Business

SPH Reit up slightly 
on higher rental income

Fourth-quarter distribution per unit (DPU) at SPH Reit held steady despite a muted retail environment.

DPU for the quarter ended Aug 31 came in at 1.42 cents, inching up 0.7 per cent from 1.41 cents a year earlier, for the real estate investment trust sponsored by media group Singapore Press Holdings (SPH).

Both properties of the Reit, Paragon and The Clementi Mall, continued their track record of full occupancy amid mounting competition, the Reit manager said yesterday.

The DPU for the full-year was 5.53 cents, up 0.5 per cent from a year earlier.

The fourth-quarter distribution will be paid on Nov 16.

Gross revenue for the fourth quarter grew 1.3 per cent to $52.9 million, on the back of higher rental income from the Reit's two properties.

Gross revenue for the full year was up 1.5 per cent to $212.8 million.

Net property income for the fourth quarter rose 3.9 per cent year on year at $41.8 million.

It was also up 4.5 per cent to $168.1 million for the 12 months. - THE STRAITS TIMES

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