You are here
SPH Reit posts second quarter DPU of 1.41 Singapore cents
SPH Reit’s distribution per unit (DPU) for the second quarter ended 28 Feb, 2019 edged up 0.7 per cent to 1.41 Singapore cents from a year ago.
Gross revenue increased 8.5 per cent year on year to S$58.12 million thanks to contributions from The Rail Mall and Figtree Grove Shopping Centre which were acquired in June and December last year, respectively. Net property income (NPI) was also 8.5 per cent higher, rising to S$45.86 million, while income available for distribution clocked S$37.02 million, representing a 2.5 per cent gain from a year ago.
The Reit’s properties maintained an occupancy of 99.2 per cent as at 2Q 2019, while the overall portfolio registered a positive rental reversion of 8.4 per cent for 1H 2019. Paragon recorded positive rental reversion of 8.6 per cent for new and renewed leases for 1H 2019, which represented 15.2 per cent of the mall’s net lettable area. The Clementi Mall and The Rail Mall recorded positive rental reversion of 5 per cent and 6.2 per cent, respectively for 1H 2019.
For 1HFY19, DPU totalled 2.75 cents, versus 2.74 cents previously. Gross revenue rose 4.5 per cent year on year to S$111.93 million, thanks to the two acquisitions last year, although the increase was partially offset by lower rental income from Paragon. NPI was 3.8 per cent higher at S$87.64 million and income available for distribution was up 0.3 per cent at S$72.87 million.
The DPU will be paid to unitholders on 17 May. Units in the Reit closed at S$1.06 on Friday, unchanged.