SPH Reit posts 5.1% rise in Q3 DPU

SPH Reit's third-quarter gross revenue rose 0.9 per cent year on year to $211.6 million. ST PHOTO: DESMOND WEE

SINGAPORE (THE BUSINESS TIMES) - SPH Reit posted a 5.1 per cent increase in distribution per unit to 1.45 cents for the third quarter ended May 31, 2022, from 1.38 cents a year ago. This gives it an annualised distribution yield of 5.8 per cent.

In its business update released on Thursday (July 7), the real estate investment trust's (Reit's) manager noted that third-quarter gross revenue for the year to date rose 0.9 per cent year on year to $211.6 million.

It attributed this to high Covid-19 vaccination rates and the easing of safe distancing measures, which helped to stabilise portfolio performance.

The distribution will be paid on Aug 29, after the record date on July 18.

The Reit manager added that year-to-date third-quarter sales at its properties in Singapore and Australia rose by approximately 12 per cent and 2 per cent year on year respectively.

SPH Reit's occupancy rate stands at 97.6 per cent as at May 31. Meanwhile, its weighted average lease expiry (Wale) by net lettable area stood at 5.4 years and its Wale by gross rental income stood at 2.9 years.

Units of SPH Reit rose two cents or 2.3 per cent to 90.5 cents on Thursday, before the business update was released.

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