FCT's net property income rises 1.1% YoY to $129.6m in 2H23
Despite the increase, it reported a 1.2% YoY lower DPU of $0.06020.
Frasers Centrepoint Trust posted a net property income (NPI) of $129.6m in the second half of financial year 2023 (2H23), translating to a 1.1% increase from 2H22.
The company also posted a 1.8% YoY higher gross revenue of $184.1m in 2H23.
For the full financial year 2023 (FY23), FCT's gross revenue hit $369.7m, or 3.6% higher than FY22's record.
In a bourse filing, FCT attributed the increase in its full-year gross revenue to higher rental income on the back of higher portfolio occupancy, higher rental reversions, and increased contributions from atrium leasing and car park income.
Its revenue growth, however, was partially offset by lower rental contributions from Tampines 1 due to the ongoing Asset Enhancement Initiative (AEI).
Despite the improvement in its gross revenue and NPI in 2H23 and FY23, FCT's distribution to unitholders and DPU still declined.
In 2H23, distribution to unitholders fell 0.7% YoY to $103.1m, whilst DPU dropped 1.2% YoY to $0.06020.
Looking at full-year figures (FY23), distribution to unitholders fell 0.2% YoY to $207.7m, whilst DPU dropped 0.6% YoY to $0.12150.