SPH REIT's NPI up 8.5% to $45.86m in Q2

The income boost came from Rail Mall and Figtree Grove Shopping Centre properties.

Singapore Press Holdings Real Estate Investment Trust (SPH REIT) saw its net property income (NPI) rose 8.5% YoY to $45.86m in Q2 2019 from $42.27m in 2018, an announcement revealed. Gross revenue also climbed 8.5% YoY to $58.12m.

In H1 2019, NPI grew 3.8% YoY to $87.64m from $84.46m, whilst revenue edged up 4.5% YoY from $107.07m in 2018 to $111.93m.

The income boost came amidst strong contributions from The Rail Mall and Figtree Grove Shopping Centre, which were acquired on 28 June and 21 December 2018, respectively.

According to the SPH REIT, its properties maintained high occupancy at 99.2% as at Q2 2019. “Paragon continue to record positive rental reversion of 8.6% for new and renewed leases for H1 2019,” the firm noted. “This represented 15.2% of Paragon’s net lettable area.”

Meanwhile, The Clementi Mall and The Rail Mall recorded positive rental reversion of 5.0% and 6.2%, respectively, for H1 2019. The overall portfolio registered a positive rental reversion of 8.4%.

Also read: SPH REIT's acquisition of Seletar Mall could boost firm's DPU by 5% per annum

New loans were established in December 2018 to finance the acquisition of Figtree Grove Shopping Centre, with total borrowings of $1.1b as at 28 February 2019. The annualised average cost of debt was 2.88% per annum for H1 2019.

“The overall portfolio registered a positive rental reversion of 8.4% for 1H 2019 supported by growth in overall tenant sales. On 21 December 2018, SPH REIT completed the acquisition of an 85% stake in Figtree Grove Shopping Centre, an established sub-regional shopping centre in Wollongong, New South Wales, Australia,” Susan Leng, CEO of SPH REIT Management, said in a statement.

Tenant sales at Figtree Grove Shopping Centre stood at 47.7% above benchmark for malls in the same category, as reported by the independent national valuer, m3 Property.

“The acquisition of this quality asset is in-line with our strategy to acquire yield-accretive retail properties. We continue to seek opportunities to enhance our properties and create long-term sustainable value for our unitholders,” Leng added.

Income available for distribution to unitholders of $37m for Q2 2019 rose 2.5% YoY or $900,000. Distribution per unit (DPU) for Q2 2019 was 1.41 cents, an increase of 0.7% against Q2 2018. The Q2 2019 distribution will be paid to unitholders on 17 May 2019.

You're the reader we write for. You're also the person our partners want to reach.

If that sentence describes you — a founder, a C-suite, someone whose attention companies pay good money for — then you already understand why SBR works. We've spent twenty years earning the trust of readers exactly like you. Which is exactly what makes this an interesting place for your company to show up, too.

The ways it can show up are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The right fit depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If your company has something this audience should know about, we'd like to hear what you're working on.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

30 One-Sentence Stories From People Who Have Built Better Habits

None of these stories are mine. They were sent to me by readers of Atomic Habits. My hope is that these examples will illustrate how real people are putting the book into practice. They will show you what people are actually doing to build good habits and break bad ones. And hopefully, they will spark some ideas for how you can do the same.

news conversion

SBR 5 Lorem Ipsum News 2 [8 May]

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

SBR 4 Lorem Ipsum [8 May Top Stories]