Paragon REIT reports higher gross revenue of $223 mil in 3QFY2024 update, up 3% y-o-y

The mall’s visitor traffic increased slightly from 11.1 million in 3QFY2023 to 11.2 million in 3QFY2024, while tenant sales in the same period declined from $507.2 million to $473.6 million.

The REIT’s occupancy rate stood at 97.9%, with a portfolio weighted average lease expiry (WALE) of 4.8 years by net lettable area and 3.1 years by gross rental income. 

As at Sept 30, gearing stood at 35.9%, while average cost of debt was at 4.5%. 

For the same period, the REIT’s adjusted interest coverage ratio stood at 2.9 times. 

See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025

Units in Paragon REIT closed 1 cent lower, or down 1.16%, at 85.5 cents on Nov 7.