Frasers Centrepoint Trust NPI fell 4.9% to $32.88m in Q4

DPU slipped 3.6% to $0.286.

Frasers Centrepoint Trust (NPI) recorded a 4.9% YoY decrease in its net property income (NPI) from $34.58m to $32.88m in Q4 FY18, an announcement revealed. Distribution per unit (DPU) also slipped 3.6% YoY to $0.286.

Meanwhile, gross revenue inched up 0.5% to $48.5m.

According to the firm, the total appraised value of their portfolio as of end-September stood at $2.74b which is a 3% YoY increase, noting that all properties except Bedok Point and Yishun 10 retail podium, saw higher appraised values.

Also read: Frasers Centrepoint Trust's Q3 net property income jumped 13.7% to $35.01m

Meanwhile, its portfolio occupancy hit 94.7% as of end-September which is higher by 2.7ppt from the last year. The biggest improvement was recorded by the Northpoint City Northwing which saw occupancy from 81.6% to 96.5% with tenants commencing trading progressively after the completion of the AEI last year. Changi City Point also saw improved occupancy from 88.5% to 93.8% as new leases commenced.

Also read: New developments could bolster mall traffic for Frasers Centrepoint Trust

The firm believes that its suburban malls will remain stable, with Northpoint City North Wing stabilising following the completion of its asset enhancement exercise, has helped raise earnings.