SPH REIT’s NPI rises 3.5% YoY to $209.7m in 12M FY22

Given the increase, the REIT declared a 2.2% YoY higher distribution per unit of $0.052.

In the first 12 months of the financial year 2022 (12M FY22), SPH REIT recorded a net property income of $209.7m or 3.5% higher than last year. 

FY22 will be 16 months from 1 September 2021 to 31 December 2022. 

The REIT also recorded a 1.7% YoY higher gross revenue of $281.9m.

Given the higher NPI, the REIT also increased its distribution per unit for 12MFY22 by 2.2% YoY to $0.052.

For Q4 FY22, the REIT declared a DPU of $0.0139 which will be paid to unitholders on 25 November. 

The REIT”s operational performance also remained strong, with a portfolio occupancy rate of 97.5% and a high tenant retention ratio of 82.9%.

The weighted average lease expiry of SPH REIT’s portfolio also held steady at 5.3 years by net lettable area and 3.0 years by gross rental income.