The REIT reporting season has arrived once again, with Parkway Life REIT (SGX: C2PU) and Keppel DC REIT (SGX: AJBU) reporting their latest business updates last week. Frasers Centrepoint Trust (SGX: J69U), or FCT, is next in line to report its full fiscal 2024 (FY2024) earnings. Investors will be keenly watching its financial and operating metrics to get an idea of the Singapore’s retail scene and to see how the REIT is coping with elevated interest rates. Income investors, in particular, will want to know if the REIT can continue raising its distributions. So, what can investors expect from FCT? Are there any areas that warrant greater concern?

A downbeat set of first-half earnings

Investors may be concerned with the retail REIT’s financials as FCT had reported a downbeat set of earnings for its first half of fiscal 2024 (1H FY2024) ending 31 March 2024. Gross revenue fell by 7.2% year on year to S$172.2 million while net property income (NPI) tumbled 8.4% year on...