SPH REIT NPI up 8.3% to $179.8m in FY2019

This was due to higher contribution from the REIT’s properties.

Singapore Press Holdings REIT’s (SPH REIT) full-year net property income (NPI) grew 8.3% YoY to $179.78m in FY2019 from $166m in 2018, an announcement revealed. Revenue also rose 7.9% YoY to $228.63m over the same period from $211.8m.

NPI in Q4 rose 11.8% YoY to $45.81m compared to $40.98m in Q4 2018, whilst revenue climbed 10.2% to $58.37m.

Also read: SPH REIT's NPI up 14.2% to $46.32m in Q3

The NPI growth is attributed to increased contributions from the REIT’s properties. The Paragon and The Clementi Mall reportedly delivered a $2m NPI increase. The Rail Mall and Figtree Grove Shopping Centre, acquired in 2018, also contributed $3.8m and $8.5m to the NPI, respectively.

Total distribution per unit (DPU) was $0.56 for FY2019, a 1.1% YoY increase compared to the $0.554 DPU in FY2018. For Q4, a DPU of $0.146 will be distributed on 20 November.

Its Singapore portfolio maintained an occupancy rate of 99.1% and delivered a positive rental reversion of 9.4%. In addition, the newly acquired Australian asset, Figtree Grove Shopping Centre, has a 99.2% occupancy rate.

SPH REIT’s portfolio is currently valued at almost $3.41b, whilst net asset per value was maintained at $0.95. The REIT’s total borrowings were approximately $1.1b with a debt gearing ratio of 27.5% as at 31 August.

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