Frasers Centrepoint Trust Q4 2026 Earnings Recap

Frasers Centrepoint Trust’s shares rose 5.8% after results, with investors responding to a record DPU and better-than-guided rental reversions and AEI returns. The portfolio’s near-full occupancy and lower financing costs add support, though full-year DPU growth was 2.2%.

Key Takeaways

• DPU reached a record SGD 12.35 cents, up 2.2% year on year; distributions to unitholders rose 8.2% to SGD 252.2 million.
• Committed occupancy was 99.7%, and rental reversion was 6.6%, above management’s mid-single-digit guidance.
• Full-year NPI increased 15.7%, reflecting Northpoint City South Wing’s full-year contribution and organic growth; JV distributions were lower without last year’s one-off dividend.
• Hougang Mall’s completed AEI delivered an approximately 8% ROI, above the 7% guidance.
• Cost of debt fell 60 basis points to 3.2%; leverage was 36.8% after year-end debt repayment, and management said next year’s cost of debt would be about 3.3% if rates stay at current levels.