- Frasers Centrepoint Trust (SGX:J69U) posted good set of 1QFY24 operational numbers with a healthy occupancy uplift and positive rent reversions.
- Gearing has edged down to comfortable levels post recent divestments. It also managed to raise a fixed proportion of debt, taking advantage of the recent fall in lending rates.
- - Read this at SGinvestors.io -
Retail portfolio committed occupancy rose to 99.9%
- Retail portfolio committed occupancy rose to 99.9% (+1.5ppts y-o-y, +0.2ppts q-o-q) one occupancy improvements at Century Square (99.7%), Northpoint City North Wing (100%), and White Sands (99.8%).
- Management guided that overall rent reversions for the quarter well exceeded FY23’s +4.7%, and is likely to be in high single-digits.
- - Read this at SGinvestors.io -
Tenant sales at above pre-COVID levels
- 1QFY24 tenant sales saw a slight dip (-0.7% y-o-y) due to renovations by several key anchor tenants – excluding this, it was slightly higher at +1.1% y-o-y.
- Overall, tenant sales across Frasers Centrepoint Trust’s malls for 2023 stood at ~18% above pre-COVID-19 levels, which resulted in a healthy occupancy cost of ~16%.
Refinancing cost pressures are easing off
- Read more at SGinvestors.io.
