Frasers Centrepoint Trust (FCT) has reported a retail portfolio committed occupancy of 99.9% for the 3QFY2025 ended June 30, excluding Hougang Mall due to the ongoing asset enhancement initiative (AEI) works.

The trust reported an aggregate leverage of 42.8% as at June 30, which stands at 40.4% with perpetual securities included. Its cost of debt stood at 3.7%, down from the 3.8% last quarter.

Its average debt maturity as at June 30 stands at 3.38 years, and interest coverage ratio stood at 3.39 times.

The trust has $2.857 billion in total borrowings as at June 30, 58.2% of which are unsecured bank borrowings, 39.1% are secured borrowings and 2.7% are medium term notes.

In the 3QFY2025, FCT completed an equity fund raising of $421.3 million, and issued $200 million of perpetual securities at a price of 3.98%.

FCT says that it has received 74% leasing pre-commitment in Hougang Mall which is currently undergoing AEI. It is targeting an about 7% return on investment on a $51 million capex.

Units in FCT closed 1 cent lower or 0.452% down at $2.20 on July 24.