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Frasers Commercial Trust‘s (FCOTs) distribution per unit rose 2.9% to 2.45 cents in the second quarter ended March 31, 2016, from 2.38 cents a year ago.
Net property income jumped 16.7% to $28.8 million from $24.7 million previously.
The trust attributed this to the better performance of Alexandra Technopark as a result of higher rentals achieved and lower utilities expenses, as well as lower repair and maintenance and painting expenses for Caroline Chisholm Centre.
The contribution from 357 Collins Street also boosted gross revenue and net property income during the quarter.
FCOT achieved an occupancy rate of 92.6% for the portfolio as at March 31, 2016.
The portfolio’s weighted average lease expiry is about 3.3 years, anchored by the long WALE of Caroline Chisholm Centre of 9.3 years.
FCOT’s gearing level stood at 36.2% and the weighted average debt maturity was 2.8 years.
FCOT says construction works for the hotel and commercial project at China Square Central are on track.
FCOT closed 1.55% higher at $1.31.
This article first appeared in The Edge Singapore Market Report.
(Photo: Frasers Commercial Trust)