Singapore-listed retail REIT Frasers Centrepoint Trust (FCT)(SGX:J69U) posted a distribution per unit (DPU) of 2.88 Singapore cents for its 2Q 2014.

The figure represents an increase of 6.7% from the 2.7 Singapore cents posted in the corresponding period last year. The increase comes on the back of a 2.9% year-on-year growth in gross revenue which reported in at SGD41 million for the quarter.

The REIT has largely attributed the growth in takings to higher rental revenue from Causeway Point during the quarter. The suburban Singapore shopping mall recently underwent major asset enhancement works.

Overall portfolio occupancy for the REIT remained stable at 96.8%, unchanged from the previous year’s 96.7%. Occupancy for one of its newer properties, Bedok Point remained a concern at 77% however the REIT expects this to recover above 95% from the second half of 2014 once new tenants commence their leases.

The REIT recently announced the acquisition of its sixth mall, Changi City Point, for SGD305 million. FCT expects the addition to sustain the REIT’s ability to continue stable distribution in the coming quarters.

Units of FCT ended the day 0.5% higher on the Singapore Exchange to end at SGD1.81.