FCT's net property income declines 8.4% YoY amidst asset changes

With lower NPI, FCT also recorded a decline in its DPU.

Frasers Centrepoint Trust’s (FCT) net property income and gross revenue fell in 1H24 amidst lower contributions from Changi City Point and Tampines 1.

FCT recently divested Changi City Point, whilst Tampines 1 is undergoing asset enhancement initiatives (AEI) works.

Data from its latest financial report showed that FCT reported an 8.4% YoY lower NPI of $124.6m and gross revenue of $172.2m, representing a 7.2% dip from 1H23.

Excluding the effects from the Changi City Point divestment and Tampines 1 AEI, gross revenue and NPI registered YoY growth of 2.9% and 2.1%, respectively. 

Despite lower NPI, FCT posted a 0.2% YoY higher distribution to unitholders of $104.9m. Its distribution per unit (DPU), however, slipped by 1.8% YoY to $0.0622.