Frasers Cpt Tr J69U
Financials
Annual report
Explore the statements
10 tablesStatements of financial position
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 6,449,000 | 5,283,000 | 2,154,000 | 2,164,000 | PDF p. 145 |
| Fixed assets$’000 | 13 | 40 | – | 20 | PDF p. 145 |
| Investment in subsidiaries$’000 | – | – | 3,646,641 | 2,865,913 | PDF p. 145 |
| Investment in joint ventures$’000 | 1,042,638 | 1,057,036 | 361,778 | 361,778 | PDF p. 145 |
| Derivative financial instruments$’000 | – | 2,301 | 19,203 | 10,078 | PDF p. 145 |
| Subtotal$’000 | 7,491,651 | 6,342,377 | 6,181,622 | 5,401,789 | PDF p. 145 |
| Current assets | |||||
| Trade and other receivables$’000 | 13,051 | 9,683 | 3,332 | 3,681 | PDF p. 145 |
| Derivative financial instruments$’000 | – | – | 260 | 40 | PDF p. 145 |
| Cash and cash equivalents$’000 | 107,530 | 26,811 | 10,778 | 7,771 | PDF p. 145 |
| Subtotal$’000 | 120,581 | 36,494 | 14,370 | 11,492 | PDF p. 145 |
| Total assets$’000 | 7,612,232 | 6,378,871 | 6,195,992 | 5,413,281 | PDF p. 145 |
| Current liabilities | |||||
| Trade and other payables$’000 | 85,787 | 69,281 | 196,397 | 190,402 | PDF p. 145 |
| Current portion of security deposits$’000 | 44,913 | 39,264 | 13,567 | 13,706 | PDF p. 145 |
| Derivative financial instruments$’000 | 19,022 | 40 | 19,022 | 40 | PDF p. 145 |
| Provision for taxation$’000 | 283 | 404 | 36 | – | PDF p. 145 |
| Interest-bearing borrowings$’000 | 404,350 | 319,752 | 309,904 | 69,998 | PDF p. 145 |
| Subtotal$’000 | 554,355 | 428,741 | 538,926 | 274,146 | PDF p. 145 |
| Non-current liabilities | |||||
| Non-current portion of security deposits$’000 | 66,127 | 54,783 | 22,092 | 22,710 | PDF p. 145 |
| Derivative financial instruments$’000 | 68,467 | 26,263 | 38,248 | 26,958 | PDF p. 145 |
| Interest-bearing borrowings$’000 | 2,181,414 | 1,708,418 | 930,788 | 1,052,511 | PDF p. 145 |
| Subtotal$’000 | 2,316,008 | 1,789,464 | 991,128 | 1,102,179 | PDF p. 145 |
| Total liabilities$’000 | 2,870,363 | 2,218,205 | 1,530,054 | 1,376,325 | PDF p. 145 |
| Net assets$’000 | 4,741,869 | 4,160,666 | 4,665,938 | 4,036,956 | PDF p. 145 |
| Represented by: | |||||
| Unitholders’ funds$’000 | 4,543,451 | 4,160,666 | 4,467,520 | 4,036,956 | PDF p. 145 |
| Perpetual securities$’000 | 198,418 | – | 198,418 | – | PDF p. 145 |
| Subtotal$’000 | 4,741,869 | 4,160,666 | 4,665,938 | 4,036,956 | PDF p. 145 |
| Statement of financial position | |||||
| Units in issue (’000)’000 Units | 2,029,316 | 1,811,673 | 2,029,316 | 1,811,673 | PDF p. 145 |
| Net asset value/Net tangible asset per Unit attributable to Unitholders ($)$ per Unit | 2.23 | 2.29 | 2.20 | 2.22 | PDF p. 145 |
Definitions & sources
Original report: PDF p. 145 ↗
Financial statements are presented in Singapore dollars and rounded to the nearest thousand unless otherwise stated (Note 2.1, physical page 154).
Statement of total return
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Statement of total return | |||
| Gross revenue$’000 | 389,603 | 351,733 | PDF p. 146 |
| Property expenses$’000 | (111,623) | (98,347) | PDF p. 146 |
| Net property income$’000 | 277,980 | 253,386 | PDF p. 146 |
| Finance income$’000 | 624 | 464 | PDF p. 146 |
| Finance costs$’000 | (86,163) | (84,168) | PDF p. 146 |
| Asset management fees$’000 | (41,187) | (36,901) | PDF p. 146 |
| Valuation fees$’000 | (148) | (147) | PDF p. 146 |
| Trustee’s fees$’000 | (1,132) | (1,045) | PDF p. 146 |
| Audit fees$’000 | (312) | (280) | PDF p. 146 |
| Professional fees$’000 | (1,058) | (1,517) | PDF p. 146 |
| Other charges$’000 | (769) | (754) | PDF p. 146 |
| Net income$’000 | 147,835 | 129,038 | PDF p. 146 |
| Share of results of joint ventures$’000 | 62,645 | 66,224 | PDF p. 146 |
| Gain on divestment of investment property and investment in joint venture$’000 | 128 | 11,272 | PDF p. 146 |
| Loss on divestment of investment in associate$’000 | – | (24,644) | PDF p. 146 |
| Net change in fair value of investment properties$’000 | (11,130) | 14,661 | PDF p. 146 |
| Net foreign exchange loss$’000 | (3) | (87) | PDF p. 146 |
| Total return before tax$’000 | 199,475 | 196,464 | PDF p. 146 |
| Taxation$’000 | 387 | 1,082 | PDF p. 146 |
| Total return for the financial year$’000 | 199,862 | 197,546 | PDF p. 146 |
| Earnings per Unit (cents) | |||
| Basiccents per Unit | 10.44 | 11.12 | PDF p. 146 |
| Dilutedcents per Unit | 10.40 | 11.07 | PDF p. 146 |
Definitions & sources
Original report: PDF p. 146 ↗
Distribution statement
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income available for distribution to Unitholders | |||
| Income available for distribution to Unitholders at beginning of the financial year$’000 | 109,407 | 104,157 | PDF p. 147 |
| Net income$’000 | 147,835 | 129,038 | PDF p. 147 |
| Net tax and other adjustments (Note A)$’000 | 17,811 | 38,751 | PDF p. 147 |
| Distributions from joint ventures$’000 | 67,534 | 45,432 | PDF p. 147 |
| Distributable income for the financial year$’000 | 233,180 | 213,221 | PDF p. 147 |
| Income available for distribution to Unitholders$’000 | 342,587 | 317,378 | PDF p. 147 |
| Distributions to Unitholders: | |||
| Distribution of 6.020 cents per Unit for period from 1/4/2023 to 30/9/2023$’000 | – | 103,065 | PDF p. 147 |
| Distribution of 4.250 cents per Unit for period from 1/10/2023 to 4/2/2024$’000 | – | 72,834 | PDF p. 147 |
| Distribution of 1.772 cents per Unit for period from 5/2/2024 to 31/3/2024$’000 | – | 32,072 | PDF p. 147 |
| Distribution of 6.020 cents per Unit for period from 1/4/2024 to 30/9/2024$’000 | 109,415 | – | PDF p. 147 |
| Distribution of 6.054 cents per Unit for period from 1/10/2024 to 31/3/2025$’000 | 110,077 | – | PDF p. 147 |
| Distribution of 0.096 cents per Unit for period from 1/4/2025 to 3/4/2025$’000 | 1,745 | – | PDF p. 147 |
| Distribution statement; Distributions to Unitholders | |||
| Subtotal$’000 | 221,237 | 207,971 | PDF p. 147 |
| Income available for distribution to Unitholders | |||
| Income available for distribution to Unitholders at end of the financial year$’000 | 121,350 | 109,407 | PDF p. 147 |
| Distributions to Unitholders$’000 | 233,166 | 214,313 | PDF p. 147 |
| Distribution per Unit for the financial year (cents)cents per Unit | 12.113 | 12.042 | PDF p. 147 |
| Note A – Net tax and other adjustments relate to the following items: | |||
| Asset management fees paid/payable in Units$’000 | 19,411 | 25,604 | PDF p. 147 |
| Amortisation of transaction costs$’000 | 4,464 | 3,347 | PDF p. 147 |
| Amortisation of lease incentives$’000 | 1,910 | (2,853) | PDF p. 147 |
| Net tax and other adjustments | |||
| Other items$’000 | (7,974) | 12,653 | PDF p. 147 |
| Net tax and other adjustments$’000 | 17,811 | 38,751 | PDF p. 147 |
Definitions & sources
Original report: PDF p. 147 ↗
Note A – Net tax and other adjustments relate to the following items:
– Asset management fees paid/payable in Units
– Amortisation of transaction costs
– Amortisation of lease incentives
– Other items
Net tax and other adjustments
(1) In determining the distributions relating to FY24, FCT released $1,092,000 of its tax-exempt income available for distribution to Unitholders which had been retained in FY23. (2) The distribution relating to period from 4 April 2025 to 30 September 2025 will be paid on 28 November 2025. (3) Include tax-exempt dividend declared by FCT Holdings (Sigma) Pte. Ltd. of $7,100,000 in FY24. (4) Include distribution of $3,825,000 from NEX Partners Trust (“NP Trust”) after it is a subsidiary of the Group on 26 March 2024.
Statements of movements in Unitholders’ funds
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Statements of movements in Unitholders’ funds | |||||
| Balance at beginning of the financial year$’000 | 4,160,666 | 3,973,235 | 4,036,956 | 3,832,744 | PDF p. 148 |
| Operations | |||||
| Total return for the financial year$’000 | 199,862 | 197,546 | 217,673 | 206,469 | PDF p. 148 |
| Unitholders’ transactions; Creation of Units | |||||
| equity fund raising$’000 | 421,282 | 200,002 | 421,282 | 200,002 | PDF p. 148 |
| issued/issuable as satisfaction of asset management fees$’000 | 19,411 | 25,604 | 19,411 | 25,604 | PDF p. 148 |
| issued/issuable as satisfaction of acquisition and divestment fees$’000 | 11,503 | 5,211 | 11,503 | 5,211 | PDF p. 148 |
| Creation of Units | |||||
| Issue expenses$’000 | (5,520) | (3,334) | (5,520) | (3,334) | PDF p. 148 |
| Distributions to Unitholders$’000 | (221,237) | (207,971) | (221,237) | (207,971) | PDF p. 148 |
| Unitholders’ transactions | |||||
| Net increase in net assets resulting from Unitholders’ transactions$’000 | 225,439 | 19,512 | 225,439 | 19,512 | PDF p. 148 |
| Hedging reserve | |||||
| Effective portion of change in fair value of cash flow hedges$’000 | (40,926) | (33,255) | (20,927) | (19,460) | PDF p. 148 |
| Net change in fair value of cash flow hedges reclassified to statement of total return$’000 | 8,379 | (2,309) | 8,379 | (2,309) | PDF p. 148 |
| Share of movement in hedging reserve of joint ventures$’000 | (9,969) | (17,767) | – | – | PDF p. 148 |
| Net decrease in net assets resulting from hedging reserve$’000 | (42,516) | (53,331) | (12,548) | (21,769) | PDF p. 148 |
| Translation reserve | |||||
| Realisation of translation reserve arising from the liquidation of investment in subsidiary$’000 | – | 57 | – | – | PDF p. 148 |
| Realisation of translation reserve arising from the divestment of investment in associate$’000 | – | 23,644 | – | – | PDF p. 148 |
| Net effect of exchange gain arising from translation of financial statements of subsidiaries$’000 | – | 3 | – | – | PDF p. 148 |
| Net increase in net assets resulting from translation reserve$’000 | – | 23,704 | – | – | PDF p. 148 |
| Balance at end of the financial year$’000 | 4,543,451 | 4,160,666 | 4,467,520 | 4,036,956 | PDF p. 148 |
| Perpetual securities | |||||
| Balance at beginning of the financial year$’000 | – | – | – | – | PDF p. 148 |
| Proceeds from issuance of perpetual securities$’000 | 200,000 | – | 200,000 | – | PDF p. 148 |
| Issue expenses$’000 | (1,582) | – | (1,582) | – | PDF p. 148 |
| Balance at end of the financial year$’000 | 198,418 | – | 198,418 | – | PDF p. 148 |
Definitions & sources
Original report: PDF p. 148 ↗
Statement of cash flows
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flow statement | |||
| Total return before tax$’000 | 199,475 | 196,464 | PDF p. 151 |
| Net allowance for doubtful receivables$’000 | 1,864 | 1,235 | PDF p. 151 |
| Bad debts written off$’000 | 1 | 46 | PDF p. 151 |
| Finance costs$’000 | 86,163 | 84,168 | PDF p. 151 |
| Asset management paid/payable in Units$’000 | 19,411 | 25,604 | PDF p. 151 |
| Finance income$’000 | (624) | (464) | PDF p. 151 |
| Depreciation of fixed assets$’000 | 29 | 29 | PDF p. 151 |
| Share of results of joint ventures$’000 | (62,645) | (66,224) | PDF p. 151 |
| Gain on divestment of investment property and investment in joint venture$’000 | (128) | (11,272) | PDF p. 151 |
| Loss on divestment of investment in associate$’000 | – | 24,644 | PDF p. 151 |
| Net change in fair value of investment properties$’000 | 11,130 | (14,661) | PDF p. 151 |
| Amortisation of lease incentives$’000 | 1,910 | (2,853) | PDF p. 151 |
| Fixed assets written off$’000 | 10 | – | PDF p. 151 |
| Operating income before working capital changes$’000 | 256,596 | 236,716 | PDF p. 151 |
| Trade and other receivables$’000 | (2,436) | (3,143) | PDF p. 151 |
| Trade and other payables$’000 | 1,722 | (17,576) | PDF p. 151 |
| Security deposits$’000 | 776 | (1,434) | PDF p. 151 |
| Cash flows generated from operating activities$’000 | 256,658 | 214,563 | PDF p. 151 |
| Income tax refunds$’000 | 20 | 1,104 | PDF p. 151 |
| Net cash flows generated from operating activities$’000 | 256,678 | 215,667 | PDF p. 151 |
| Acquisition of subsidiaries, net of cash and cash equivalents acquired$’000 | (329,487) | (317,686) | PDF p. 151 |
| Adjustment of consideration paid for investment in joint venture$’000 | – | (41) | PDF p. 151 |
| Net proceeds from divestment of investment property and investment in joint venture$’000 | 34,500 | 319,230 | PDF p. 151 |
| Net proceeds from divestment of investment in associate$’000 | – | 38,319 | PDF p. 151 |
| Distribution received from associate$’000 | – | 1,070 | PDF p. 151 |
| Distributions received from joint ventures$’000 | 67,074 | 45,488 | PDF p. 151 |
| Finance income received$’000 | 636 | 464 | PDF p. 151 |
| Capital and other expenditure on investment properties$’000 | (33,033) | (41,630) | PDF p. 151 |
| Acquisition of fixed assets$’000 | – | (21) | PDF p. 151 |
| Cash flows (used in)/generated from investing activities$’000 | (260,310) | 45,193 | PDF p. 151 |
| Proceeds from borrowings$’000 | 1,050,645 | 874,697 | PDF p. 152 |
| Repayment of borrowings$’000 | (1,267,397) | (1,043,000) | PDF p. 152 |
| Interest expense paid$’000 | (87,425) | (82,766) | PDF p. 152 |
| Proceeds from issue of new units$’000 | 421,282 | 200,002 | PDF p. 152 |
| Proceeds from issue of perpetual securities$’000 | 200,000 | – | PDF p. 152 |
| Distributions to Unitholders$’000 | (221,237) | (207,971) | PDF p. 152 |
| Payment of transaction costs$’000 | (4,590) | (3,883) | PDF p. 152 |
| Payment of issue expenses for equity fund raising$’000 | (5,360) | (3,334) | PDF p. 152 |
| Payment of issue expenses for perpetual securities$’000 | (1,567) | – | PDF p. 152 |
| Cash flows generated from/(used in) financing activities$’000 | 84,351 | (266,255) | PDF p. 152 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 80,719 | (5,395) | PDF p. 152 |
| Cash and cash equivalents at beginning of the financial year$’000 | 26,811 | 32,206 | PDF p. 152 |
| Cash and cash equivalents at end of the financial year$’000 | 107,530 | 26,811 | PDF p. 152 |
Definitions & sources
Original report: PDF p. 151 ↗ PDF p. 152 ↗
Significant Non-Cash Transactions During the financial year, 8,485,413 (2024: 11,349,312) Units were issued and issuable in satisfaction of asset management fees payable in Units, amounting to a value of $19,411,000 (2024: $25,604,000). On 2 June 2025, 5,421,052 Units were issued in satisfaction of the acquisition fee of $11,330,000 in connection with the acquisition of the entire 100.0% interest in North Gem Trust (“NG Trust”) and its trustee-manager, Frasers Property North Gem Trustee Pte. Ltd. (“NG Trustee-Manager”). On 1 October 2025, 73,806 Units were issued in satisfaction of the divestment fee of $173,000 in connection with the divestment of Y10. On 1 April 2024, 2,390,435 Units were issued in satisfaction of the acquisition fee of $5,211,000 in connection with the acquisition of all the ordinary shares in the capital of FCL Emerald (1) Pte. Ltd. (“FCL Emerald”), which holds a 49.0% interest in each of NP Trust and Frasers Property Coral Pte. Ltd. (“FP Coral”), the trustee-manager of NP Trust (“NEX Acquisition”).
Five-year key financial data
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FCT and subsidiaries (FCT Group) | 2022FCT and subsidiaries (FCT Group) | 2023FCT and subsidiaries (FCT Group) | 2024FCT and subsidiaries (FCT Group) | 2025FCT and subsidiaries (FCT Group) | Source |
|---|---|---|---|---|---|---|
| Selected income statement and distribution information | ||||||
| Gross Revenue$’000 | 341,149 | 356,931 | 369,723 | 351,733 | 389,603 | PDF p. 11 |
| Net Property Income$’000 | 246,567 | 258,597 | 265,586 | 253,386 | 277,980 | PDF p. 11 |
| Distributions to Unitholders$’000 | 204,674 | 208,190 | 207,745 | 214,313 | 233,166 | PDF p. 11 |
| Selected balance sheet information | ||||||
| Total Assets$ million | 5,898.8 | 5,941.4 | 6,375.2 | 6,378.9 | 7,612.2 | PDF p. 11 |
| Total Borrowings$ million | 1,815.0 | 1,815.0 | 2,212.1 | 2,043.8 | 2,612.0 | PDF p. 11 |
| Net Assets$ million | 3,918.8 | 3,964.1 | 3,973.2 | 4,160.7 | 4,741.9 | PDF p. 11 |
| Other financial indicators | ||||||
| Distribution per Unit (cents)cents per Unit | 12.085 | 12.227 | 12.150 | 12.042 | 12.113 | PDF p. 11 |
| Net Asset Value per Unit ($)$ per Unit | 2.30 | 2.33 | 2.32 | 2.29 | 2.23 | PDF p. 11 |
| Aggregate Leverage% | 33.3 | 33.0 | 39.3 | 38.5 | 39.6 | PDF p. 11 |
| Interest Coverage Ratio (times)times | 4.77 | 5.19 | 3.47 | 3.41 | 3.46 | PDF p. 11 |
| Market Capitalisation ($ million)$ million | 3,857.3 | 3,693.5 | 3,741.5 | 4,166.8 | 4,708.0 | PDF p. 11 |
Definitions & sources
Original report: PDF p. 11 ↗
1 Excludes proportionate share of borrowings of SST and GRPL. The total borrowings FY23, FY24 and FY25 include approximate A$238.1 million floating rate loans swapped to $220.0 million fixed rate loans.
2 The investment properties in FY24 are Causeway Point, Northpoint City North Wing (including Yishun 10 Retail Podium), Tampines 1, Tiong Bahru Plaza, Century Square, Hougang Mall, White Sands and Central Plaza. The 50.0% interest in Waterway Point and the 50.0% effective interest in NEX are held through joint ventures.
3 The investment properties in FY25 are Causeway Point, Northpoint City (North Wing and South Wing), Tampines 1, Tiong Bahru Plaza, Century Square, Hougang Mall, White Sands, and Central Plaza. The 50.0% interest in Waterway Point and the 50.0% effective interest in NEX are held as investments in joint ventures.
4 Includes the distribution for the second half of FY21, FY22, FY23, FY24 and FY25 (for period from 4 April 2025 to 30 September 2025) to be paid after the respective financial year end.
5 In accordance with Property Funds Appendix, the aggregate leverage included proportionate share of borrowings as well as deposited property values of its joint ventures. The ratio of total net debt to total net asset value as at 30 September 2025 is 74.4% and is calculated based on the aggregate of FCT’s net debt (including perpetual securities) and proportionate share of the net debt of its joint ventures divided by total net asset value attributable to Unitholders (including proportionate share of net assets of its joint ventures).
6 Calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense, borrowing- related fees and distributions on hybrid securities as defined in the Code on Collective Investment Schemes issued by the MAS.
7 Based on the closing price and issued Units as at the last trading day for the respective financial year.
Portfolio statement — carrying values
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group portfolio statement; carrying value | 2024Group portfolio statement; carrying value | Source |
|---|---|---|---|
| Portfolio statement | |||
| Causeway Point$’000 | 1,354,000 | 1,342,000 | PDF p. 149 |
| Northpoint City North Wing$’000 | 800,000 | 788,000 | PDF p. 149 |
| Northpoint City South Wing (2)$’000 | 1,133,000 | – | PDF p. 149 |
| Yishun 10 Retail Podium (3)$’000 | – | 34,000 | PDF p. 149 |
| Tampines 1$’000 | 817,000 | 808,000 | PDF p. 149 |
| Tiong Bahru Plaza$’000 | 665,000 | 660,000 | PDF p. 149 |
| Century Square$’000 | 563,000 | 563,000 | PDF p. 149 |
| Hougang Mall$’000 | 467,000 | 439,000 | PDF p. 149 |
| White Sands$’000 | 431,000 | 430,000 | PDF p. 149 |
| Central Plaza$’000 | 219,000 | 219,000 | PDF p. 149 |
| Investment properties, at valuation$’000 | 6,449,000 | 5,283,000 | PDF p. 149 |
| Investment in joint ventures (Note 6)$’000 | 1,042,638 | 1,057,036 | PDF p. 149 |
| Portfolio statement; subtotal after investment in joint ventures | |||
| Subtotal$’000 | 7,491,638 | 6,340,036 | PDF p. 149 |
| Portfolio statement | |||
| Other assets and liabilities (net)$’000 | (2,749,769) | (2,179,370) | PDF p. 149 |
| Net assets$’000 | 4,741,869 | 4,160,666 | PDF p. 149 |
| Less: Perpetual securities$’000 | (198,418) | – | PDF p. 149 |
| Net assets attributable to Unitholders$’000 | 4,543,451 | 4,160,666 | PDF p. 149 |
Definitions & sources
Original report: PDF p. 149 ↗
Footnote (1): Net assets attributable to Unitholders.
Footnote (2): The acquisition of Northpoint City South Wing (“NPCSW”) was completed on 26 May 2025.
Footnote (3): The divestment of Yishun 10 Retail Podium (“Y10”) was completed on 23 September 2025.
Portfolio statement — percentage of net assets
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group portfolio statement; percentage of net assets | 2024Group portfolio statement; percentage of net assets | Source |
|---|---|---|---|
| Portfolio statement | |||
| Causeway Point% | 29.8 | 32.3 | PDF p. 149 |
| Northpoint City North Wing% | 17.6 | 18.9 | PDF p. 149 |
| Northpoint City South Wing (2)% | 24.9 | – | PDF p. 149 |
| Yishun 10 Retail Podium (3)% | – | 0.8 | PDF p. 149 |
| Tampines 1% | 18.0 | 19.4 | PDF p. 149 |
| Tiong Bahru Plaza% | 14.6 | 15.9 | PDF p. 149 |
| Century Square% | 12.4 | 13.5 | PDF p. 149 |
| Hougang Mall% | 10.3 | 10.6 | PDF p. 149 |
| White Sands% | 9.5 | 10.3 | PDF p. 149 |
| Central Plaza% | 4.8 | 5.3 | PDF p. 149 |
| Investment properties, at valuation% | 141.9 | 127.0 | PDF p. 149 |
| Investment in joint ventures (Note 6)% | 23.0 | 25.4 | PDF p. 149 |
| Portfolio statement; subtotal after investment in joint ventures | |||
| Subtotal% | 164.9 | 152.4 | PDF p. 149 |
| Portfolio statement | |||
| Other assets and liabilities (net)% | (60.5) | (52.4) | PDF p. 149 |
| Net assets% | 104.4 | 100.0 | PDF p. 149 |
| Less: Perpetual securities% | (4.4) | – | PDF p. 149 |
| Net assets attributable to Unitholders% | 100.0 | 100.0 | PDF p. 149 |
Definitions & sources
Original report: PDF p. 149 ↗
Footnote (1): Net assets attributable to Unitholders.
Footnote (2): The acquisition of Northpoint City South Wing (“NPCSW”) was completed on 26 May 2025.
Footnote (3): The divestment of Yishun 10 Retail Podium (“Y10”) was completed on 23 September 2025.
Five-year portfolio property values
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FCT Group; year ended 30 September | 2022FCT Group; year ended 30 September | 2023FCT Group; year ended 30 September | 2024FCT Group; year ended 30 September | 2025FCT Group; year ended 30 September | Source |
|---|---|---|---|---|---|---|
| Selected balance sheet information | ||||||
| Value of Portfolio Properties$ million | 5,506.5 | 5,516.0 | 5,220.5 | 5,283.0 | 6,449.0 | PDF p. 11 |
Definitions & sources
Original report: PDF p. 11 ↗
The 2 and 3 printed after FY24 and FY25 property values are separate footnote glyphs, excluded from the numeric amounts. Property scope and joint-venture interests follow footnotes 2 and 3 in the five-year financial data.
Half-year distribution per unit
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FCT Group; year ended 30 September | 2022FCT Group; year ended 30 September | 2023FCT Group; year ended 30 September | 2024FCT Group; year ended 30 September | 2025FCT Group; year ended 30 September | Source |
|---|---|---|---|---|---|---|
| Distribution per unit by financial reporting periods | ||||||
| 1Hcents per unit | 5.996 | 6.136 | 6.130 | 6.022 | 6.054 | PDF p. 11 |
| 2Hcents per unit | 6.089 | 6.091 | 6.020 | 6.020 | 6.059 | PDF p. 11 |
Definitions & sources
Original report: PDF p. 11 ↗
1H and 2H are the source chart legend. Full-year totals are shown in the five-year financial data.
Where the money comes from
Segment information
By business
Segment reporting FY2025 income statement items - Causeway Point, Northpoint City and Y10, Tampines 1 6 lines
| Item / unit | 2025Causeway Point, $'000 | 2025Northpoint City and Y10, $'000 | 2025Tampines 1, $'000 | Source |
|---|---|---|---|---|
| Revenue and expenses | ||||
| Gross rental income$'000 | 86,798 | 76,631 | 49,281 | PDF p. 206 |
| Others$'000 | 10,906 | 8,942 | 5,709 | PDF p. 206 |
| Gross revenue$'000 | 97,704 | 85,573 | 54,990 | PDF p. 206 |
| Segment net property income$'000 | 69,931 | 62,264 | 38,932 | PDF p. 206 |
| Net change in fair value of investment properties$'000 | 11,212 | (31,240) | 4,656 | PDF p. 206 |
| Taxation$'000 | – | – | 64 | PDF p. 206 |
Notes
(1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025.
(2) The divestment of Y10 was completed on 23 September 2025.
(3) The amounts mainly relate to adjustments made after the divestment of CCP on 31 October 2023.
Financial year ended 30 September 2025. Table continues on page 207.
Segment reporting FY2025 income statement items - remaining segments and Group 6 lines
| Item / unit | 2025Tiong Bahru Plaza, $'000 | 2025Century Square, $'000 | 2025Hougang Mall, $'000 | 2025White Sands, $'000 | 2025Central Plaza, $'000 | 2025Other investment property (3), $'000 | 2025Group, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue and expenses | ||||||||
| Gross rental income$'000 | 40,628 | 34,120 | 23,894 | 27,865 | 12,143 | – | 351,360 | PDF p. 207 |
| Others$'000 | 3,874 | 1,766 | 3,230 | 3,770 | 4 | 42 | 38,243 | PDF p. 207 |
| Gross revenue$'000 | 44,502 | 35,886 | 27,124 | 31,635 | 12,147 | 42 | 389,603 | PDF p. 207 |
| Segment net property income$'000 | 33,335 | 26,075 | 17,118 | 21,715 | 8,358 | 252 | 277,980 | PDF p. 207 |
| Net change in fair value of investment properties$'000 | 3,595 | (1,855) | 1,292 | 682 | 528 | – | (11,130) | PDF p. 207 |
| Taxation$'000 | 82 | 28 | 62 | 51 | 25 | – | 312 | PDF p. 207 |
Notes
Row labels are on page 206; values read from page 207 by row order. Financial year ended 30 September 2025.
Segment reporting FY2025 reconciliation to total return - Group 9 lines
| Item / unit | 2025Group, $'000 | Source |
|---|---|---|
| Revenue and expenses | ||
| Finance income$'000 | 624 | PDF p. 207 |
| Finance costs$'000 | (86,163) | PDF p. 207 |
| Non-property expenses$'000 | (44,606) | PDF p. 207 |
| Net income$'000 | 147,835 | PDF p. 207 |
| Share of results of joint ventures$'000 | 62,645 | PDF p. 207 |
| Gain on divestment of investment property and investment in joint venture$'000 | 128 | PDF p. 207 |
| Net foreign exchange loss$'000 | (3) | PDF p. 207 |
| Total return before tax$'000 | 199,475 | PDF p. 207 |
| Total return for the financial year$'000 | 199,862 | PDF p. 207 |
Notes
Labels on page 206 and values on page 207 are matched by vertical order; the printed value lines carry no labels on page 207.
Segment reporting FY2024 income statement items - Causeway Point, Northpoint City and Y10, Tampines 1 6 lines
| Item / unit | 2024Causeway Point, $'000 | 2024Northpoint City and Y10, $'000 | 2024Tampines 1, $'000 | Source |
|---|---|---|---|---|
| Revenue and expenses | ||||
| Gross rental income$'000 | 84,724 | 53,050 | 37,434 | PDF p. 208 |
| Others$'000 | 10,323 | 6,604 | 3,466 | PDF p. 208 |
| Gross revenue$'000 | 95,047 | 59,654 | 40,900 | PDF p. 208 |
| Segment net property income$'000 | 69,893 | 44,255 | 26,540 | PDF p. 208 |
| Net change in fair value of investment properties$'000 | 5,169 | 4,575 | 744 | PDF p. 208 |
| Taxation$'000 | – | – | 517 | PDF p. 208 |
Notes
(1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025.
(2) The divestment of Y10 was completed on 23 September 2025.
(3) The divestment of CCP was completed on 31 October 2023.
Financial year ended 30 September 2024.
Segment reporting FY2024 reconciliation to total return - Group 10 lines
| Item / unit | 2024Group, $'000 | Source |
|---|---|---|
| Revenue and expenses | ||
| Finance income$'000 | 464 | PDF p. 209 |
| Finance costs$'000 | (84,168) | PDF p. 209 |
| Non-property expenses$'000 | (40,644) | PDF p. 209 |
| Net income$'000 | 129,038 | PDF p. 209 |
| Share of results of joint ventures$'000 | 66,224 | PDF p. 209 |
| Gain on divestment of investment property and investment in joint venture$'000 | 11,272 | PDF p. 209 |
| Loss on divestment of investment in associate$'000 | (24,644) | PDF p. 209 |
| Net foreign exchange loss$'000 | (87) | PDF p. 209 |
| Total return before tax$'000 | 196,464 | PDF p. 209 |
| Total return for the financial year$'000 | 197,546 | PDF p. 209 |
Notes
Labels on page 208 and values on page 209 are matched by vertical order; the value lines carry no labels on page 209.
Segment assets, liabilities and other information as at/FY ended 30 September 2025 - Causeway Point, Northpoint City and Y10, Tampines 1 9 lines
| Item / unit | 2025Causeway Point, $'000 | 2025Northpoint City and Y10, $'000 | 2025Tampines 1, $'000 | Source |
|---|---|---|---|---|
| Assets and liabilities | ||||
| Segment assets$'000 | 1,357,686 | 1,994,970 | 825,112 | PDF p. 210 |
| Segment liabilities$'000 | 32,058 | 47,414 | 28,365 | PDF p. 210 |
| Other segmental information | ||||
| Net allowance/(written back) for doubtful receivables$'000 | 1,373 | 22 | (38) | PDF p. 210 |
| Bad debts written off$'000 | – | – | – | PDF p. 210 |
| Bad debts recovered$'000 | – | – | (2) | PDF p. 210 |
| Amortisation of lease incentives$'000 | 166 | 232 | 389 | PDF p. 210 |
| Depreciation of fixed assets$'000 | 16 | 7 | 3 | PDF p. 210 |
| Fixed assets written off$'000 | – | 10 | – | PDF p. 210 |
| Capital expenditure | ||||
| – Investment properties$'000 | 953 | 1,656 | 4,734 | PDF p. 210 |
Notes
(1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025.
(2) The divestment of Y10 was completed on 23 September 2025.
(3) The divestment of CCP was completed on 31 October 2023.
Segment assets and liabilities as at 30 September 2025; other information for FY ended 30 September 2025.
Segment assets, liabilities and other information 2025 - remaining segments and Group 8 lines
| Item / unit | 2025Tiong Bahru Plaza, $'000 | 2025Century Square, $'000 | 2025Hougang Mall, $'000 | 2025White Sands, $'000 | 2025Central Plaza, $'000 | 2025Other investment property (3), $'000 | 2025Group, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Assets and liabilities | ||||||||
| Segment assets$'000 | 676,099 | 573,701 | 470,447 | 437,179 | 223,369 | 1,596 | 6,560,159 | PDF p. 211 |
| Segment liabilities$'000 | 15,474 | 13,979 | 23,383 | 12,367 | 4,408 | 483 | 177,931 | PDF p. 211 |
| Other segmental information | ||||||||
| Net allowance/(written back) for doubtful receivables$'000 | – | 504 | – | 3 | – | – | 1,864 | PDF p. 211 |
| Bad debts written off$'000 | – | – | – | 1 | – | – | 1 | PDF p. 211 |
| Bad debts recovered$'000 | (1) | – | – | – | – | – | (3) | PDF p. 211 |
| Amortisation of lease incentives$'000 | (254) | 583 | 136 | (60) | 718 | – | 1,910 | PDF p. 211 |
| Depreciation of fixed assets$'000 | – | 1 | 1 | 1 | – | – | 29 | PDF p. 211 |
| Capital expenditure | ||||||||
| – Investment properties$'000 | 1,151 | 2,439 | 26,843 | 257 | 137 | – | 38,170 | PDF p. 211 |
Notes
Labels on page 210; values by row order on page 211. Fixed assets written off Group 10 appears as a lone value line on page 211 and is not tabulated here.
Segment reporting 30 September 2025 unallocated assets and liabilities - Group 7 lines
| Item / unit | 2025Group, $'000 | Source |
|---|---|---|
| Assets and liabilities | ||
| Investment in joint ventures$'000 | 1,042,638 | PDF p. 211 |
| Unallocated assets – Others$'000 | 9,435 | PDF p. 211 |
| Total assets$'000 | 7,612,232 | PDF p. 211 |
| Unallocated liabilities – Interest-bearing borrowings$'000 | 2,585,764 | PDF p. 211 |
| Unallocated liabilities – Derivative financial instruments$'000 | 87,489 | PDF p. 211 |
| Unallocated liabilities – Others$'000 | 19,179 | PDF p. 211 |
| Total liabilities$'000 | 2,870,363 | PDF p. 211 |
Notes
Labels on page 210; unlabeled values on page 211 matched by order.
Segment assets, liabilities and other information as at/FY ended 30 September 2024 - Causeway Point, Northpoint City and Y10, Tampines 1 9 lines
| Item / unit | 2024Causeway Point, $'000 | 2024Northpoint City and Y10, $'000 | 2024Tampines 1, $'000 | Source |
|---|---|---|---|---|
| Assets and liabilities | ||||
| Segment assets$'000 | 1,344,645 | 823,862 | 812,594 | PDF p. 212 |
| Segment liabilities$'000 | 32,331 | 21,458 | 31,985 | PDF p. 212 |
| Other segmental information | ||||
| Net allowance/(written back) for doubtful receivables$'000 | 1,062 | (1) | 33 | PDF p. 212 |
| Bad debts written off$'000 | – | – | – | PDF p. 212 |
| Bad debts recovered$'000 | – | – | (1) | PDF p. 212 |
| Amortisation of lease incentives$'000 | (85) | (698) | (2,480) | PDF p. 212 |
| Depreciation of fixed assets$'000 | 20 | 8 | 1 | PDF p. 212 |
| Capital expenditure | ||||
| – Investment properties$'000 | 746 | 727 | 33,776 | PDF p. 212 |
| – Fixed assets$'000 | – | – | 9 | PDF p. 212 |
Notes
(1) NPCSW was included in the Group’s portfolio following the completion of NPCSW Acquisition on 26 May 2025.
(2) The divestment of Y10 was completed on 23 September 2025.
(3) The divestment of CCP was completed on 31 October 2023.
Segment assets and liabilities as at 30 September 2024; other information for FY ended 30 September 2024.
Segment reporting 30 September 2024 unallocated assets and liabilities - Group 8 lines
| Item / unit | 2024Group, $'000 | Source |
|---|---|---|
| Assets and liabilities | ||
| Investment in joint ventures$'000 | 1,057,036 | PDF p. 213 |
| Unallocated assets – Derivative financial instruments$'000 | 2,301 | PDF p. 213 |
| Unallocated assets – Others$'000 | 6,873 | PDF p. 213 |
| Total assets$'000 | 6,378,871 | PDF p. 213 |
| Unallocated liabilities – Interest-bearing borrowings$'000 | 2,028,170 | PDF p. 213 |
| Unallocated liabilities – Derivative financial instruments$'000 | 26,303 | PDF p. 213 |
| Unallocated liabilities – Others$'000 | 15,057 | PDF p. 213 |
| Total liabilities$'000 | 2,218,205 | PDF p. 213 |
Notes
Labels on page 212; unlabeled values on page 213 matched by order.
Debt
Borrowings
Terms and debt repayment schedule, 2025
| Item / unit | 2025Group face value, $'000 | 2025Group carrying value, $'000 | 2025Trust face value, $'000 | 2025Trust carrying value, $'000 | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| Bank loans SGD 2025 – 2030$'000 | 2,312,010 | 2,302,826 | 961,946 | 957,754 | PDF p. 182 |
| Bank loan AUD 2026$'000 | 203,121 | 203,048 | 203,121 | 203,048 | PDF p. 182 |
| Medium Term Note SGD 2032$'000 | 80,000 | 79,890 | – | – | PDF p. 182 |
| Loan from subsidiary SGD 2032$'000 | – | – | 80,000 | 79,890 | PDF p. 182 |
| Total 2025$'000 | 2,595,131 | 2,585,764 | 1,245,067 | 1,240,692 | PDF p. 182 |
Notes
Columns: Currency, Year of maturity, Face value, Carrying value. Currency and maturity are in the printed label. Total row has no printed label.
Terms and debt repayment schedule, 2024
| Item / unit | 2024Group face value, $'000 | 2024Group carrying value, $'000 | 2024Trust face value, $'000 | 2024Trust carrying value, $'000 | Source |
|---|---|---|---|---|---|
| 2024 | |||||
| Bank loans SGD 2024 – 2029$'000 | 1,753,762 | 1,747,006 | 845,223 | 841,345 | PDF p. 182 |
| Bank loan AUD 2026$'000 | 211,500 | 211,166 | 211,500 | 211,166 | PDF p. 182 |
| Medium Term Note SGD 2024$'000 | 70,000 | 69,998 | – | – | PDF p. 182 |
| Loan from subsidiary SGD 2024$'000 | – | – | 70,000 | 69,998 | PDF p. 182 |
| Total 2024$'000 | 2,035,262 | 2,028,170 | 1,126,723 | 1,122,509 | PDF p. 182 |
Notes
Currency and maturity are in the printed label. Total row has no printed label.
Debt maturity profile as at 30 September 2025
| Item / unit | 2025Amount ($'million) | 2025As % of total borrowings | Source |
|---|---|---|---|
| Debt maturity profile | |||
| < 1 year$'million; % | 421.3 | 16.1 | PDF p. 39 |
| 1 to 2 years$'million; % | 91.4 | 3.5 | PDF p. 39 |
| 2 to 3 years$'million; % | 223.8 | 8.6 | PDF p. 39 |
| 3 to 4 years$'million; % | 1,078.2 | 41.3 | PDF p. 39 |
| 4 to 5 years$'million; % | 717.3 | 27.5 | PDF p. 39 |
| > 5 years$'million; % | 80.0 | 3.0 | PDF p. 39 |
| Total Borrowings$'million; % | 2,612.0 | 100.0 | PDF p. 39 |
Notes
Excludes proportionate share of borrowings of SST and GRPL and includes approximate A$238.1 million floating rate loans swapped to $220.0 million fixed rate loans.
Borrowing notes 5 tables
Interest-bearing borrowings (current and non-current)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Trust, $'000 | 2024Trust, $'000 | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Bank loans (secured)$'000 | – | 249,900 | – | – | PDF p. 181 |
| Bank loans (unsecured)$'000 | 404,531 | – | 310,031 | – | PDF p. 181 |
| Medium Term Note (unsecured)$'000 | – | 70,000 | – | – | PDF p. 181 |
| Loan from subsidiary (unsecured)$'000 | – | – | – | 70,000 | PDF p. 181 |
| Less: Unamortised transaction costs$'000 | (181) | (148) | (127) | (2) | PDF p. 181 |
| Interest-bearing borrowings (current total)$'000 | 404,350 | 319,752 | 309,904 | 69,998 | PDF p. 181 |
| Non-current liabilities | |||||
| Bank loans (secured)$'000 | 978,760 | – | 70,000 | – | PDF p. 181 |
| Bank loans (unsecured)$'000 | 1,131,840 | 1,715,362 | 785,036 | 1,056,723 | PDF p. 181 |
| Medium Term Note (unsecured)$'000 | 80,000 | – | – | – | PDF p. 181 |
| Loan from subsidiary (unsecured)$'000 | – | – | 80,000 | – | PDF p. 181 |
| Less: Unamortised transaction costs$'000 | (9,186) | (6,944) | (4,248) | (4,212) | PDF p. 181 |
| Interest-bearing borrowings (non-current total)$'000 | 2,181,414 | 1,708,418 | 930,788 | 1,052,511 | PDF p. 181 |
Notes
Secured on mortgage over Century Square (CS), White Sands (WS) and NPCSW (2024: CS and WS), plus assignments of insurances, tenancy agreements/bank accounts and a first fixed charge over assets.
Undrawn facilities as at 30 September 2025 amounted to $888,654,000 (2024: $786,053,000).
$80,000,000 (2024: $Nil) of Notes under the Debt Issuance Programme mature in March 2032 and bear a fixed interest rate of 3.30% per annum payable semi-annually in arrears. No outstanding (2024: $70,000,000) Notes under the FCT MTN Programme.
Group complied with covenants (aggregate leverage, loans to security value) throughout the year. Subtotal rows have no printed label.
Sources of funding: capacity and amount utilised (30 September 2025)
| Item / unit | 2025Capacity, $'million | 2025Amount utilised, $'million | Source |
|---|---|---|---|
| Sources of Funding | |||
| Revolving credit facilities (Unsecured)$'million | 1,422.1 | 616.3 | PDF p. 38 |
| Revolving credit facilities (Secured)$'million | 344.0 | 261.1 | PDF p. 38 |
| Medium term note programme (Unsecured)$'million | 1,000.0 | 0.0 | PDF p. 38 |
| Bank borrowings (Unsecured)$'million | 936.9 | 936.9 | PDF p. 38 |
| Bank borrowings (Secured)$'million | 717.7 | 717.7 | PDF p. 38 |
| Total$'million | 7,420.7 | 2,812.0 | PDF p. 38 |
Notes
1 Including perpetual securities of $200 million (the superscript 1 on 280.0). Total debt $2,612.0 million: $978.8 million secured bank borrowings, $1,553.2 million unsecured bank borrowings, $80.0 million unsecured notes; 83.4% on fixed rates.
Key debt metrics
| Item / unit | 202530 September 2025, Group | 202430 September 2024, Group | Source |
|---|---|---|---|
| Key financial metrics | |||
| % of debt hedged to fixed rate interest% | 83.4 | 71.4 | PDF p. 39 |
| Average all-in cost of debt% | 3.8 | 4.1 | PDF p. 39 |
Notes
Footnote 4: Based on year-to-date cost of debt. Footnote 1: Excludes proportionate share of borrowings of SST and GRPL and includes approximate A$238.1 million floating rate loans swapped to $220.0 million fixed rate loans.
Liquidity risk: interest-bearing borrowings contractual cash flows, Group
| Item / unit | 2025Group as at 30 September 2025: Carrying amount | 2025Group 2025: Contractual cash flows | 2025Group 2025: Within 1 year | 2025Group 2025: 1 to 5 years | 2025Group 2025: More than 5 years | Source |
|---|---|---|---|---|---|---|
| Group As at 30 September 2025 | ||||||
| Interest-bearing borrowings (2025)$'000 | (2,585,764) | (2,783,946) | (451,529) | (2,248,461) | (83,956) | PDF p. 203 |
| Group As at 30 September 2024 (2024 column set) | ||||||
| Interest-bearing borrowings (2024)$'000 | (2,028,170) | (2,214,314) | (382,202) | (1,832,112) | – | PDF p. 203 |
Notes
Second row is the 30 September 2024 comparative, in the same columns (2024 values; carrying amount, contractual cash flows, within 1 year, 1 to 5 years, more than 5 years). Contractual cash flows include interest payments.
Liquidity risk: interest-bearing borrowings contractual cash flows, Trust
| Item / unit | 2025Trust as at 30 September 2025: Carrying amount | 2025Trust 2025: Contractual cash flows | 2025Trust 2025: Within 1 year | 2025Trust 2025: 1 to 5 years | 2025Trust 2025: More than 5 years | Source |
|---|---|---|---|---|---|---|
| Trust As at 30 September 2025 | ||||||
| Interest-bearing borrowings (2025)$'000 | (1,240,692) | (1,335,439) | (331,803) | (919,680) | (83,956) | PDF p. 204 |
| Trust As at 30 September 2024 (2024 column set) | ||||||
| Interest-bearing borrowings (2024)$'000 | (1,122,509) | (1,232,033) | (106,794) | (1,125,239) | – | PDF p. 204 |
Notes
Second row is the 30 September 2024 comparative, in the same columns (2024 values).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distributions | FCT’s distribution policy is to distribute at least 90.0% of its taxable income, comprising substantially its income from the letting of its properties and related property maintenance services income after deduction of allowable expenses and such distributions are typically paid on a half-yearly basis. | FCT | PDF p. 132 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| First half (1 October – 31 March) | 6.054 cents per unit | FY25 1H DPU (1 October 2024 - 31 March 2025) | PDF p. 36 |
| Second half (1 April – 30 September) | 6.0591 cents per unit | FY25 2H DPU (1 April - 30 September 2025) | PDF p. 36 |
| Full Year (1 October – 30 September) | 12.113 cents per unit | FY25 full year (1 October 2024 - 30 September 2025) | PDF p. 36 |
| First half (1 October – 31 March) | 6.0222 cents per unit | FY24 1H DPU (1 October 2023 - 31 March 2024), comparative | PDF p. 36 |
| Second half (1 April – 30 September) | 6.020 cents per unit | FY24 2H DPU (1 April - 30 September 2024), comparative | PDF p. 36 |
| Full Year (1 October – 30 September) | 12.042 cents per unit | FY24 full year (1 October 2023 - 30 September 2024), comparative | PDF p. 36 |
| Distributions | The distribution for the second half-year (for the period from 4 April 2025 to 30 September 2025 (excluding the advance distribution for the period from 1 April 2025 to 3 April 2025)) was made on 28 November 2025. | FY25 2H distribution | PDF p. 132 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distributions to Unitholders | 233,166 $'000 | FCT Group FY25 (FY21-FY25 columns printed; FY25 last) | PDF p. 11 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage2 | 39.6% | FCT Group, 30 September 2025; comparative 30 September 2024: 38.5% · As at 2025-09-30 | PDF p. 39 |
| Interest coverage ratio3 | 3.46 times | FCT Group, year ended 30 September 2025; comparative 2024: 3.41 times · As at 2025-09-30 | PDF p. 39 |
| % of debt hedged to fixed rate interest | 83.4% | FCT Group, 30 September 2025; comparative 30 September 2024: 71.4% · As at 2025-09-30 | PDF p. 39 |
| Average all-in cost of debt4 | 3.8% | FCT Group, 30 September 2025; comparative 30 September 2024: 4.1% · As at 2025-09-30 | PDF p. 39 |
| Average debt maturity | 3.2 years | FCT Group, 30 September 2025; comparative 30 September 2024: 2.6 years · As at 2025-09-30 | PDF p. 39 |
| WALE4 of the Retail Portfolio3 | 1.8 years | Retail Portfolio, 30 September 2025; comparative FY24: 2.1 years · As at 2025-09-30 | PDF p. 27 |
| Net Asset Value per Unit ($)4 | 2.23 $ | FCT Group, FY25 (30 September 2025); comparative FY24: 2.29 · As at 2025-09-30 | PDF p. 11 |
| Distribution per Unit (cents)4 | 12.113 cents | FCT Group, FY25 (year ended 30 September 2025); comparative FY24: 12.042 | PDF p. 11 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group and Trust, FY ended 30 September 2025 | PDF p. 144 |
| Engagement partner | Sarina Lee | Group and Trust, FY ended 30 September 2025 | PDF p. 144 |
| Opinion | present fairly, in all material respects | Group and Trust, FY ended 30 September 2025 | PDF p. 141 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The valuation of investment properties is considered a key audit matter because it involves significant judgement in determining the appropriate valuation methodology to be used, and in estimating the underlying assumptions to be applied. | Group, as at 30 September 2025 · As at 2025-09-30 | PDF p. 142 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual report, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.