SINGAPORE (July 11): The manager of SPH REIT has declared a 3Q19 distribution per unit (DPU) of 1.39 cents, up 1.5% from 3Q18.

Net property income (NPI) for 3Q19 ended May was $46.3 million, an increase of 14.2% from last year.

SPH REIT Management says this was mainly due to contributions from acquisitions of The Rail Mall in Singapore and Figtree Grove Shopping Centre in New South Wales, Australia.

Income available for distribution to unitholders of $36.8 million for 3Q19 was higher by 4.8% from 3Q18.

In 3Q19, SPH REIT’s properties maintained an occupancy of 99%.

Paragon continued to record positive rental reversion of 8.6% for new and renewed leases for YTD 3Q19. This represented 21.4% of Paragon’s net lettable area.

The Clementi Mall and The Rail Mall recorded positive rental reversion of 5.8% and 9.1% respectively for YTD 3Q19.

The overall portfolio registered a positive rental reversion of 8.4%.

As at May 31, portfolio gearing was 30.1% and weighted average term to maturity was 1.8 years. The annualised average cost of debt was 2.89% p.a. for YTD 3Q19.

Susan Leng, CEO of SPH REIT Management, says, “The tourist arrivals and spend for 2018 ended on a positive note and we believe Paragon would stand to benefit with this trend. The Clementi Mall is well poised in the suburban to continue to serve its immediate catchment. The Rail Mall is a unique cluster of shop units, with opportunity for us to further strengthen its current F&B mix and create a differentiated positioning for the asset.”

The 3Q19 distribution will be paid to unitholders on Aug 22.

Units in SPH REIT closed 1 cent higher at $1.12 on Thursday.

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