FCT’s net property income rises 5.7% YoY to $137.96m in 1H23

Despite the increase, it recorded a 0.1% YoY lower DPU of $0.06130.

Frasers Centrepoint Trust posted a 5.7% YoY higher net property income for the period of 1 October 2022 to 31 March (1H23), data from its latest business update showed.

Despite the higher net property income and 0.3% higher distributable income of $104.68m, its distribution per unit (DPU) still fell by 0.1% YoY to $0.06130.

In a bourse filing, FCT’s manager said the REIT “benefitted from the continued recovery following Singapore’s transition to the COVID-19 endemic phase and delivered a very healthy set of results” in 1H23.
In 1H23, the REIT hit a high 99.2% committed occupancy, driven by improved shopper traffic and robust tenants’ sales.

“Despite the headwinds from rising interest rates and operating costs, we saw good traction in lease renewals and signing of new tenants amidst improved retailer sentiments and healthy consumer spending. We also see an increasing trend of consumers prioritising their spending on essential goods and services, which bodes well for FCT’s retail portfolio,” Richard Ng, CEO of Frasers Centrepoint Asset Management (FCAM).

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