Yet another good performance by FCT.
Increasing quarterly DPU.
2QFY2014 announced a DPU of 2.88 cents, up by 7% from last year 2QFY2013.
DPU year-to-date totaled 5.38 cents compared to 5.1 cents for last year.
Ex - Date will be on 28th April 2014
Payment Date - 30th May 2014
Investors REJOICE! YAY!
Gearing level stood at 27.7%
(Total of S$589m; S$25m due by Feb2015, S$564m due > 1 year)
Weighted Average Debt Maturity at 31st March 2014 - 2.75 Years
All these debt are not inclusive of Changi City Point acquisition.
Net Asset Value increase to (S$1,466,633,000 / 825,400,343 shares) = $1.776
FCT's Portfolio occupancy rate at 96.8%
Bedok Point occupancy rate at 77.0%
Number of leases expiring in FY2014 - 89
[50% from CauseWay Point (43), 25% from NorthPoint (22)]
Number of leases expiring in FY2015 - 231
Have to keep a look out.
Causeway Point(77) and NorthPoint(80) - Accounts 31.6% and 50% of gross rent of mall respectively.
Not to forget Yewtee Point(41) accounts 54.8% of gross rent of mall
Causeway Point and Northpoint are the 2 biggest contributor for FCT
S$15.49m from Causeway Point
S$8.88m from Northpoint (HUAT ah, lucky number)
2QFY2014 have not included Changi City Point in their portfolio as of yet. I'm looking forward to Changi City Point as the 6th Mall in their portfolio which will definitely bring more future economic benefits.
My disappointment is still with Bedok Point. Ever since the opening of Bedok Mall which is a stone throw away from MRT, Bedok Point has been badly hit. Occupancy rates are lower and rental rates are lower because of ongoing refurbishment work. FCT expects Bedok Point to recover to above 95% in the 2nd half of 2014. I hope the management will work on it although Bedok Point is a small percentage of FCT's portfolio. Hopefully, they can convert Bedok Point into a niche shopping mall, focusing on maybe say education hub (Tuition Centres), or electronics or to accomodate the neighbourhood around.
Sources:
Financial Result
Press Release
Result Slides
Cheers!
Little Boy
FCT is one of my favourite counter, making up the biggest proportion of my portfolio at the moment. I hope they can continue the good run and have even higher DPU in the future.
ReplyDeleteHi MakingCentsSG,
DeleteCongrats! Just stay calm and collect dividends :)
FCT's management has a proven track record. They are absolutely doing well and I'm sure they are fast enough to solve existing problems such as Bedok Point.
Cheers!
To be honest, I'm not too concerned about Bedok Point since it's just a small proportion. I'm more concerned about the fact that they are thinking of adding Centrepoint to the trust in the future.
ReplyDeleteA small proportion but ever cents count :)
DeleteBPT is the third biggest concentration in terms of NLA in FCT's portfolio.
1. CWP
2. NP
3. BPT
4. YTP
5. ACP
If BPT is able to maintain it's occupancy rate of 95% and above. This will bring in a NPI of approx another $0.5m or more, which means DPU will may even be more at 29.5cents this quarter alone. :) So it really makes a difference.
Cheers!