7% YoY to $57.1m, due to higher property tax expenses from Northpoint City North Wing and marketing expenses. It was partially offset by lower professional fees.
In addition, gross revenue went up 1.6% to $196.4m in FY2019, thanks to improvement in revenue from Northpoint City North Wing and Changi City Point. Rentals from renewal and replacement leases from the properties commencing during the year showed an average increase of 4.5% over the expiring leases.
Net non-property expenses also grew by $5.4m to $42.6m due to higher borrowing costs from additional borrowings and higher interest rates and higher manager’s management fees arising from the increase in total assets and improvement in net property income.
The portfolio occupancy rate of its properties as at end-September was at 95.9%, which was higher than the 94.7% over the same period last year.
Meanwhile, NPI for Q4 dipped 0.1% YoY to $32.85m from $32.88m in Q4 2018 whilst gross revenue slipped 0.5% YoY to $48.3m.