On 24 April 2026, Frasers Centrepoint Trust (“FCT”) released their half year result for FY2026. The defining highlight of this fiscal period is the strategic extension of the debt maturity profile, which significantly bolsters FCT’s defensive posture. Through proactive capital management, FCT has substantially increased its weighted average debt maturity, effectively mitigating medium-term liquidity risks and FCT now faces negligible refinancing pressure through the end of FY2027. On the earnings front, DPU remained resilient. Despite the broader macroeconomic headwinds, the half-year-on-half-year DPU saw a modest 1.3% appreciation, reflecting a stable operational performance and consistent underlying cash flows. Do note that there are media reports that FCT is in advanced and exclusive discussions for the potential divestment of White Sands for a consideration exceeding SGD470 million. The reported price tag represents a significant premium over the asset’s last valuation of SGD431 million. This implies an exit yield of approximately 4.5%. Given that FCT is currently trading at a forward dividend yield of...