On the capital management front, FCT's aggregate leverage fell to 38.6% as at March 31 compared with 39.3% as of Dec 31, 2024. The average cost of borrowing for 1HFY2025 was 3.9%, a decline from 4.0% in 1QFY2025. Interest coverage ratio as at March 31 stood at 3.28 times down marginally from the 3.33% as of Dec 31, 2024. ICR is calculated on a 12-month trailing basis, less distributions to perpetual securityholders. FCT does not have any perpetual securities, and derives its income mainly from suburban Singapore malls, making it one of the safest S-REITs.
Frasers Centrepoint Trust (FCT) announced a distribution per unit (DPU) of 6.054 cents for 1HFY2025, for the six months from October 1, 2024 to March 31, up 0.5% y-o-y.
Revenue in 1HFY2025 rose 7.1% y-o-y to $184.4 million and net property income (NPI) was 7.3% higher at $133.7 million, driven by higher rental income from renewed and new leases signed. Distribution to unitholders was 4.9% higher y-o-y, mainly due to higher NPI, full six-month contribution from the acquisition of an additional 24.5% interest in NEX, and better performance from Waterway Point and NEX.
