Frasers Centrepoint Trust (J69U) H2 2025 earnings summary

Executive summary

• Acquisition of Northpoint City South Wing and divestment of Yishun 10 strengthened the portfolio, with over SGD 420 million raised through equity fundraising and SGD 200 million via perpetual securities, enhancing financial flexibility.

• Operating performance was robust, with positive rental reversions, increased shopper traffic, and tenant sales growth, supported by resilient retail operations.

• Hougang Mall AEI is progressing on schedule, with over 80% of spaces pre-committed and targeted completion by September 2026, aiming for ~7% ROI on SGD 51 million capex.

• Cost of debt reduced to 3.5% in 4Q25; aggregate leverage lowered to 39.6%.

• Recognized for sustainability with a five-star GRESB rating for the fifth consecutive year and expanded ESG initiatives.

Financial highlights

• FY25 gross revenue rose 10.8% year-over-year to $389.6 million; net property income up 9.7% to $278.0 million.

• 2H25 gross revenue increased 14.3% year-over-year to $205.2 million; NPI up 12% to $144.3 million.

• Full-year DPU reached 12.113 cents, up 0.6% from FY24.

• Distributions to unitholders for FY25 totaled $233.2 million, up 8.8% year-over-year.

• Aggregate portfolio appraised value increased by 16.8% to $8.2 billion.

Outlook and guidance

• Focus for FY26 will be on organic and operational improvements, AEI opportunities at NEX, and repurposing of cinema spaces.

• Rental reversions expected to normalize to mid-single digits.

• Funding cost projected to trend lower to 3.3%-3.4% in FY26.

• Continued emphasis on proactive tenancy management, placemaking, and community engagement to drive sales.

• Tight retail supply and resilient demand in Singapore expected to support stability and growth.