Singapore-listed retail REIT, SPH REIT, announced on 7 July that it has achieved a distribution per unit (DPU) of 1.36 cents for its 3Q 2016, an increase of 0.7% against the 1.35 cents paid in 3Q 2015.

Gross revenue for the period grew by 1.9% to SGD52.2 million on the back of higher rental income achieved from Paragon, said the REIT.

Net property income (NPI) for the quarter increased by 1.8% by SGD0.7 million to SGD40.0 million while income available for distribution increased by 1.1% to SGD35.0 million.

Paragon achieved a rental uplift of 4.9% for new and renewed leases in the year-to-date (YTD) till 3Q 2016 while The Clementi Mall recorded a positive rental reversion of 4.5% for the period. Both properties are 100% occupied.

The REIT’s gearing level as at 31 May 2016 was 25.7% with an average cost of debt of 2.84% per annum for YTD 3Q 2016 and an average weighted debt maturity of 2.2 years.

The 3Q 2016 distribution will be paid to unitholders on 16 August 2016.

Units of SPH REIT finished flat from its previous close on the Singapore Exchange to end at SGD0.94.