Frasers Centrepoint Trust (J69U) H2 2026 earnings summary

Executive summary

• FY26 DPU reached a listing-era record of 12.350 cents, up 2.0% YoY; 2H FY26 DPU was 6.214 cents, up 2.6%.

• FY26 growth reflected Northpoint City South Wing’s full-year contribution, higher passing rents, organic growth and completed AEIs.

• Retail committed occupancy was 99.7%, rental reversion was 6.6%, and portfolio appraised value rose 1.7% YoY.

Financial highlights

• FY26 gross revenue increased 14.2% to $444.9m and NPI rose 15.7% to $321.7m.

• FY26 distributions to Unitholders rose 8.2% to $252.2m; $7.6m was retained for AEIs and/or corporate and working capital purposes.

• 2H FY26 gross revenue increased 8.7% to $223.0m, NPI rose 11.5% to $160.9m, and distributions grew 3.3% to $127.2m.

• FY26 distributions from joint ventures declined 11.7% to $59.6m, mainly due to the absence of a prior-year one-off special dividend.

Outlook and guidance

• Positive suburban retail demand-supply dynamics and rental reversions are expected to support organic DPU growth; FY27 rental reversion guidance remains mid-single digit.

• Hougang Mall, NEX and Causeway Point AEIs are expected to support growth; Causeway Point works are planned from Q2 2027 to Q2 2029.

• Bayshore Drive development is expected to deliver an attractive yield on cost of ~5% and provide a future pipeline asset.

• FY27 cost of debt guidance is 3.3% if rates remain at current levels, with SORA assumed at 1.2%-1.3% and 25% of debt unhedged; guidance is to be reviewed next quarter.