SPH Reit proposes DPU of 0.5 cents for Q3FY20

SPH Reit has proposed a distribution of 0.5 cent per unit for the third quarter of FY2020, which ended on May 31. The record date for the distribution is July 9, and the payment date, Aug 18.

In a presentation of its key business and operational highlights for the quarter on Wednesday night, SPH Reit reported a portfolio occupancy of 98.8 per cent and a weighted average lease to expiry of 4.1 years.

The Reit is sponsored by Singapore Press Holdings, which publishes The Business Times.

Its portfolio comprises three commercial properties in Singapore and two in Australia.

Its properties in Singapore experienced a significant decline in footfall during the "circuit-breaker" period, which began in April and ended in June, during which period SPH Reit had extended rental waivers to its eligible tenants.

Footfall has shown a "gradual recovery" since Phase 2 of Singapore's reopening on June 19.

In Australia, movement restrictions have been relaxed since May; SPH Reit said there has been an "encouraging recovery of footfall and sales" there.

The Australian government had in April mandated that landlords assist eligible tenants by sharing financial risks and cash flow impacts. SPH Reit said it is "working with joint-venture partners to roll out targeted assistance on a tenant-by-tenant basis, while also exploring mutual benefits between landlord and tenants".