Frasers Centrepoint Trust (SGX: J69U), or FCT as its commonly known, has an investment focus in retail properties in the various suburban locations in Singapore.
As at 30 September 2025 (end of FY2024/25), FCT’s portfolio comprises 9 retail properties and 1 office property (in Central Plaza, which was included in its portfolio from its acquisition of AsiaRetail Fund Limited back in October 2020). The REIT has a total assets under management of approximately S$8.3 billion.
Since the release of its business update for the 3rd quarter in late-July (you can read my review here), it has completed the divestment of 10 strata lots at Yishun 10 in August, with proceeds to be used to pare down debt.
This morning (23 October), FCT has released its latest results for the 2nd half, as well as for the full year ended 30 September, and in this post, you’ll find my review of its latest financial figures, portfolio occupancy and debt profile, as well as its distribution payout to unitholders:
Financial Figures (2H FY2023/24 vs. 2H FY2024/25, and FY2023/24 vs. FY2024/25)
2H FY2023/24 vs. 2H FY2024/25:
| 2H FY2023/24 | 2H FY2024/25 | % Variance | |
| Gross Revenue (S$’mil) | $179.5m | $205.2m | +14.3% |
| Property Operating Expenses (S$’mil) | $50.7m | $60.9m | +20.1% |
| Net Property Income (S$’mil) | $128.8m | $144.3m | +12.0% |
| Distributable Income to Unitholders (S$’mil) | $109.4m | $123.1m | +12.5% |
FCT reported a strong set of financial figures for 2H FY2024/25 – with its gross revenue, net property income, along with its distributable income to unitholders recording a double-digit percentage growth.
Gross revenue jumped by 14.3% year on year to S$205.2 million, mainly due to contributions from the newly acquired Northpoint City South Wing (on 26 May 2025), along with the completion of asset enhancement initiative (AEI) works at Tampines 1. However, this is partially offset by the commencement of AEI works at Hougang Mall (in April 2025).
Property operating expenses surged by 20.1% year on year to S$60.9 million, mainly due to Northpoint City South Wing. This led to FCT’s net property income to record a 12.0% year-on-year improvement to S$144.3 million.
FY2023/24 vs. FY2024/25:
| FY2023/24 | FY2024/25 | % Variance | |
| Gross Revenue (S$’mil) | $351.7m | $389.6m | +10.8% |
| Property Operating Expenses (S$’mil) | $98.3m | $111.6m | +13.5% |
| Net Property Income (S$’mil) | $253.4m | $278.0m | +9.7% |
| Distributable Income to Unitholders (S$’mil) | $214.3m | $233.2m | +8.8% |
Similar to the 2H FY2024/25, FCT’s financial results for the full year was also an improved one.
Particularly, the 10.8% year-on-year growth in its gross revenue to S$389.6 million was due to contributions from Northpoint City South Wing (which was acquired in May 2025), and completion of AEI works in Tampines 1. However, it was partially offset by lower contribution from Hougang Mall due to the commencement of AEI (from April 2025), and divestment of Changi City Point (on 31 October 2023).
Property operating expenses increased by 13.5% year on year to S$111.6 million mainly due to Northpoint City South Wing, higher property tax, maintenance and utilities, and marketing expenses.
As a result of a higher rate of increase in its property operating expenses (by 13.5% year on year) compared to its gross revenue (by 10.8% year on year), FCT’s net property income saw a 9.7% year-on-year growth to S$278.0 million.
Portfolio Occupancy Profile (3Q FY2024/25 vs. 4Q FY2024/25)
Moving on, let us have a look at FCT’s portfolio occupancy profile in the table below. One of the things I like about the REIT is the strong occupancy rate of its portfolio, which is consistently maintained at above 99%.
Unlike how I have reviewed its financial figures in the previous section, I will be reviewing the REIT’s portfolio occupancy by comparing the statistics reported for the current quarter under review (i.e., 4Q FY2024/25 ended 30 September) against that reported in the previous quarter 3 months ago (i.e., 3Q FY2024/25 ended 30 June):
| 3Q FY2024/25 | 4Q FY2024/25 | |
| Portfolio Occupancy (%) | 99.9% | 98.1% |
| Portfolio WALE (by NLA – years) | 1.9 years | 1.8 years |
| Portfolio WALE (by Gross Rent – years) | 1.9 years | 1.8 years |
Even though there’s a slight 1.8 percentage points (pp) in FCT’s portfolio occupancy (due to the exit of Cathay Cineplexes at Causeway Point and Century Square), but at 98.1%, it is still at a very high level.
In terms of the occupancies at the individual properties, for the retail properties, they are maintained at a level of at least 99% except for Causeway Point (at 92.3%) and Century Square (at 91.8%). The occupancy at Central Plaza was at 94.6%.
On lease expires, they are rather well-staggered out over the next 3 financial years (between FY2025/26 and FY2027/28), with an average of about 29.9% of leases due for renewal each year, with the remaining 10.2% of leases only due for renewal in FY2028/29 or later.
Finally, all the properties in FCT’s portfolio saw positive rental reversions of between +3.4% and +10.3% – and this will aid to the further growth of its financial figures in the quarters ahead.
Debt Profile (3Q FY2024/25 vs. 4Q FY2024/25)
On to FCT’s debt profile, just like how I have reviewed its portfolio occupancy profile in the previous section, I’ll also be comparing the statistics reported for the current quarter (i.e., 4Q FY2024/25) against the previous quarter (i.e., 3Q FY2024/25), as follows:
| 3Q FY2024/25 | 4Q FY2024/25 | |
| Aggregate Leverage (%) | 42.8% | 39.6% |
| Interest Coverage Ratio (times) | 3.4x | 3.5x |
| Average Cost of Debt (%) | 3.8% | 3.8% |
| Average Term to Debt Maturity (years) | 3.4 years | 3.2 years |
| % of Borrowings Hedged at Fixed Rates (%) | 76.2% | 83.4% |
Compared to the previous quarter, FCT’s debt profile was an improved one – with its aggregate leverage falling by 3.2pp to 39.6% (at this level, its a very healthy distance away from the regulatory limit of 50.0%), and the percentage of borrowings hedged to fixed rates was also up by 7.2pp to a high of 83.4% (for information, this was also FCT’s highest over the past 6 years I’ve looked at).
As far as debt maturity over the next few years ago, its quite well-spaced out over the next 3 financial years (between FY2025/26 and FY2027/28)- at 16.1% (or S$421.3 million) for FY2025/26, 3.5% (or S$91.4 million) for FY2026/27, and 8.6% (or S$223.8 million) for FY2027/28. A huge portion of its borrowings (at 71.8%, or S$1,875.5 million) will only be due for refinancing only in FY2028/29 or later.
Distribution Payout to Unitholders
For 2H FY2024/25, a distribution payout of 6.059 cents/unit was declared – compared to its payout of 6.02 cents/unit a year ago (i.e., 2H FY2023/24), it is a slight 0.6% increase.
However, do take note that, a small amount of the distribution (0.096 cents/unit for the period between 01 April and 03 April 2025) has already been paid out on 30 May following the REIT’s preferential offering to fund for the acquisition of Northpoint City South Wing, so you’ll only receive 5.963 cents/unit this time round (instead of the full amount declared for the half-year period stated in the previous paragraph).
If you are a unitholder of FCT, do take note of the following on the distribution payout:
Ex-Date: 31 October 2025
Record Date: 03 November 2025
Payout Date: 28 November 2025
Finally, for the full year, its payout of 12.113 cents/unit represented a slight 0.6% improvement compared to its payout of 12.042 cents/unit a year ago.
CEO Mr Richard Ng’s Comments & Outlook (from the REIT’s Press Release)
“FCT has delivered another strong set of results for FY25, reflecting the resilience of our suburban retail portfolio and the success of our asset management strategies. In FY25, FCT completed the $1.17 billion acquisition of Northpoint City South Wing, consolidating our ownership of the entire Northpoint City and cementing our position as Singapore’s largest suburban retail mall owner.
Complementing this was the divestment of Yishun 10 Retail Podium for $34.5 million, demonstrating our proactive approach to portfolio reconstitution. Tampines 1 completed its asset enhancement initiative (“AEI”) in August 2024 while the AEI at Hougang Mall is progressing well with over 80% leasing pre-commitment as we work towards completion by September 2026.
Looking ahead, we see further opportunities to enhance our assets through other AEIs and portfolio initiatives. Supported by Singapore’s resilient suburban retail sector, FCT’s enlarged retail footprint, disciplined capital management and commitment to sustainability position us to continue delivering stable performance and sustainable long-term value to our unitholders.”
Closing Thoughts
FCT’s latest “report card” certainly didn’t disappoint in my opinion – with improvements in its financial performance as a result of contributions from the newly acquired Northpoint City South Wing and completion of Tampines 1, portfolio occupancy remaining at a high of 98.1% (if the effects of Cathay Cineplex were excluded, FCT’s portfolio occupancy would have been at a high of 99.9%), with positive rental reversions recorded for new and/or renewed leases for all of its properties (9 retail malls and 1 office property), and debt profile remaining healthy (with its aggregate leverage at a very healthy level of 39.6%, and its percentage of borrowings hedged at fixed rates, at 83.4%, was a 6-year high).
Looking ahead, I’m positive of a continued growth in FCT’s financial figures – helped by a positive rental reversion being secured for new and/or renewed leases, along with contributions from the newly acquired Northpoint City South Wing. Hougang Mall, after the completion of the AEI (by September 2026) is another one that will contribute positively towards FCT’s financial performances.
This brings me to the end of my post on my review of FCT’s latest results for the 2nd half, as well as for the full year ended 30 September 2025. As always, I hope you’ve found the contents presented in this post useful. At the same time, do take note that all the opinions expressed within are purely mine which I’m sharing for educational purposes only, and not meant as any buy or sell calls for the REIT’s units. Please do your own due diligence before you make any investment decisions.
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Disclaimer: At the time of writing, I am a unitholder of Frasers Centrepoint Trust.
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