SPH Reit reports 0.7% increase in Q3 DPU

SINGAPORE-BASED mall investment trust SPH Reit on Wednesday reported a 5.4 per cent growth in net property income to S$42.2 million in its fiscal third quarter, from S$40 million the year before.

This, thanks to proactive management of utility contract and other expenses, SPH Reit Management said.

The Reit, whose portfolio includes Paragon and The Clementi Mall, reported a 2 per cent increase in income available for distribution to S$35.7 million for the quarter ended May 31, 2017, from S$35 million the year before. Its distribution per unit (DPU) was 1.37 Singapore cents, up 0.7 per cent.

The Reit, whose sponsor is Singapore Press Holdings (SPH), also reported a 2.1 per cent year-on-year increase in gross revenue for the period, to S$53.3 million, on the back of higher rental income.

SPH Reit closed at S$0.995 apiece.