Financial analysts monitoring SPH REIT are split on the security after rents at its flagship property, Paragon, continued to register an overall decline for FY2018.
SPH REIT reported a distribution per unit (DPU) of 1.43 Singapore cents for its 4Q 2018, which is an increase of 0.7% year-on-year.
Taken on a financial year basis, the REIT’s The aggregate DPU of 5.54 cents for FY2018 represents an increase of 0.2%.
Accordingly, the REIT’s net property income (NPI) for the year ended 31 August 2018 was SGD166 million (USD120 million), a decrease of 1.2% compared to the previous financial year.
SPH REIT has attributed the fall mainly to lower revenue at Paragon, although this was partially offset by higher contribution from The Clementi Mall, and The Rail Mall.