SINGAPORE (July 23): The manager of Frasers Centrepoint Trust (FCT) has declared a distribution per unit (DPU) of 3.00 cents for 3Q ended June 30, down 1.7% from the same period last year.

Income available for distribution rose 12.4% to $31.8 million but DPU fell due mainly to an enlarged unit base following the completion of the private placement in May and preferential offering in June to 1.1 billion from 926 million last year.

FCT’s gross revenue increased 1.6% to $49.1 million, owing to improvement in revenue contributions from Northpoint City North Wing and Changi City Point.

Property expenses for the quarter totalled $14.4 million, a 8.9% hike compared to the corresponding period last year, mainly due to the absence of property tax refunds which occurred in the same period last year.

Consequently, net property income fell 1.1% to $34.6 million due to higher property expenses arising from the absence of property tax refund which occurred in the same period a year ago.

The portfolio occupancy rate of FCT properties increased to 96.8% from 94.0% last year.

As at June 30, cash and cash equivalents totalled $11.3 million, a fall of 39% from $18.5 million recorded at the same time last year.

In its outlook statement, the manager of FCT says the acquisition of a one-third interest in Waterway Point is expected to achieve greater income diversification for its portfolio and add another 200 tenants to its tenant base.

Units in FCT closed 2 cents lower at $2.65 on Tuesday.