SPH REIT gross revenue up 10.8% to $66.6m in Q1 FY2021

The rise was attributed to a $12.8m contribution from Westfield Marion.

SPH REIT reported a 10.8% YoY increase in gross revenue to reach $66.6m in Q1 FY2021, the REIT stated in its latest business update.

The rise was largely attributed to its Australian shopping complex property Westfield Marion’s revenue contribution at $12.8m.

The REIT announced a distribution per unit (DPU) of 1.2 cents ($0.012), a 13% YoY decrease compared to Q1 FY2020 or pre-COVID period, but more than double or 122% YoY higher than the DPU in Q4 FY2020.

In Singapore, gross revenue for the quarter dropped by 11.3% YoY to $49.7m, due to the rental relief that SPH REIT granted to its tenants significantly impacted by COVID-19.

On the upside, the REIT noted that footfall and tenant sales across the malls recovered during the year-end festive period, though its retail mall and medical/office property Paragon continue to be impacted by border restrictions.

Another of the REIT’s properties, The Clementi Mall, also faced negative impact from the ongoing work-from-home arrangements.

In Australia, gross revenue for Q1 FY2021 was $16.9m, an increase of $12.8m, driven by the acquisition of Westfield Marion. Tenant sales for both assets are recovering steadily to near pre-COVID-19 levels, the REIT added.

SPH REIT said that it has a portfolio occupancy rate of 97.9%, and a weighted average lease expirty of 5.5 years by net lettable area.

Debt maturity is reportedly well staggered. The REIT is in the works to refinance $215m loans maturing by July 2021. It also has revolving credit facility lines of $225m available.