Frasers Centrepoint’s net property income up 16.2% to $32.9m in Q1

On back of robust rental growth.

Frasers Centrepoint Trust started the year on a bright note after reporting that its net property income (NPI) jumped 16.2% year-on-year to $32.9m in the first quarter, backed by robust rental reversions in its retail properties.

FCT’s management recorded robust rental reversions of 7.7% for its entire portfolio, with growth underpinned by Changi City Point at 10.7%, Causeway Point at 9.1% and YewTee Point 8.8%. However, Bedok Point provided a slight drag with a rental reversion of -1.3%.

FCT’s distribution per unit jumped 10% year-on-year to 2.75 cents, while revenue surged 18.3% to $47.2m.

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