FCT posts record full-year DPU after 2.6% H2 rise

Gross revenue rose 8.7% YoY, from $205m to $223m.

Frasers Centrepoint Trust (FCT) reported a distribution per unit (DPU) of $0.06214 for the second half (H2) ending 30 September, up 2.6% year-on-year (YoY).

This brought FCT’s DPU to 12.35 cents, marking its highest payout since its listing in July 2006, the trust's manager said.

Gross revenue in H2 rose 8.7% YoY to $223m, as net property income climbed 11.5% to $161m and distributions to unitholders rose 3.3% to $127m.

The manager attributed the growth to full-year contribution from Northpoint City South Wing and higher passing rents across most malls.

FCT’s retail portfolio maintained a committed occupancy rate of 99.7% as at 30 September, with average rental reversion of 6.6% for the financial year 2026.

Shopper traffic and tenant sales rose 1.8% and 1.3% YoY, respectively, whilst the portfolio’s average occupancy cost remained healthy at 16.3%.

The results reflected strong operating performance, capital recycling, and asset enhancement initiatives, said Richard Ng, CEO of FCT’s manager.

FCT divested White Sands for $467m, an 8.4% premium to its appraised value, freeing up debt headroom to fund part of its joint development of the Bayshore Drive GLS site.

It also introduced 107 new-to-portfolio brands in FY2026, including new-to-market retail and dining concepts, to keep its malls aligned with evolving consumer trends, the manager added.

FCT completed Hougang Mall’s AEI in September 2026, with NEX Phase 1 due for completion by the end of 2026, and Causeway Point’s AEI set to begin in the second quarter of 2027.

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