SPH Real Estate Investment Trust's (Reit) revenue and distribution rose in the third quarter ended May 31, with distribution per unit (DPU) for the quarter reaching pre-Covid-19 levels.

Gross revenue for the nine months ended May 31 was up 22.2 per cent year on year at $209.6 million, according to a business update by the Reit after the market closed yesterday.

This was led by improving performance across all assets and supported by an additional quarter of financial contribution from Australian mall Westfield Marion, relative to the year-ago period, as well as a decrease in rental relief for eligible tenants in Singapore and Australia, said SPH Reit.

DPU for the third quarter is 1.38 cents per unit, to be paid on Aug 25.

This is up 11.3 per cent from the previous quarter, and the highest since the Covid-19 pandemic hit, equal to the DPU for the first quarter of financial year 2020.

The Reit has a portfolio occupancy rate of 98.4 per cent, which it said was "driven by the resilience of the suburban malls", with full occupancy at The Clementi Mall and The Rail Mall.

Its weighted average lease expiry is 5.4 years by net lettable area, and three years by gross rental income.

In Singapore, year-to-date gross revenue was up 16.3 per cent from the year-ago period, at $156.5 million. "Footfall and tenant sales across the malls stabilised and were improving steadily," said SPH Reit.

In Australia, year-to-date gross revenue rose 43.9 per cent to $53.1 million. "Tenant sales for both assets have recovered steadily to near pre-Covid-19 levels, as they are not materially impacted by tourism," said SPH Reit.

Units in the Reit closed unchanged at 92.5 cents yesterday.

THE BUSINESS TIMES