SPH REIT’s Q3 results saw its Distribution Per Unit (DPU) rise by 11.3% QoQ to 1.38 cents/unit, reaching pre-Covid levels, equal to the first quarter of FY2020. The company saw a recovery in revenues to S$209.6mn ($155mn), up 22.2% YoY helped by improvement across all assets, also helped by Australian mall Westfield Marion and a decrease in rental relief for eligible tenants in Singapore and Australia. The REIT’s portfolio occupancy rate stood at 98.4% “driven by the resilience of the suburban malls”. SPH REIT said that its weighted average lease expiry is 5.4Y by net lettable area and 3Y by gross rental income. Its Australian business recovered well with YTD gross revenues up 43.9% to S$53.1mn ($39mn). Distributions will be paid on August 25.
SPH REIT’s SGD 4.1% Perps were flat at 100.72, yielding 3.85%.
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