Revenue recovered after Northpoint City North Wing’s revamp.
Frasers Centrepoint Trust (FCT) turned a profit in the third quarter of 2018 as its net property income (NPI) jumped 13.7% to $35.01m from $30.79m last year. Revenue rose 10.9% to $48.32m from $43.56m last year.
According to its financial results, FCT recovered after its asset enhancement initiative (AEI) or revamp and improvement in revenue from Northpoint City North Wing. Portfolio occupancy rate increased from 87.1% last year to 94%.
FCT also had an unrealised gain of $100,000 arising from fair valuation of interest rate swaps for the hedging of interest rate in respect of $80m of the loans, a $100,000 share of associate’s results, $100,000 share of joint venture’s results.
For the nine months of the year, rentals from renewal and replacement leases from FCT’s properties showed an average increase of 4.2% over the expiring leases.
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