SPH REIT's property on Orchard Road, Paragon. (Photo: REITsWeek)

SPH REIT’s gross revenue for its 1Q 2021 has come in at SGD66.6 million, an increase of 10.8% year-on-year.

This is largely attributed to Westfield Marion’s contribution of SGD12.8 million.

However, the REIT’s 1Q FY2021 gross revenue for its Singapore properties decreased by 11.3% year-on-year to SGD49.7 million.

This was largely attributed to the rental relief granted to assist tenants which were significantly impacted by COVID-19, said the REIT.

Footfall and tenant sales across the malls recovered during the year-end festive period, though Paragon continued to be impacted by border restrictions and The Clementi Mall being impacted by the work-from-home arrangements, SPH REIT added.

Gross revenue from its Australian portfolio was SGD16.9 million, including the income from Westfield Marion that began in 2Q FY2020.

Other data from SPH REIT’s latest reporting have been updated into the Singapore REITs table.

The REIT’s full disclosure for the period can be viewed here.

SPH REIT was last done on the SGX at SGD0.835, which implies a distribution yield of 5.75% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

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