SPH REIT posts 2Q 2015 DPU of 1.40 cents, up 0.7 per cent from last year

SPH REIT posts 2Q 2015 DPU of 1.40 cents, up 0.7 per cent from  last year

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.

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