- Frasers Centrepoint Trust reported 1HFY25 DPU of S$6.054 cents, +0.5% y-o-y. Higher rental income, better performance of renovated assets and contribution from additional stake in NEX led the growth.
Healthy operating trend.
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- While share of results of JV fell 27.7% y-o-y, distribution from JV rose to S$38.1m in 1HFY25 from S$20.8m a year ago and from S$28.5m in 2HFY24. This, along with slightly lower borrowing expense and offset from a lower proportion of fees in units, resulted in 4.9% growth in distributable income and 0.5% growth in DPU factoring in a larger number of units.
Occupancy was relatively stable.
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- Rent reversion was +9% (vs. +7.5% in 1HFY24, +7.7% in 2HFY24).
- Tenant sales grew 3.3% y-o-y for 1HFY25, implying slightly positive sale growth for 2QFY25 based on 2.5% y-o-y growth for 1QFY25.
Prudent capital management.
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