The impact of the coronavirus pandemic hit SPH Reit in the second half, with distribution per unit (DPU) well down.

It posted DPU of 1.04 cents for the six months to Aug 31, compared with 2.85 cents in the same period last year. This was on the back of income available for distribution dropping 79.4 per cent to $14.9 million.

The real estate investment trust (Reit) manager deferred the payment of $14.5 million as allowed under Covid-19 relief measures, citing "prudence in financial management".

A further $15 million of capital allowance was used to provide for capital expenditure and other requirements.

Revenue for the six months fell 7.4 per cent to $108.1 million, as net property income declined 14.9 per cent to $78.4 million.

This was mainly due to $31.8 million in rental waivers and relief for tenants to help them cope with the pandemic.

The full-year result was better, with a 5.6 per cent increase in gross revenue to $241.5 million, thanks to the acquisition of 50 per cent of Westfield Marion in Adelaide last December, which contributed $37.5 million for three quarters.

Westfield Marion contributed $26.3 million to net property income while Figtree Grove accounted for $12.5 million.

The Reit reported a 1.2 per cent lift in net property income to $181.9 million for the full year.

THE BUSINESS TIMES