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

SPH REIT has declared a distribution per unit (DPU) of 1.44 cents for its 2Q FY2022.

This brings the REIT’s total distributions for 1H FY2022 to 2.68 cents, which represents an increase of 9.8% year-on-year.

SPH REIT’s gross revenue and net property income for the six-month period increased by 1.2% year-on-year to SGD141.6 million and 0.4% year-on-year to SGD105.3 million respectively,

The REIT’s portfolio occupancy was at 98.4% as at 28 February 2022.

Portfolio weighted average lease expiry (WALE) was at 5.5 years by net lettable area (NLA) and 2.8 years by gross rental income (GRI).

Cost of debt was at 1.66% for 1H FY 2022 with gearing at 30.1% as at 28 February 2022.

“As travel restrictions around the world ease with quarantine free travel for the vaccinated, we expect visitor arrivals to Singapore and Australia to recover gradually”, said Susan Leng, CEO of SPH REIT’s manager in a statement on the results.

“However, a meaningful recovery to pre-Covid levels is likely to take some time”, she cautioned.

2Q FY2022 distribution will be paid to SPH REIT unitholders on 20 May 2022.

SPH REIT was last done on the SGX at SGD0.97, which presently implies a distribution yield of 5.53% 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.