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

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

SPH REIT has reported a distribution per unit (DPU) of 1.58 cents for its 4Q FY2021.

This represents an increase of 14.5% quarter-on-quarter.

FY2021 full year DPU is at 5.40 cents, an increase of 98.5% year-on-year, which includes 0.52 cents deferred from FY2020.

For FY2021, SPH REIT’s gross revenue increased 14.8% year-on-year to SGD277.2 million and net property income increased 11.4% to SGD202.6 million.

FY2021 saw a full year contribution from Westfield Marion in South Australia which was acquired in the prior year with an incremental net property income of SGD9.3 million.

Further with the stabilisation of COVID-19 situation and gradual recovery of tenant sales, rental assistance granted to eligible tenants in FY2021 was lower than that in FY2020, it said.

SPH REIT achieved an occupancy of 98.8% as at 31 August 2021.

However, the soft retail leasing sentiments impacted renewals and new leases, resulting in a negative portfolio rental reversion of 8.4%, said SPH REIT.

Its portfolio’s weighted average lease expiry (WALE) stood at 5.4 years by net lettable area (NLA) and 2.7 years by gross rental income (GRI), the REIT added.

The REIT’s full disclosure on its results can be viewed here.

SPH REIT was last done on the SGX at SGD0.93, which currently implies a distribution yield of 5.81% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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