23 Key Numbers to Understand More About Frasers Centrepoint Trust

Frasers Centrepoint Trust (SGX: J69U) is a retail real estate investment trust (REIT) that owns suburban malls located in Singapore.

Recently, the REIT released its annual report for the full year ended 30 September 2017 (FY2017). Here are some statistics that investors might want to know about from the report.

Where does the REIT make money from?

Frasers Centrepoint Trust’s portfolio comprises of six retail assets located all over our sunny island. The malls, in descending order of size, are Causeway Point, Northpoint City North Wing (inclusive of Yishun 10 retail podium), Changi City Point, Bedok Point, YewTee Point and Anchorpoint.

The total valuation of the malls was S$2.67 billion, as at 30 September 2017.

In FY2017, the portfolio shopper traffic came in at 98.4 million, 3.5% lower year-on-year. The lower traffic was mainly due to an 8.6% fall in number of shoppers at Northpoint North Wing on the back of asset enhancement initiatives (AEI). Excluding the shopping mall, shopper traffic would have increased 0.5% year-on-year.

Overall portfolio tenants’ sales in FY2017 were 5.7% lower year-on-year, with all malls seeing a fall in sales volume.

Portfolio occupancy rate, as at 30 September 2017, was 92.0%, up from 89.4% seen a year ago.

How much money did the REIT make?

Gross revenue for FY2017 slumped 1.2% year-on-year to S$181.6 million. The fall was due to planned vacancies at Northpoint City North Wing. Net property income (NPI) slipped 0.2% to S$129.6 million.

Causeway Point, the REIT’s largest property, saw its NPI go up by 5.7% year-on-year and it accounted for 50.6% of the overall portfolio NPI.

NPI from Northpoint City North Wing tumbled 14.8% year-on-year due to the AEI which commenced in March 2016.

How much did unitholders get?

Unitholders received a distribution per unit (DPU) of 11.90 cents for FY2017, a growth of 1.2% as compared to one year back. This marked the 11th consecutive year of DPU growth and the highest DPU achieved since listing in 2006.

Based on the closing price of S$2.11 on 29 September 2017, the REIT’s annualised distribution yield was at 5.64%. It was higher than the yield of the Straits Times Index (SGX: ^STI), which stood at 3.16%. The REIT’s yield was also 3.49% higher than the 10-year Singapore Government bond yield.

Overall, the REIT’s DPU grew steadily at a compounded annual growth rate of 6.4% since the REIT went public.

We believe we’ve identified a dividend dynamo whose financials are strong enough to qualify its dividend as “safe” – and have profiled this stock in a research report that’s now available to download completely free of charge. Simply click here to claim your copy today!

Also, like us on Facebook to follow our latest hot articles. The Motley Fool's purpose is to help the world invest, better.

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.