Frasers Commercial Trust NPI grew 26% to $26.7m in Q1

Higher rental income from China Square Central and Alexandra Technopark drove its growth.

Frasers Commercial Trust saw its net property income (NPI) jump 26% YoY to $26.71m in Q1 2020 from $21.12m in Q1 2019, the company announced. Gross revenue rose 20% to $37.78m.

Higher rental incomes from China Square Central, Alexandra Technopark, Central Park and 357 Collins Street, as well as lower utilities expenses for Alexandra Technopark contributed to its income growth.

Also read: FCOT NPI fell 7.4% to $82.7m in FY2019

However, it was partially offset by higher amortisation of leasing incentives for Central Park and 357 Collins Street, weaker average Australia Dollar, and higher property maintenance and management expenses for the Singapore properties.

Half of its NPI figure came from Singapore, where it reached $14.6m, whilst Australia took up 42% or $12.1m of the NPI. The remaining 8% or $2.3m was generated in the UK.

The company’s distribution income to unitholders edged up 2% YoY to $22m, which translates to a distribution per unit (DPU) of 2.40 cents.