SINGAPORE (THE BUSINESS TIMES) - The impact of the pandemic hit SPH Reit in the second half with distribution per unit (DPU) well down.
It posted DPU of 1.04 Singapore cent 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 a 79.4 per cent drop to $14.9 million.
The 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 here 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.
SPH Reit's Australia assets, though not spared the effects of Covid-19, were relatively less impacted. An allowance for rent relief of $8.1 million was provided to support eligible tenants affected, the manager said.