The additional zone that has ben incorporated into SPH REIT's property on Orchard Road, Paragon. (Photo: REITsWeek)

SPH REIT has reported a distribution per unit (DPU) of 1.39 cents for its 3Q 2019, an increase of 1.5% against 3Q FY18.

Net property income (NPI) for the period was SGD46.3 million, an increase of 14.2% compared to the same quarter last year.

The REIT has attributed this mainly due to contributions from acquisitions of The Rail Mall in Singapore and Figtree Grove Shopping Centre in New South Wales, Australia.

Income available for distribution to unitholders of SGD36.8 million for 3Q FY19, higher by 4.8%, compared to 3Q FY18.

Its portfolio occupancy was 99% as at 3Q 2019, and the REIT recorded positive rental reversions of 8.6% for new and renewed leases for YTD 3Q FY19.

This represented 21.4% of Paragon’s net lettable area.

The Clementi Mall and The Rail Mall recorded positive rental reversion of 5.8% and 9.1% respectively, while its overall portfolio registered a positive rental reversion of 8.4%.

The REIT’s portfolio gearing was 30.1% and weighted average term to maturity was 1.8 years as at 31 May 2019.

The annualized average cost of debt was 2.89% per annum for YTD 3Q FY19.

The 3Q FY19 distribution will be paid to unitholders on 22 August 2019.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.