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

Data from SPH REIT’s latest disclosure have been updated into the Singapore REITs table.

On the back of improved operating performance across its portfolio, SPH REIT has reported gross revenue of SGD209.6 million for the nine months ended 31 May, an increase of 22% year-on-year.

Correspondingly, the REIT’s 3Q 2021 DPU of 1.38 cents is a 11.3% increase compared to what was declared for 2Q.

SPH REIT has attributed the improved revenue figures largely to the additional quarter of financial contribution from Westfield Marion relative to the same period last year.

A decrease in COVID-19-related rent reliefs to eligible tenants in both Singapore and Australia also buffered its financial results for the financial period.

However, tenant sales at its flagship property on Singapore’s Orchard Road, Paragon, continues to be impacted by the lack of tourist arrivals due to border restrictions, and the dearth of local consumption due to Phase 2 Heightened Alert restrictions.

But a reprieve at the asset was the medical office block, which continues to attract footfall to mitigate decline in tenant sales, said SPH REIT.

Portfolio occupancy as at 31 May was 98.4% with WALE of 5.4 years by net lettable area, and 3.0 years by gross rental income.

SPH REIT was last done on the Singapore Exchange at SGD0.935, which currently implies a distribution yield of 5.9% according to data compiled on the Singapore REITs table.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.