Singapore-listed retail REIT, SPH REIT (SGX:SK6U), announced on 12 October that it has recorded a 1.45% or SGD2.9 million increase in gross revenue for its FY2015, ending at SGD205.1 million for its financial year that ended on 31 August 2015.

The increase has been attributed to higher rental income from both Paragon and The Clementi Mall. Net property income (NPI) of SGD155.6m for the financial year was 3.3% higher than FY2014.

Income available for distribution to unitholders was SGD138.5 million for FY2015, representing an increase of 1.6% while aggregate distribution per unit (DPU) for FY2015 of 5.47 Singapore cents was 0.7% higher against the previous financial year.

The DPU for 4Q 2015 stands at 1.39 Singapore cents - no change from the corresponding period in 2014.

Paragon and The Clementi Mall maintained 100% occupancy, said the REIT in an official statement on the results. “Paragon continues to achieve consistently robust performance with rental uplift of 9.1% for new or renewed leases in FY2015”, said SPH REIT.

“For The Clementi Mall, which completed its first renewal cycle last year, the focus was to finetune tenancy mix to attract the desired retailers and strengthen the offering to a wider base of shoppers. It recorded a negative rental reversion of 5.6% on a very small percentage (5%) of total net lettable area”, the REIT added.

SPH REIT is cautiously optimistic on its prospects for FY2016. “Barring any unforeseen circumstances, SPH REIT’s two high quality and well-positioned retail properties in prime locations, are expected to remain resilient, and turn in a steady performance”, said the REIT.

SPH REIT unitholders can expect to receive distribution payment for the period on 16 November 2015. Units of the REIT are currently listed on the Singapore Exchange at SGD0.965.