SPH REIT Management, the managers of SPH REIT, announced that income available for distribution to unitholders was $36.3m for 2Q 2015, an increase of 4% year-on-year.
Distribution per unit (DPU) for 2Q 2015 was 1.40 cents, an increase of 0.7% against last year. The aggregate DPU of 2.73 cents for the half year ended 28 February 2015 was higher than last year by 1.5%.
The 2Q 2015 distribution will be paid to unitholders on 15 May 2015.
Gross revenue for the second quarter ended 28 February 2015 rose 2.8% to $52.5m on the back of higher rental income in both Paragon and The Clementi Mall. Net property income of $40.3m for 2Q 2015 was 3.7% higher than the same quarter last year.
SPH REIT Management said: "Both Paragon and The Clementi Mall are fully leased. Paragon continues to achieve consistently robust performance with rental uplift of 11.6% for new or renewed leases in 1H 2015 amid challenging retail environment."
New leases at The Clementi Mall taking up 2% of total net lettable area were signed for a lower rent by 8.8%, "due to fine-tuning of tenancies to strengthen the offering to a wider base of shoppers."
Ms Susan Leng, CEO of SPH REIT Management, said:"SPH REIT has delivered another quarter of healthy operating and financial performance."
Several new-to-market international brands were introduced in Paragon to "enhance its premier positioning and refresh the offering to shoppers".
Meanwhile, The Clementi Mall enjoys strong visitorship and is "well-positioned as a necessity mall in an established population catchment area".
She added that the two retail properties are expected to remain resilient and turn in a steady performance, barring any unforeseen circumstances.