Frasers Centrepoint Trust Q2 NPI up 6.9% to $34.8m

The revamp of Northpoint City North Wing allowed it to recover revenue.

Frasers Centrepoint Trust (FCT) is on a tear as its Q2 net property income (NPI) grew 6.9% YoY from $32.56m to $34.8m. According to its financial statement, gross revenue also jumped 6.3% YoY to $48.6m.

OCBC Investment Research analyst Andy Wong Teck Ching commented, “This increase was driven largely by a recovery in revenue from Northpoint City North Wing following completion of its asset enhancement initiative (AEI).”

FCT’s distribution per unit (DPU) rose 2% YoY to 3.1 cents. Distributable income was $29.26m, which was 2.7% higher than last year.

For the first half year, gross revenue leapt 7.5% to $96.5m, whilst DPU jumped 2.9% to 6.1 cents.

Overall portfolio occupancy inched up 1.4 ppt to 94.0%, whilst average portfolio rental reversion came in strongly at 9.1%, underpinned by the lease renewal of an anchor tenant with a 18.9% rental reversion.