Frasers Commercial Trust records 2.6% increase in DPU for 3Q 2016

CapitaLand Mall Trust delivers 1.1% increase in DPU for 2Q 2016 on higher revenue


CapitaLand Mall Trust announced on 22 July that it has achieved a distribution per unit (DPU) of 2.74 Singapore cents for its 2Q 2016, 1.1% higher than the 2.71 cents for 2Q 2015.

Gross revenue and net property income for the period saw year-on-year increases of 7.1% and 6.0% respectively mainly due to revenue contribution from Bedok Mall which was acquired in October 2015, and higher rental revenue achieved for IMM Building, Tampines Mall and Bukit Panjang Plaza after asset enhancement initiatives.

However the Singapore-listed retail REIT noted that revenue figures were affected by the absence of income Rivervale Mall, which was divested in December 2015, and lower gross revenue from Funan DigitaLife Mall, as the mall wound down its operations for redevelopment.

“Backed by our portfolio of well-located shopping malls and extensive network of retailers, CapitaLand Mall Trust registered year-on-year increases of 3.6% and 2.3% in shopper traffic and tenants’ sales per square foot respectively”, said Wilson Tan, CEO of the REIT’s manager.

As at 30 June 2016, the REIT’s portfolio occupancy was at 97.9%, while its average cost of debt and aggregate leverage were 3.2% and 35.3% respectively.

Looking ahead, Tan pointed Funan DigitaLife Mall’s redevelopment as part of the REIT’s effort to enhance the attractiveness of its portfolio. The redevelopment is expected to achieve a return on investment of 6.5%.
The REIT’s books closure date is 1 August 2016 and unitholders can expect to receive their DPU for 2Q 2016 on 29 August 2016.

Units of CapitaLand Mall Trust are currently trading at SGD2.19.


Frasers Commercial Trust records 2.6% increase in DPU for 3Q 2016

Bolstered by the performance of Alexandra Technopark and its Australian property 357 Collins Street, Frasers Commercial Trust reported on 22 July that its distribution per unit (DPU) for 3Q 2016 has risen by 2.6% to 2.41 Singapore cents.

Gross revenue and net property income for the period increased by 11.1% and 15.6% year-on-year to SGD38.6 million and SGD28.1 million respectively while distribution to unitholders saw a boost of 18.6% to SGD19.0 million.

Our focus on proactive asset management and leasing initiatives has yielded positive results”, said Low Chee Wah, CEO of the REIT’s manager, in a statement on the results.

“During the quarter, we have reduced the lease expiries to 1.5% for the remaining financial year despite the challenging leasing environment in the Singapore office market, compared to 6.4% in the previous quarter”, he added.

The Singapore-listed office REIT’s average portfolio occupancy rate as at 30 June 2016 was 93.3%, with occupancy rates of the properties in Singapore and Australia at 93.2% and 93.4% respectively.

Frasers Commercial Trust’s gearing for the period was at 36.3% with a weighted average debt maturity of 2.6 years.

“Amidst the weaker economic environment and the Singapore office market, we will continue to focus on maintaining healthy occupancy rates through our proactive leasing efforts while pursuing strategies to generate long-term and sustainable distributions for our unitholders”, said Low on plans for the quarters ahead.

The distribution for 3Q 2016 will be paid out on 29 August 2016 and the distribution books closure date for the units is 1 August 2016.

Units of Frasers Commercial Trust finished the trading day flat from its previous close on the Singapore Exchange to end at SGD1.345.

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