SPH REIT's net property income up 3.7% to $40.3m in Q2
Thanks to higher rental income.
SPH REIT reported that its net property income grew 3.7% year-on-year to $40.3m in the second quarter, on back of higher rental income in both Paragon and The Clementi Mall.
The REIT manager reported that while Paragon achieved rental uplift of 11.6% for new or renewed leases in the first half of the year, The Clementi Mall recorded a negative rental reversion of 8.8% on 2.0% of total net lettable area due to fine-tuning of tenancies.
Income available for distribution to unitholders was $36.3m for the quarter, an increase of 4% year-on-year.