Retail landlord SPH Reit has declared a distribution per unit (DPU) of 1.34 cents for the first quarter, unchanged from a year earlier.
The DPU will be paid out on Feb 15, it announced yesterday.
Net property income dipped 1 per cent year on year to $41.79 million in the three months to Nov 30, mainly due to lower revenue from Paragon mall.
Property operating expenses rose 6.5 per cent on the back of higher marketing expenses while gross revenue edged up 0.6 per cent to $53.81 million.
Paragon recorded a positive rental reversion of 10.1 per cent for new and renewed leases for the first quarter, which translated to 8.4 per cent of the mall's net lettable area. The overall portfolio recorded a positive rental reversion of 9.7 per cent. The Reit's properties had an occupancy of 99.2 per cent as at Nov 30.
Ms Susan Leng, chief executive of SPH Reit Management, said the full contribution from Figtree Grove Shopping Centre in Australia is expected in the second half of the year.
The trust completed the acquisition of an 85 per cent stake in the centre for around A$175.1 million (S$167.9 million) last month. Its joint-venture partner, Moelis Australia, holds the remaining stake.
Dip in net property income year on year, to $41.79 million in the three months to Nov 30
Ms Leng added: "The property is an established sub-regional shopping centre in Wollongong, New South Wales, and is a strategic fit with SPH Reit's portfolio of quality assets.
"This acquisition provides SPH Reit with the opportunity to further create value and continue to deliver long-term returns for unit holders."
New loans were taken up last month to finance the acquisition, lifting the Reit's gearing ratio post-acquisition to about 30 per cent from 26.3 per cent as at Nov 30.
SPH Reit units closed unchanged at $1.01 yesterday.