Frasers Centrepoint Trust's net property income down 3.3% to $32.6m

Due to the planned vacancies at Northpoint.

The renovation of Frasers Centrepoint Trust's Northpoint has led to a decline in its gross revenue and net property income for the past quarter.

According to OCBC Investment Research, FCT's headline went down by 2.9% to $45.7m, whilst its NPI dipped by 3.3% to $32.6m.

The renovation of Northpoint has led to planned vacancies, bringing the mall's vacancy at 60.7% as of the end of the quarter.

"Looking ahead, Northpoint’s occupancy is expected to trough in Apr at 57.0% before recovering gradually as the AEI nears completion," the brokerage firm noted.

However, DPU was unchanged YoY at 3.04 S cents as management opted to take 70.0% of its management fees in units, coupled with a smaller amount of income available for distribution which was retained.