Frasers Centrepoint Trust, a real estate investment trust, on Wednesday reported a 5.5 percent in fourth-quarter distribution per unit (DPU), as higher rental income and improved occupancy at Northpoint City contributed to growth.
DPU rose to 2.97 Singapore cents in the three months ended September 30, 2017 from 2.815 cents the year before, the company said in a regulatory filing.
Gross revenue was up 8.1 percent in the quarter to S$48.2 million and net property income for the quarter was up 10 percent to S$34.6 million.
Total appraised value of Frasers Centrepoint's portfolio of properties stood at $2,668.1 million as at 30 September 2017, higher than the $2,509.0 million recorded a year ago.
The increase was due to the higher appraised values of several of Frasers Centrepoint properties, particularly Causeway Point and Northpoint City North Wing, as well as the addition of Yishun 10 retail podium.
The portfolio occupancy was 92 percent at the end of the quarter, higher than the 87.1 percent registered in the prior quarter.
The portfolio shopper traffic in the quarter fell 9.9 percent year-on-year due to lower shopper traffic at Northpoint City due to the asset enhancement initiative at the mall.
Shares in Frasers Centrepoint fell 0.4 percent to S$2.23 on the Singapore Exchange. The stock has gained 17 percent so far this year.