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.
The Singapore properties comprise The Paragon, Clementi Mall and Rail Mall, and their total valuation dropped to $3.29 billion. The Australian assets are Figtree Grove Shopping Centre in New South Wales, and Westfield Marion Shopping Centre in South Australia which was acquired in December 2019 for A$670 million ($649 million). Their combined valuation fell to A$836.5 million.
