Frasers Commercial Trust (FCOT) has posted a 16 percent year-on-year increase in net property income to $23.2 million in the fourth quarter this year, boosted by contributions from Alexandra Technopark, which it acquired in August last year.
Contributions from two of the trust’s properties in Australia – Caroline Chisholm Centre and Central Park – also rose as the Australian dollar strengthened.
Meanwhile, total distributable income surged 78 percent to $14.3 million, while distribution per unit (DPU) jumped 55 percent to 0.31 cents.
Low Chee Wah, CEO of FCOT’s manager, said: “We have been experiencing an increase in leasing activity in the Singapore and Australia properties due to new leases and expansion by existing tenants. This has translated to higher occupancies which will boost the distributable income.”
“With the recovery in the economy, we have also seen the rental rates increased accordingly.”
FCOT also enjoyed a growth in its portfolio value, and as of September 30, its portfolio is worth $1.96 billion, an increase of 1.9 percent from last year. Properties in Australia and Singapore also posted valuation gains, but properties in Japan recorded a decline in values.
For FY2010, net property income rose 25 percent to $93 million, while distributable income jumped 89 percent to $53.3 million.