SINGAPORE (Jan 20): The manager of Fraser Centrepoint Trust has reported DPU for 1Q17 rose 0.7% to 2.89 cents from 2.87 cents a year ago.

Gross revenue for the Oct-Dec period was $44.1 million, down 6.4% y-o-y, due mainly to lower contribution from Northpoint which is undergoing asset enhancement initiative (AEI) works.

Causeway Point’s revenue rose 3.4% and accounted for about 48% of the total revenue.

Net property income declined 5.7% year-on-year to $31.6 million, in line with the lower revenue achieved.

Higher net property income contributions from Causeway Point, Bedok Point and YewTee Point helped to offset the lower contributions from rest of the malls.

Gearing level of FCT stood at 29.7% and the weighted average debt maturity was 2.6 years.

During 1Q17, 66 leases accounting for 12.4% of FCT’s total net lettable area (NLA) were renewed at an average rental reversion of 6.9%.

Causeway Point, which accounted for 52% of the total NLA of the leases renewed during the quarter, achieved average rental reversion of 10.6%.

As at Dec 31, the portfolio occupancy improved to 91.3% from 89.4% in the prior quarter.

In its outlook, the manager of FCT said its well-located suburban malls are expected to remain resilient despite continuing headwinds and challenges in the retail sector.

Units of FCT closed 1 cent higher at $1.28.