SINGAPORE (July 12): The manager of SPH REIT reported distribution per unit (DPU) of 1.37 cents for the third quarter ended May, 0.7% higher than DPU of 1.36 cents a year ago.
Income available for distribution to unitholders grew 2.0% to $35.7 million in 3Q2017, from $35.0 million a year ago.
Net property income rose 5.4% to $42.2 million in 3Q.
This was largely attributable to an 8.7% decline in property operating expenses due to a proactive management of utility contract, as well as lower property tax and marketing expenses.
Gross revenue for 3Q grew 2.1% to $53.3 million on the back of higher rental income at both Paragon and The Clementi Mall.
Cash and cash equivalents stood at $66.2 million as at May 31, 2017.
“SPH REIT has continued to maintain its track record of 100% committed occupancy and delivered stable performance,” says Susan Leng, CEO of SPH REIT Management.
Looking ahead, Leng says SPH REIT will “continue to work closely with our tenants to ride through the challenges in the retail industry.”
The 3Q2017 distribution will be paid to unitholders on Aug 23, 2017.
Units of SPH REIT closed flat at 99.5 cents on Wednesday.