However, the full FY2021 distribution includes $14.5 million, or 0.52 cents per unit in deferred distributable income from FY2020 allowed under Covid-19 pandemic measures.
For the whole of FY2021, distributable income to unitholders increased by 71.1% to $157.8 million. Revenue increased by 14.8% to $277.2 million.
Susan Leng, CEO of SPH REIT, notes that even with vaccinations, full recovery for leisure travel will still take some time.
“We are cautiously optimistic, and will continue to engage with our stakeholders to proactively manage the disruptions brought about by COVID-19,” she adds.
See also: MAS net profit rises to $19.7 bil in FY2024/25 with investment gains more than doubling y-o-y
SPH REIT has a portfolio of five assets in Singapore and Australia. Besides its flagship Paragon shopping mall which derives a significant footfall from tourists, it owns The Clementi Mall and the Rail Mall in Singapore.
In addition, it holds a 50% interest in Adelaide’s Westfield Marion Shopping Centre and also 85% of Figtree Grove Shopping Centre, in Wollongong, New South Wales.
As at Aug 31, the REIT’s portfolio is valued at $3.3 billion, up 0.3% y-o-y. Net asset value per unit remained stable at 91 cents, and gearing at 30.3%.
SPH Reit units closed Oct 4 at 93 cents, up 0.54% for the day and 8.14% year to date.
