SPH REIT's NPI jumped 18.1% to $103.5m in H1

The recently acquired shopping centres contributed to the trust’s growth.

SPH REIT's net property income (NPI) grew 18.1% YoY to $103.5m in H1 2020, from $87.64m in H1 2019, the company announced. Gross revenue rose 19.2% to $133.41m over the same period.

In Q2, NPI jumped 23.3% YoY to $56.53m, whilst revenue leapt 26.1% to $73.27m. This was mainly attributed to a climb in rental income from Paragon and contributions from the recently acquired Figtree Grove Shopping Centre and Westfield Marion Shopping Centre.

Paragon and The Clementi recorded NPI growth of $1.3m and $0.2m, respectively, whilst The Rail Mall’s NPI remained flat. Figtree Grove’s NPI edged up $700,000 and Westfield Marion contributed $8.4m.

At the same time, acquisitions resulted in property operating expenses expanding 36.4% to $16.7m during the quarter.

Distribution to unitholders plunged 77.3% YoY to $8.27m in Q2, whilst distribution per unit (DPU) plummeted 78.7% to $0.003, in light of the challenges arising from the pandemic in the months ahead.