FCOT NPI fell 7.4% to $82.7m in FY2019

Lower occupancy for Alexandra Technopark and divestment of 55 Market Street dragged it down.

Frasers Commercial Trust (FCOT) saw its net property income (NPI) dip 7.4% YoY at $82.7m, dragged down mainly by lower gross revenue for the portfolio, higher property tax expense for Alexandra Technopark and higher amortisation of lease incentives for Central Park and 357 Collins Street.

Its gross revenue slid 6.2% YoY to $125.06m from $133.31m over the same period. This was blamed on lower occupancy for Alexandra Technopark and divestment of 55 Market Street but partially offset by higher rental income for China Square Central, higher accounting income on a straight-line basis for Alexandra Technopark, higher occupancy rate for Central Park and a one-off lease termination payment received at 357 Collins Street.

FCOT’s full-year aggregate DPU for the period remained unchanged at 9.60¢.

Portfolio average committed occupancy rate improved to 95.0% as at end-September 2019 from 94.1% in June. The occupancy rates for the Singapore portfolio, the Australia portfolio and FBP were at 94.9%, 94.5% and 97.4%, respectively.