Higher rental income from malls lifts SPH Reit

Higher rental income from shopping malls Paragon and The Clementi Mall helped to lift SPH Reit's distribution for year ended Aug 2016.
Higher rental income from shopping malls Paragon and The Clementi Mall helped to lift SPH Reit's distribution for year ended Aug 2016. ST PHOTO: KUA CHEE SIONG

SINGAPORE - Higher rental income from shopping malls Paragon and The Clementi Mall helped to lift SPH Reit's full-year distribution for year ended Aug 31.

Despite the slowing economy and modest retail outlook, the real estate investment trust (Reit) said both its properties remained resilient amid ongoing asset enhancement efforts and moves to revitalise the tenant mix.

The reit reported distribution per unit (DPU) for the fourth quarter of 1.41 cents, up 1.4 per cent over the same period a year ago.

The aggregate DPU for the full year was 5.50 cents.

Net property income for the full year was S$160.9 million, up 3.4 per cent from a year ago due to higher gross revenue as well as lower operating expenses.

Distributable income increased 1.8 per cent to S$141.1 million.

The reit manager said both properties reported positive rental reversion and maintained full occupancy.