Frasers Centrepoint Trust (J69U.SI) Share Price

1H24 Results Summary

• Revenue: SGD 172.21M

  Decreased 7% Year-on-Year

  The declines were due to lower contributions from Changi City Point which was divested in October 2023 and from Tampines 1 due to the ongoing AEI works.

• Net Property Income (NPI): SGD 124.61M

  Decreased 8% Year-on-Year

  The declines were due to lower contributions from Changi City Point which was divested in October 2023 and from Tampines 1 due to the ongoing AEI works.

• Portfolio Occupancy: 99.9%

  Increased 1% Year-on-Year

  The retail portfolio registered committed occupancy of 99.9%, up 0.7%-points y-o-y and steady quarter-on-quarter.

• Rental Reversion: 7.5%

  Increased 3% Year-on-Year

  The retail portfolio achieved 7.5% rental reversion for 1H24 on the back of healthy leasing traction, which is higher than the 4.3% achieved for 1H23.

• Distribution Per Unit (DPU): SGD 0.06

  Decreased 2% Year-on-Year

• Leverage/Gearing: 39%

  FCT's financial position is stable with aggregate leverage at 38.5% as at 31 March 2024, a slight increase from 37.2% a quarter ago.

• Outlook

  The Manager expects interest rate movements and rising operating expenses to remain the key factors affecting FCT's performance. Barring unforeseen circumstances, the Manager expects the average cost of borrowing for FCT to be around the low-4% level for FY24. The Manager will continue to work on various initiatives to drive the optimisation of operating costs and adopt appropriate hedging strategies for energy contracts to mitigate the impact to its utilities expenses.

  Sources: Frasers Centrepoint Trust Financial Report