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SPH Reit Q2 net property income rises 5.2%

Monday, April 10, 2017 - 20:02

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SPH Reit's second-quarter net property income increased by 5.2 per cent year-on-year to S$42.7 million as the retail real estate investment trust adjusted its utility contract and enjoyed a lower property tax burden.

SPH Reit's second-quarter net property income increased by 5.2 per cent year-on-year to S$42.7 million as the retail real estate investment trust adjusted its utility contract and enjoyed a lower property tax burden.

Income available for distribution increased by 2.4 per cent to S$37.3 million for the quarter, while distribution per unit held at 1.40 Singapore cents.

For the six months ended Feb 28, 2017, net property income increased by 4.3 per cent to S$84.2 million, while income available for distribution increased by 2.7 per cent to S$73.7 million and distribution per unit gained 0.01 Singapore cent to 2.74 Singapore cents.

The Reit, whose sponsor, Singapore Press Holdings, owns The Business Times, had a gearing level of 25.7 per cent as at Feb 28, 2017. The weighted average term to maturity for its debt is 2.6 years.

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SPH Reit closed at 97.5 Singapore cents on Monday, lower by 0.5 per cent or half a cent, before the results were announced.

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