The manager of SPH REIT has reported a high occupancy rate of 98.8% across its portfolio in the 1QFY2022 ended November.
The REIT has also reported an improvement in its weighted average lease expiry (WALE) to 5.5 years by net lettable asset (NLA) and 2.9 years by gross rental income (GRI) from FY2021.
According to the manager, the REIT’s strategically located assets with captive catchments cushioned the impact of Covid-19.
As the REIT is considered to be in an offer period following the possible chain offer made by Cuscaden Peak, the REIT will issue the notice of its books closure date and distribution payment date announcement for the 1QFY2021 after the appointed financial adviser and auditor have completed their respective reports.
During the period, tenants’ sales under the REIT’s Singapore portfolio stayed “resilient” despite a six-week dine-in restriction, where only up to two people were allowed to dine together in public, compared to the group of five in the 1QFY2021.
In Australia, the REIT’s properties, Westfield Marion Shopping Centre saw tenant sales growing by 6% y-o-y in the midst of Covid-19, while Figtree Grove Shopping Centre saw tenant sales recovering close to pre-Covid-19 levels in November following the lifting of lockdown measures from Oct 10, 2021.
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In its statement, the manager has expressed that it is “cautiously optimistic” despite the developments surrounding the Omicron variant. The variant is “likely to be more transmissible but less severe than the Delta variant”, according to Singapore’s Ministry of Health.
As at Nov 30, 2021, SPH REIT has a total debt of $1.3 billion, with a weighted average term to maturity of 2.7 years.
Units in SPH REIT closed 0.5 cent lower or 0.51% down at 98 cents on Jan 7.
Photo: Samuel Isaac Chua
