Frasers Centrepoint Trust has reported DPU of 6.136 cents for its 1HFY2026, up 1.4% y-o-y. Net property income was up 20.2% in the same period to $160.76 million, on the back of a similar gain in revenue to $221.87 million, due mainly to contribution from Northpoint City South Wing, acquired in last May.
Higher passing rents across FCT's other malls helped as well, although somewhat offset by divestment of the Yishun 10 Retail Podium and AEI at Hougang Mall.
FCT's committed occupancy currently stands at 99.8%, while rental reversions and tenant sales remained healthy across the malls.
"We are also making good progress on our efforts to drive enhancement growth through AEIs to improve asset yields and support sustainable income growth," says Richard Ng, CEO of the manager.
He notes that over 88% of AEI space at Hougang Mall has been committed ahead of completion in September.
Coming up, AEI works will begin at NEX to generate additional retail and office space.
See also: CLCT's net property income for 1QFY2026 down 3.5% y-o-y to RMB282.4 mil
"Looking ahead, we remain confident on the outlook for Singapore’s suburban sector, underpinned by long-term structural drivers and a resilient portfolio," says Ng.
"However, given the uncertain operating environment, we will closely monitor market conditions and exercise prudent cost and capital management," he adds.
With reference to higher energy prices because of the fighting in the Middle East, FCT says that its electricity costs are fully hedged for FY2026 and partially hedged for FY2027.
See also: CICT upsizes placement priced at $2.30 per unit to $750 million
FCT had also fully refinanced its debt expiring in FY2026, thereby extending its average debt maturity to 3.92 years. Around two-thirds of its total borrowings are hedged to fixed interest rates.
As at March 31, FCT’s aggregate leverage was 40%; its average borrowing cost at 3.2% in 2QFY2026, a decline from 3.5% in 1QFY2026. Interest coverage
NAV as at March 31 was, excluding distributable income, was $2.19, compared to $2.17 as at Sept 30 2025.
