Frasers Centrepoint Trust revenues down 11.1% to$27.3m

The slump was mainly due to a lower contribution from Causeway Point as it is currently undergoing refurbishment works.

According to OCBC, 3Q11 DPU is 1.95 S-cents, bringing the 9M11 cumulative total to 5.97 S-cents.

Here’s more from OCBC:

3Q11 distribution income came in at S$15.1m which is 11.1% lower YoY; but still makes up 25.9%
of our annual forecast and is broadly in line with our expectations. Overall occupancy for the portfolio improved to 88% from 83% the previous quarter, boosted by CWP as occupancy improved to 78% from the troughs in Mar 11 (69%) due to refurbishment works.

Refurbishment at CWP is proceeding as planned and completion is slated for Dec12. We also continue to see positive rental reversion across the portfolio with new leases signed YTD exceeding previous rentals by an average of 9%. Maintain HOLD with an unchanged fair value estimate of S$1.57.

Photo credit: Frasers Centrepoint Trust website

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