SPH REIT's distributable income inches up 3% to $36.4m in Q1

Thanks to full occupancy at two malls.

SPH REIT’s distributable income rose by 3% on a year-on-year basis to $36.4 million in the first quarter of its financial year, on back of positive rental reversion and full occupancy at its two malls.

The REIT’s net property income rose by 3.3% to $41.4 million, while distribution per unit rose 0.8% to 1.34 cents.

SPH REIT reported that Paragon achieved a moderate rental uplift of 4.4% for new and renewed leases in Q1. Meanwhile, The Clementi Mall recorded a positive rental reversion of 9.1% in 1Q 2017 with renewal of 0.7% of net lettable area.

The 1Q 2017 distribution will be paid to unitholders on 16 February 2017.

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