Frasers Centrepoint Trust reports 3QFY2022 tenant sales at 10% higher than pre-pandemic levels

FCT owns a $6.1 billion portfolio of nine malls with a total net lettable area of 2.3 million square feet, such as Causeway Point and Waterway Point.

Overall, the REIT’s retail portfolio was 97.1% occupied for 3QFY2022, slightly lower from the last quarter.

FCT has what it calls “prudent” hedging moves in place: 69% of its borrowings are on fixed rates, for one.

Concerns over rising energy prices, similar to higher interest rates, have weighed down sentiment towards some REITs.

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FCT notes that while there’s an increase in the power costs incurred by its portfolio, there’s hedging which only progressively expire over the coming three quarters.

FCT closed July 26 at $2.31, up 0.87% for the day, but down 0.86% year to date.