Frasers Centrepoint Trust’s DPU jumps by 39.3% in H2

The DPU grew to 6.089 Singapore cents from 4.372 in H2 2020.

Frasers Centrepoint Trust’s (FCT) distribution per unit (DPU) jumped by 39.3% to 6.089 Singapore cents in the second half (H2) of 2021.

On a year-on-year comparison, the REIT’s DPU rose by 33.7% to 12.085 Singapore cents.

Aside from its DPU, the REIT also saw a sharp growth in its revenue for H2, growing by 158.9% to S$167.5m, while its full-year revenue reached a new high of S$341.2 million.

FCT’s manager also reported improvement in the REIT’s NPI margin which increased from 59.9% (H2 2020) to 72.2% (H2 2021), bringing the margin for the year to 72.3% from 67.5% (FY2020).

The REIT’s NPI has reached S$120.9m as of H2 2021, bringing the full-year NPI to S$246.6m.

FCT also saw an increase in its distributable income which is up 243.9% year on year to S$103.6m, with the full-year figure at S$204.7m.

The manager of FCT attributed the REIT’s gains for the second half of the year to its acquisition of the remaining 63.11% stake in AsiaRetail Fund Limited (ARF), and “lower rental rebates granted to tenants this year.”

The ARF acquisition also drove the S$2b increase in FCT’s total assets to approximately S$5.9b.

Meanwhile, its net asset value per unit was up 1.3% to S$2.30 as of the end of September.

With increases recorded from 1 April 2021 to 30 September 2021, the REIT’s financial position remained healthy with a gearing level of 33.3% and a year-to-date interest coverage ratio of 5.11 times.