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

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

SPH REIT has reported higher footfall into its assets given the gradual abolishment of pandemic-related social restrictions across both Australia and Singapore.

In particular, footfall at the REIT’s Singapore assets saw an increase of 8.8% year-on-year for the full year that ended on 31 August 2022.

Correspondingly, tenant sales for Paragon and The Clementi Mall registered improvements of 25.6% and 8.8% year-on-year respectively.

As a result of these, SPH REIT’s gross revenue increased by 1.7% year-on-year to SGD281.9 million while net property income increased by 3.5% over the same period.

With that, the full year distribution ended 31 August 2022 DPU was 5.52 cents, an increase of 2.2% year-on-year.

SPH REIT’s most recent portfolio occupancy rate was 97.5%, with a tenant retention ratio of 82.9%.

While still negative, average rental reversion rate has improved to -2.8% for FY 2022 as compared to the -8.4% reported in FY2021.

Portfolio weighted average lease expiry (WALE) was at 5.3 years by net lettable area and 3.0 years by gross rental income.

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

SPH REIT was last done on the Singapore Exchange at SGD0.89, which presently implies a distribution yield of 5.84% 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.