SPHREIT 2Q 2017 DPU of 1.40 cents; expects steady performance

SPH REIT Management Pte. Ltd. (“SPH RM” or the “Manager”), the Manager of SPH REIT, reported that gross revenue for the second quarter ended 28 February 2017 (“2Q 2017”) grew S$0.9 million (1.7%) to S$54.0 million, on the back of higher rental income.

Net property income (“NPI”) of S$42.7 million was S$2.1 million (5.2%) higher in 2Q 2017 compared to the same quarter last year (“2Q 2016”), mainly due to proactive management of utility contract and lower property tax as last year’s result included one-off provision for prior years’ property tax. Excluding the effect of the property tax provision, NPI increase was S$1.2 million (2.9%) compared to 2Q 2016.

Income available for distribution to unitholders increased by S$0.9 million (2.4%) to S$37.3 million for 2Q 2017.

Distribution per unit (“DPU”) for 2Q 2017 was maintained at 1.40 cents, same as 2Q 2016. The aggregate DPU was 2.74 cents for the half year ended 28 February 2017 (“1H 2017”).

The 2Q 2017 distribution will be paid to unitholders on 22 May 2017.

( Source )


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