REIT Financial News - 23 APR 2010: Quarterly Earnings Report for Frasers Centrepoint Trust

First quarter 2010 results for Frasers Centrepoint Trust:

• Press Release  
• Financial Statements 
• Presentation Slides

 Key Points

• FCT's 2Q10 DPU rose 11% y-on-y to 2.06 cents.
• Record 2Q10 income available for distribution of $15.9 million, which represents an increase of 31% from the same period last year.
• Achieved record quarterly gross revenue and net property income of $28.3 million and $20.4 million respectively this quarter.
• Successfully acquired Northpoint 2 & YewTee Point on 5 February 2010, with total assets growing 26% to $1.5 billion as a result.
• Gearing at a conservative 31.4% level as at 31 March 2010.
• FCT maintained strong operational momentum with portfolio occupancy rising to 99% as the existing and the newly acquired malls registered full or close to full occupancy as at 31 March 2010.

Author's Note
The DPU of 2.06 cents will be paid on 27 May 2010. Book closure is on 3 May 2010. The DPU for the previous quarter was 1.91 cents.

Based on the last closing price of the Reit of $1.38 on 23 April 2010, the DPU of 2.06 cents translates to an annualised yield of 5.97%.