FCT’s 1H FY2026 result carries a loud headline, with revenue and net property income both up about 20%. The distribution per unit barely moved, and that gap is the whole story.
Results Summary
- REIT name / ticker: Frasers Centrepoint Trust (FCT) / SGX:J69U
- Reporting period: 1H FY26 (1 Oct 2025 – 31 Mar 2026)
- Update type: Results Update (DPU declared)
- DPU declared: Yes
- Distribution timeline: ex-date 4 May / payment 29 May 2026
- Source files: FCT 1H FY2026 Presentation (24 Apr 2026)
| Metric (1H FY2026) |
Current |
Prior |
Change |
| Distribution |
|
|
|
| Distribution per unit (DPU) |
6.136 cents |
6.054 cents (1HFY25) |
+1.4% |
| Distributions to unitholders |
$125.0m |
$110.1m (1HFY25) |
+13.6% |
| Units in issue |
2,036.5m |
1,818.3m (1HFY25) |
+12.0% |
| Income retained |
$4.6m |
– |
– |
| Top-line & expenses |
|
|
|
| Gross revenue |
$221.9m |
$184.4m (1HFY25) |
+20.3% |
| Net property income (NPI) |
$160.8m |
$133.7m (1HFY25) |
+20.2% |
| Property expenses |
$61.1m |
$50.7m (1HFY25) |
+20.5% |
| Capital & debt |
|
|
|
| Aggregate leverage |
40.0% |
40.3% (Dec 2025) |
-0.3% |
| Cost of debt |
3.2% |
3.5% (Dec 2025) |
-0.3% |
| Debt hedged to fixed |
66.0% |
81.2%% (Dec 2025) |
-15.2% |
| Weighted average debt maturity (WADM) |
3.92 yrs |
2.92 yrs (Dec 2025) |
+1.0 yr |
| Interest coverage ratio (ICR) |
3.59x |
3.54x (Dec 2025) |
+0.05x |
| Refinancing due FY2026 |
None |
– |
– |
| Operations |
|
|
|
| Committed occupancy |
99.8% |
98.1% (Dec 2025) |
+1.7% |
| Rental reversion |
+6.5% |
– |
– |
| Tenant retention |
87% |
– |
– |
| Shopper traffic |
+1.8% |
– |
y-o-y |
| Tenants’ sales |
+3.2% |
– |
y-o-y |
| Lease WALE (by gross rental income) |
1.7 yrs |
1.8 yrs (Dec 2025) |
-0.1 yr |
| NAV per unit |
$2.25 |
$2.23 (Sep 2025) |
+0.9% |
...
