Frasers Property Diversified Growth
FCT achieves healthy FY23 results on robust operating performance
Stable portfolio valuation with no change in valuation capitalisation rates
Key Highlights
FY23 gross revenue was up 3.6% Y-o-Y and net property income was up 2.7% Y-0-Y
2H FY23 DPU of 6.02 Singapore cents brings total DPU for FY23 to 12.15 Singapore cents
Retail portfolio's¹ committed occupancy at 99.7%² as at 30 September 2023
FY23 Retail portfolio's tenants' sales³ and shopper traffic³ were 7.3% higher and 24.7% higher Y-o-Y, respectively
Financial Highlights
FY23
FY22
S$369.7 m
S$356.9 m
Gross revenue
Net property income ("NPI")
S$265.6 m
S$258.6 m
Distribution to Unitholders
S$207.7 m
S$208.2 m
Distribution per unit ("DPU")
12.150
12.227¢
Change
▲ 3.6%
▲ 2.7%
▼ 0.2%
▼ 0.6%
FRASES
Worship Vint
Cit
ABMIZANI SORAR
39.3%
Aggregate Leverage 4 (as at 30 Sep)
Pro forma
36.1%5
33.0%
6.3 pp
Adjusted-Interest Coverage Ratio / Interest
Coverage Ratio ("ICR") 6 (as at 30 Sep)
3x
5x
2x
Northpoint City, Singapore
1. Retail portfolio refers to FCT's investment portfolio, including Waterway Point (50.0%-owned by FCT) and NEX (25.5% effective interest owned by FCT) but excluding Central Plaza, which is an office property. 2. Excludes Tampines 1 due to
ongoing asset enhancement initiative works (AEI). 3. Excludes Tampines 1 and NEX. 4. In accordance with the Property Funds Appendix, FCT's proportionate share of its joint ventures' borrowings and total assets (being 50.0% interest in Sapphire
Star Trust which holds Waterway Point and 25.5% effective interest in Gold Ridge Pte. Ltd. which holds NEX) are included when computing the aggregate leverage. 5. Assuming the net proceeds from the divestment of Changi City Point and interest
in Hektar REIT are used to repay certain debts, the aggregate leverage on pro forma basis as at 30 September 2023 is expected to be reduced to 36.1%. 6. Calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and
amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense and borrowing-related fees as defined in the Code on Collective
Investment Schemes issued by the MAS. As the Group has not issued any hybrid securities, adjusted ICR is identical to the ICR of Group.
We are Frasers Property
36View entire presentation