Frasers Centrepoint Trust distribution rises 3.2% YoY to $214.31m in FY24

Full-year DPU, however, was down by 0.9% YoY.

Frasers Centrepoint Trust’s (FCT) distribution to unit holders rose 3.2% YoY to $214.31m in FY 2024 despite recording a lower gross revenue and net property income (NPI).

Gross revenue for the period dropped 4.9% YoY to $351.73m, whilst NPI declined 4.6% YoY to $253.39m.

FCT attributed the decline to the absence of contributions from the divested City Point and lower contributions from Tampines 1, which is undergoing enhancement works.

Excluding the impact of Changi City Point divestment and Tampines 1 enhancement, gross revenue and NPI would have increased by 3.5% YoY to $308.17m and 3.4% YoY to $223.71m, respectively.

Meanwhile, the full-year distribution per unit was at $0.12042, down 0.9% YoY.