Paragon REIT revenue soars 30% in H1 2024

Revenue for the period was $147.4m.

Paragon REIT reported a 30% year-on-year (YoY) revenue increase to $147.4m in H1 FY2024.

Net property income also rose 4.5% YoY to $110.8m from $106m in H1 FY2023.

Distribution per unit (DPU) stood at $0.0323, down 4.1% YoY due to management fees being paid fully in cash to reduce the dilution of unitholders’ returns.

The REIT’s overall portfolio occupancy is maintained at 98%, with its Singapore and Australia portfolios achieving 100% and 97% occupancy, respectively.

Rental reversion rate for the period also improved to 19.1% from 6.8% a year ago, driven by the support of retailers and customers.

Paragon REIT expects easing labour market conditions and post-pandemic retail spending to moderate retail sales growth.

In addition, the REIT expects the rising international travel to strengthen its tenants’ leasing sentiments in FY2024.