SPH REIT announced DPU for the FY2020 ended August fell more than 50% to 2.72 cents, while NAV fell 4.2% y-o-y to 91 cents. This gives a yield of just 3.16% based on its Oct 7 closing of 86 cents, and a price to NAV of 0.95 times. The NAV decline was caused by a 3.5% y-o-y decline in the valuation of the REIT’s Singapore properties, and a 5.5% decline of its two Australian malls.

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