SPH REIT net property income up 11.4% YoY

Its distribution per unit is up 98% YoY to 5.40 cents for FY2021.

SPH REIT's net property income increased by 11.4% year-on-year (YoY), for the full year ending 31 August 2021.

Its distribution per unit (DPU), meanwhile, experienced an increase of 98% to 5.40 cents for FY2021. This includes the 0.52 cents deferred from the previous financial year.

Its gross revenue for the year experienced an uptick of 14.8% YoY to $277.2m, whilst net property income increased 11.4% YoY to $202.6m. This performance can be attributed to the acquisition of Westfield Marion in South Australia for $9.3m. 

An occupancy rate of 98.8% was recorded as of 31 August 31 2021 due to its proactive leasing strategy in providing more sustainable rental income. On the other hand, however, a negative portfolio rental reversion of 8.4% was seen, as well. 

The weighted average lease expiry was pegged at 5.4 years, whilst the gross rental income was at 2.7 years.

Several assets also recorded footfall declines, with 27% being recorded for Singapore assets. Clementi Mall and Paragon recorded declines at 33% and 17%, respectively. However, tenat sales experienced an uptick despite this, with Paragon enjoying a 1% YoY increase and Clementi having a 5% increase YoY.

Its Australian assets also underwent a similar experience with footfall and tenant sales rising to near pre-COVID levels. A resurgence of cases, however, would mean Figtree Shopping Center experiencing a decline of footfall and tenant sales at 11% and 7%, respectively. Westfield Marion, on the other hand, experienced an increase in tenant sales at 5% YoY and maintained footfall due to the low number of Covid cases in South Australia.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

C&W Services transforms headquarters into a ‘living lab’
The new office is set to be the ground for the firm’s new facilities management technologies.
How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.

Event News

Event News