SINGAPORE (Oct 9): SPH REIT is declaring a Distribution Per Unit (DPU) of 1.42 cents for the 4Q ended Aug, 0.7% higher than the 1.41 cents a year ago.
The came despite a muted retail environment, with both properties -- Paragon and The Clementi Mall -- continuing their track record of full occupancy amid mounting competition, the REIT manager said on Monday.
The DPU for FY17 was 5.53 cents, up 0.5% from a year earlier.
Gross revenue for the 4Q grew 1.3% to $52.9 million on the back of higher rental income from the REIT's two properties.
Gross revenue for FY17 was up 1.5% to $212.8 million.
Net property income for the 4Q was up 3.9% at $41.8 million. For the full year, net property income rose 4.5% to $168.1 million.
Susan Leong, CEO of SPH REIT Management says, “SPH REIT has delivered another year of steady return to unitholders and both properties have maintained their track record of full occupancy. While the economic outlook has improved, sustained recovery is uncertain and the retail environment remains muted with cautious consumer sentiment coupled with structural change in consumer behaviour."
The DPU for 4Q will be paid to unitholders on Nov 16.
Units in SPH REIT closed at $1.00 flat on Monday.
