SPH Reit trumps forecasts in third quarter

Paragon Mall at Orchard Road. Full occupancy and healthy rental reversions helped SPH Reit beat forecasts in its third quarter. -- PHOTO: ST FILE
Paragon Mall at Orchard Road. Full occupancy and healthy rental reversions helped SPH Reit beat forecasts in its third quarter. -- PHOTO: ST FILE

SINGAPORE - Full occupancy and healthy rental reversions helped SPH Reit beat forecasts in its third quarter.

The real estate investment trust (Reit) achieved a distribution per unit (DPU) of 1.35 cents for the third quarter ended May 31, it said on Friday.

This was 3.1 per cent higher than the forecast DPU for the period.

SPH Reit owns the upscale Paragon mall in Orchard and The Clementi Mall.

Its distributable income was $33.9 million and gross revenue was $50.4 million for the quarter.

Net property income from Paragon beat forecasts by 2.6 per cent and that from The Clementi Mall exceeded forecast by 1.3 per cent, the trust said in a statement.

Ms Susan Leng, chief executive of SPH Reit Management, said: "The good performance is attributable to the strong positioning of both properties in our portfolio, proactive asset management and firm partnership with our tenants."

SPH Reit units gained half a cent to close at $1.03 on Friday.