111 views
Logo from Paragon REIT.

Paragon REIT NPI up 3.3% YoY to $279.9m

It was supported by the recovery of the retail industry.

Paragon REIT has posted a 3.3% year-on-year growth in net property income to $279.9m in the 16 months that ended on 31 December 2022, on the back of retail resurgence and retail portfolio.

In a statement, Paragon REIT said its performance was supported by the retail recovery in Singapore, with a portfolio in the country increasing 24% YoY both in tenant sales and footfall.

Overall, the company posted a strong portfolio occupancy rate of 98.5%, with a tenant retention ratio of 80%. Its portfolio negative rental version rate declined from -8.4% to -4.1% because of the recovering retail sentiments.

READ MORE: Is lack of brand loyalty good for retailers during mega sales days?

Its tenant sales also reached near pre-COVID levels.

Paragon REIT’s gross revenue inched up by 1.8% YoY to $376.4m, whilst its distribution per unit for the four months ending on 31 December 2022 was at 1.72 cents or an annualised yield of 5.73%. The distribution is expected to be paid on 28 March 2023.

The reporting period covers 16 months from 1 September 2021 to 31 December 2022 after the company moved its financial year-end from 31 August 2022 to 31 December 2022.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!