Frasers Centrepoint Trust (J69U) H1 2026 earnings summary

Executive summary

• Gross revenue for H1 2026 rose 20.3% year-over-year to $221.9 million, driven by the Northpoint City South Wing acquisition and higher rents across most malls.

• Net property income increased 20.2% to $160.8 million, with DPU up 1.4% to 6.136 cents and distributable income rising to $129.1 million.

• Portfolio committed occupancy reached 99.8%, with rental reversion at 6.5% and strong tenant retention at 87%.

• Shopper traffic and tenant sales grew 1.8% and 3.2% year-over-year, respectively, reflecting robust consumer demand.

• Strategic focus remains on organic growth, disciplined acquisitions, and enhancement initiatives.

Financial highlights

• Net asset value per unit increased to $2.25, with adjusted NAV at $2.19 as of 31 March 2026.

• Aggregate leverage held steady at 40.0%, interest coverage ratio at 3.59x, and average cost of debt at 3.2% in 2QFY26.

• All FY26 loans refinanced, with $873 million in undrawn facilities and weighted average debt maturity extended to 3.92 years.

• 100% of borrowings are green loans, and 66% of debt is hedged to fixed rates.

• DPU for H1 2026 was SGD 0.06136, with SGD 4.6 million retained for working capital.

Outlook and guidance

• Portfolio expected to remain resilient due to focus on essential trades, strong residential catchments, and connectivity.

• Expect continued mid-single digit rental reversions, supported by strong tenant performance and limited new suburban retail supply.

• Asset enhancement initiatives at Hougang Mall and NEX are on track, targeting ROIs of 7% and unlocking additional space.

• Utility costs fully hedged for FY 2026 and partially for FY 2027; cost savings expected.

• Manager will continue disciplined acquisition strategy, proactive cost management, and community engagement.