SPH Reit has reported a distribution per unit of 2.96 cents for 2HFY2021 ended Aug 31, up from 1.04 cents in the year earlier half, as its portfolio enjoys a gradual recovery and improved performance.
This brings its full year distribution from 2.72 cents to 5.40 cents per unit, up 98.5%.
However, the full FY2021 distribution includes $14.5 million, or 0.52 cents per unit in deferred distributable income from FY2020 allowed under Covid-19 pandemic measures.
For the whole of FY2021, distributable income to unitholders increased by 71.1% to $157.8 million. Revenue increased by 14.8% to $277.2 million.
Susan Leng, CEO of SPH REIT, notes that even with vaccinations, full recovery for leisure travel will still take some time.
“We are cautiously optimistic, and will continue to engage with our stakeholders to proactively manage the disruptions brought about by COVID-19,” she adds.
SPH REIT has a portfolio of five assets in Singapore and Australia. Besides its flagship Paragon shopping mall which derives a significant footfall from tourists, it owns The Clementi Mall and the Rail Mall in Singapore.
In addition, it holds a 50% interest in Adelaide’s Westfield Marion Shopping Centre and also 85% of Figtree Grove Shopping Centre, in Wollongong, New South Wales.
As at Aug 31, the REIT’s portfolio is valued at $3.3 billion, up 0.3% y-o-y. Net asset value per unit remained stable at 91 cents, and gearing at 30.3%.
SPH Reit units closed Oct 4 at 93 cents, up 0.54% for the day and 8.14% year to date.