Frasers Centrepoint Asset Management, the manager of Frasers Centrepoint Trust (FCT), is has announced a distribution per unit (DPU) of 2.16 cents for 4Q10 (1 Jul to 30 Sep 2010 period).

This brings total DPU for FY2010 (1 Oct 2009 to 30 Sep 2010 period) to a record 8.20 cents, a 9% increase over the previous financial year.

FY2010 gross revenue grew 32% y-on-y to a record high of $114.7 million. Gross revenue was boosted by the accretive acquisitions of Northpoint 2 and YewTee Point, and the successful revamp of Northpoint 1. FY2010 net property income similarly grew 34% y-on-y to $80.1 million. Distributable income rose 26% y-on-y to $59.2 million. Full year DPU increased 9% y-on-y to 8.20¢.

Portfolio occupancy level remained high at 98.1% as at 30 September 2010, in spite of the on- going refurbishment of Causeway Point. In FY2010, leases for 8.6% of the portfolio NLA were signed, achieving average rental reversions of 7% over preceding rents. Tenants’ occupancy costs1 remained healthy at 13.7%2 as FCT malls generated strong traffic and business for its tenants.

Total assets grew 30% y-on-y to $1.5 billion as at 30 September 2010, driven largely by new acquisitions. FCT recognised revaluation surplus of $42.5 million in FY2010, with all properties recording higher valuations.

FCT says the refurbishment of Causeway Point is proceeding smoothly. Costing $72 million, the enhancement works will rejuvenate Causeway Point by expanding and improving its retail offerings and facilities. Retailers have shown keen interest by pre-committing 87% of the space on level one, where most of the work is currently taking place. The enhancement programme is estimated to span 30 months, and net property income is targeted to increase by 20%.