SPH REIT's net property income up 3.7% to $40.3m in Q2

Thanks to higher rental income.

SPH REIT reported that its net property income grew 3.7% year-on-year to $40.3m in the second quarter, on back of higher rental income in both Paragon and The Clementi Mall.

The REIT manager reported that while Paragon achieved rental uplift of 11.6% for new or renewed leases in the first half of the year, The Clementi Mall recorded a negative rental reversion of 8.8% on 2.0% of total net lettable area due to fine-tuning of tenancies.

Income available for distribution to unitholders was $36.3m for the quarter, an increase of 4% year-on-year.

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