This is where Frasers Centrepoint Trust owes its 13.7% gain rise

It's not just Bedok Point's contributions.

According to OCBC, Frasers Centrepoint Trust (FCT) reported a strong set of 4QFY12 results yesterday. NPI grew by 13.7% YoY to S$28.7m, while distributable amount rose 21.8% to S$22.3m.

Here's more from OCBC:

DPU reached its record high at 2.71 S cents (+15.3%), partially boosted by a distribution of S$1.2m that was retained in 1HFY12. This was spot on with our 4Q
DPU forecast but was ahead of street’s expectations.

As a result, FY12 DPU amounted to 10.01 S cents, up 20.3%. This implies a decent yield of 5.3%.

Expectedly, the strong performance was driven by Causeway Point (CWP) following the substantial completion of the mall’s refurbishment and full-year contribution from Bedok Point.

Positive rental reversion of 8.9% was also achieved during the quarter. As at 30 Sep, FCT’s portfolio occupancy was largely unchanged at 93.6% (93.7% in 3Q).

Management reiterated that the asset enhancement initiative (AEI) at CWP is on track for full completion and is expected to reach full occupancy by Dec as the refurbished space on levels 5 and 7 are progressively leased out to tenants. In addition, average current passing rent is north of S$12.20, significantly higher than the rent of S$10.20 prior to AEI.