SPH Reit has proposed a distribution of 0.5 cent per unit for the third quarter to be paid on Aug 18.

The trust reported a portfolio occupancy of 98.8 per cent and a weighted average lease to expiry of 4.1 years in the three months to May 31.

The real estate investment trust (Reit) is sponsored by Singapore Press Holdings, which publishes The Straits Times.

Its portfolio comprises three commercial properties in Singapore and two in Australia.

The Singapore assets recorded a significant decline in footfall during the circuit breaker period, which began in April and ended last month.

SPH Reit had extended rental waivers to eligible tenants over this period.

Footfall has shown a "gradual recovery" since phase two of Singapore's reopening on June 19.

In Australia, movement restrictions have been relaxed since May and there has been an "encouraging recovery of footfall and sales" there.

The Australian government ruled in April that landlords must assist eligible tenants by sharing financial risks and cash flow impacts.

SPH Reit said it is "working with joint venture partners to roll out targeted assistance on a tenant-by-tenant basis, while also exploring mutual benefits between landlord and tenants".

THE BUSINESS TIMES