[SINGAPORE] Frasers Centrepoint Trust (FCT) posted a higher distribution per unit (DPU) of S$0.06059 for its second half ended Sep 30, from S$0.0602 a year earlier.
Revenue for H2 FY2025 came in at S$205.2 million, up 14.3 per cent from S$179.5 million a year earlier. Net property income (NPI) rose 12 per cent to S$144.3 million, from S$128.8 million.
On Thursday (Oct 23), FCT’s manager attributed the higher contributions to its acquisition of Northpoint City South Wing in May 2025, as well as contributions from Tampines 1, which completed asset enhancement initiatives in August 2024.
There was also “broad-based improved performance in revenue and NPI across the portfolio”, the manager noted.
Distribution to unitholders grew 12.5 per cent year on year to S$123.1 million, from S$109.4 million.
FCT’s retail portfolio committed occupancy fell slightly to 98.1 per cent, due to the exit of Cathay Cineplexes at Causeway Point and Century Square. Excluding Cathay Cineplexes, portfolio committed occupancy held constant at 99.9 per cent.
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Overall, the portfolio registered a rental reversion of 7.8 per cent for FY2025. Shopper traffic for the full year rose 1.6 per cent compared with the year before, while tenants’ sales grew 3.7 per cent over the same period.
The average occupancy cost for the retail portfolio was 16.1 per cent. The manager noted that this offers capacity for additional rental growth.
For the full year, FCT’s DPU stood at S$0.12113, up from S$0.12042 for FY2024.
Revenue was 10.8 per cent higher at S$389.6 million, and NPI rose 9.7 per cent to S$278 million.
Its aggregate leverage was at 39.6 per cent as at Sep 30, compared with 42.8 per cent as at Jun 30.
The average cost of borrowing in the fourth quarter declined to 3.5 per cent from the peak of 4 per cent in Q1; the full-year cost of borrowing stood at 3.8 per cent.
Interest coverage ratio also improved to 3.46 times as at Sep 30, from 3.39 times as at Jun 30.
Richard Ng, chief executive officer of the manager, said that FCT’s strong results reflected the resilience of the manager’s suburban retail portfolio and the success of its asset management strategies.
“Looking ahead, we see further opportunities to enhance our assets through other asset enhancement and portfolio initiatives,” he said.
Units of FCT closed on Wednesday S$0.01 or 0.4 per cent down at S$2.44.
