Frasers Centrepoint Trust Posts Record High Distribution per Unit

frasers centrepoint fct Frasers Centrepoint Trust (SGX: J69U), or FCT, saw its gross revenue for financial year 2013 (FY 2013)  increase 7.3% as compared to FY 2012 to S$158.0 million. This was mainly due to better rental rates achieved for new and renewed leases from Causeway Point and Northpoint.

The net property income grew 6.9% to S$111.6 million and the total distribution to unit-holders for $90.1 million, an increase of 9.5% year-on-year. The distribution per unit (DPU) is 10.93 cents for FY 2013. This is a 9.2% increase over the previous year and it is also the seventh year of consecutive DPU growth since FCT going public. This is an 8.9% compounded annual growth.

As of 30 September 2013, the gearing ratio is at 27.6%. The average cost of borrowing was at 2.73%, with the weighted average debt maturity at 2.85 years. The average portfolio occupancy is high, at 98.4%. The net asset value is at $1.77.

Dr Chew Tuan Chiong, Chief Executive Officer of Frasers Centrepoint Asset Management Limited, manager of FCT, said, “FCT has continued to deliver steady performance and consistent growth, achieving new-highs for its income, NAV and DPU for seven consecutive years. We are optimistic that FCT can continue to benefit from positive macro-economic trends in Singapore such as growth in retail sales, growing household income, sustained low unemployment rate and growing population in suburban estates especially in Woodlands and Yishun where we have strong presence. Moving forward, we will continue to pursue our fundamental strategy of growth through both organic and acquisitive means, which have enabled us to hit new highs every year.”

The shares closed at $1.85 on Monday. It trades at a price-to-book ratio of 1.05 and the dividend yield stands at 5.91%.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.