Frasers Centrepoint Trust (FCT): FY25 Financial Analysis & Outlook
Frasers Centrepoint Trust (FCT), a leading Singapore suburban retail REIT, reported its financial results for the second half and full year ended 30 September 2025. The results highlight a year of resilient performance, portfolio growth, and active asset management amidst a stable but competitive retail environment.
Key Financial Metrics
| Metric |
2H25 |
2H24 |
FY25 |
FY24 |
YoY Change (FY) |
YoY Change (2H) |
| Gross Revenue (\$’000) |
205,212 |
179,521 |
389,603 |
351,733 |
+10.8% |
+14.3% |
| Net Property Income (NPI) (\$’000) |
144,290 |
128,774 |
277,980 |
253,386 |
+9.7% |
+12.0% |
| Distributions to Unitholders (\$’000) |
123,089 |
109,407 |
233,166 |
214,313 |
+8.8% |
+12.5% |
| Distribution Per Unit (DPU, cents) |
6.059 |
6.020 |
12.113 |
12.042 |
+0.6% |
+0.6% |
| Net Asset Value per Unit (\$) |
2.23 |
– |
2.23 |
2.29 |
-2.6% |
N/A |
| Aggregate Leverage |
39.6% |
– |
39.6% |
38.5% |
+1.1pp |
N/A |
| Average Cost of Debt |
3.5% (4Q25) |
3.7% (3Q25) |
3.8% |
4.1% |
-0.3pp |
-0.2pp |
Dividends
| Distribution Period |
DPU (cents) |
Ex-Date |
Payment Date |
YoY Change |
| 2H25 |
5.963 |
31 Oct 2025 |
28 Nov 2025 |
+0.7% |
| FY25 |
12.113 |
– |
– |
+0.6% |
| FY24 |
12.042 |
– |
– |
– |
Historical Performance & Notable Events
- Resilient Growth: FCT delivered consistent YoY growth in gross revenue (+10.8%), NPI (+9.7%), and distribution to unitholders (+8.8%), supported by the acquisition of Northpoint City South Wing and positive rental reversions (+7.8%).
- Portfolio Reconstitution: The acquisition of Northpoint City South Wing and divestment of Yishun 10 Retail Podium reflect proactive portfolio management to drive value and resilience.
- Capital Management: FCT completed a successful equity fund raising of \$421.3 million and issued \$200 million of perpetual securities. Aggregate leverage remains moderate at 39.6%, and the cost of debt improved to 3.5% in 4Q25. Green loans comprise 90.1% of total borrowings.
- Operational Performance: Retail portfolio committed occupancy stood at 98.1% (or 99.9% excluding the exit of Cathay Cineplexes). Shopper traffic and tenants’ sales both grew YoY, indicating strong underlying consumer demand.
- Asset Enhancement: The Hougang Mall Asset Enhancement Initiative (AEI) is underway, with over 80% pre-commitment for new leases and targeted completion in September 2026.
- ESG Initiatives: FCT achieved a fifth consecutive five-star GRESB rating, with tangible results from food waste valorisation and solarisation projects reducing CO2 emissions.
Chairman’s Statement
A strong set of FY25 results driven by the acquisition of Northpoint City South Wing and resilient operating performance. Strengthened portfolio with the acquisition of Northpoint City South Wing and the divestment of Yishun 10 Retail Podium as part of proactive portfolio reconstitution strategy. Hougang Mall AEI is progressing well and on target to complete by September 2026. Resilient demand amidst tight supply in Singapore retail market to underpin stability and growth. Placemaking activities and community engagement to continue to drive shopper traffic and tenants’ sales, positioning FCT malls as vibrant and inclusive community hubs. FCT will continue to deliver steadfast growth and value creation.
The Chairman’s tone is confident and forward-looking, highlighting operational resilience, successful acquisition/divestment activity, and community-focused strategies.
Macroeconomic Environment & Outlook
- The Singapore economy grew 2.9% YoY in 3Q25, with retail sales ex-motor vehicles rising 4.6% YoY in August 2025. Prime suburban retail rents grew 1.7% YoY.
- Future supply of retail space is limited, supporting rental growth and occupancy rates. FCT’s suburban mall portfolio is well positioned to benefit from resilient retail demand and limited new supply.
Other Corporate Actions
- Divestment of Yishun 10 Retail Podium completed in September 2025.
- Equity fundraising and perpetual securities issuance strengthened the balance sheet, supporting future growth and AEI initiatives.
Conclusion & Investor Recommendations
Overall, FCT’s FY25 performance is strong and resilient. The Trust delivered steady growth in revenue, income, and distributions per unit, while maintaining high portfolio occupancy and robust financial metrics. Portfolio reconstitution and asset enhancements further support growth and resilience. The outlook remains positive, underpinned by limited new retail supply, continued consumer demand, and proactive capital and asset management.
Recommendations
-
If you currently hold FCT: Consider maintaining your position. The Trust’s consistent distributions, strong occupancy, and active asset management provide stability and potential for further value creation.
-
If you do not currently hold FCT: Consider adding FCT to your watchlist or taking a position for exposure to resilient Singapore suburban retail, especially if seeking stable income and moderate growth within a defensive sector.
Disclaimer: This analysis is based strictly on information contained in FCT’s FY25 financial report. It is not investment advice. Investors should conduct further research and consider their risk profile before making investment decisions.
View Frasers Cpt Tr Historical chart here
