SPH reports 2.1% increase in DPU for 4Q 2019 on positive rental reversions

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SPH REIT has reported a distribution per unit (DPU) of 1.46 Singapore cents for its 4Q 2019, an increase of 2.1% year-on-year.

As such, FY2019 DPU is at 5.60 cents, an increase of 1.1% compared to DPU in FY2018 of 5.54 cents.

The REIT’s gross revenue for 4Q 2019 was 10.2% higher year-on-year at SGD58.3 million, while net property income saw an 11.8% improvement at SGD45.8 million.

Paragon and The Clementi Mall continued to deliver steady performance and contributed an increase in NPI of approximately SGD2.0 million for the year, said SPH REIT.

SPH REIT’s portfolio registered an occupancy rate of 99.1%, a slight improvement over the 99.0% in the previous quarter.

Its three assets in the Singapore portfolio maintained its high occupancy rate of 99.1% and delivered a positive rental reversion of 9.4%.

Meanwhile, the newly acquired Australian asset, Figtree Grove Shopping Centre, saw an occupancy rate of 99.2%.

Paragon’s positive rental reversion in FY2019 was 9.7% for new and renewed leases, representing 26.6% of total net lettable area (NLA).

“Paragon’s prime location in Orchard Road benefited from the higher international tourist arrivals and the mall’s visitor traffic improved by approximately 1.0% to 19 million”, said the REIT.

Tenant sales at the property increased by 2.2% to SGD708 million.

The positive rental reversion at The Clementi Mall in FY2019, was 5.0% representing 10.7% of the total NLA.

The Clementi Mall continues to draw strong visitorship of 31.6 million and tenant sales improved by 3.0% to S$237 million, said the REIT.

As at 31 August 2019, its total borrowings were approximately SGD1.1 billion with a debt gearing ratio of 27.5%.

These figures have been updated in the Singapore REITs fundamentals table.

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