Frasers Centrepoint Trust has announced a distribution per unit (DPU) of 1.95 cents for 1Q11 (1 Oct to 31 Dec 2010 period).

1Q11 gross revenue grew 19% y-on-y to $27.6 million, aided by the accretive acquisitions of Northpoint 2 and YewTee Point. 1Q11 net property income similarly rose 17% y-on-y to $18.6 million, even though Causeway Point income was affected by planned refurbishment works.

Portfolio occupancy level stands at 92% as at 31 December 2010, as Causeway Point occupancy dipped to 86%. The other malls in the portfolio continue to maintain close to full occupancy. In 1Q11, leases for 3% of the portfolio NLA were signed, achieving average rental reversions of 12% over preceding rents.

In November 2010, FCT signed an agreement with DBS Bank, OCBC Bank and Standard Chartered Bank for a $264 million secured five-year loan facility. FCT intends to use the facility to pay down a $260 million debt expiring in July 2011. The facility incurs an interest rate of 95 basis points above the five-year Singapore swap offer rate, which stood at 2.03% as at 31 December 2010.