- Frasers Centrepoint Trust posted resilient 1HFY25 performance, with DPU rising 0.5% y-o-y to 6.054 cents.
1HFY25 results – DPU in line with our estimates.
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- Distributable income rose 5% y-o-y to S$110.1mil.
Tampines 1 AEI reflects well in portfolio reversions and tenant sales.
- Rental reversions remained robust at +9.0%, supported by Tampines 1’s AEI completion, which delivered a strong +13% uplift in reversionary rents. Portfolio occupancy held steady at 99.5%, underpinned by tight islandwide retail supply and resilient necessity-driven spending.
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- We understand that occupancy cost for the portfolio remained at sub-16%, balancing the uptrend in portfolio retail rents and underpinning healthy trading performance of underlying tenants.
- On the capital management front, aggregate leverage improved to 38.6% (from 39.3% in 1QFY25), alongside a 20bps q-o-q decline in cost of debt to 3.8% in 2Q25.
Earnings visibility from asset digestion of Northpoint City South Wing and staggered AEI completions.
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