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Tue, Oct 06, 2020 – 8:40 pm
SPH Reit on Tuesday posted a distribution per unit (DPU) of 1.04 Singapore cents for the six-month period ended Aug. 31, 2020, compared to 2.85 cents paid in the corresponding period a year ago.
This was due to a 79.4 per cent drop in revenue available for distribution to S $ 14.9 million, from S $ 72.2 million a year ago; Reit’s manager decided to defer the payment of some S $ 14.5 million, as allowed by the Covid-19 relief measures announced by the Singapore Internal Revenue Authority. This was “out of prudence in financial management,” he said.
An additional S $ 15 million of capital reserve was used to cover capital expenditures and other working capital requirements.
Revenues for the six months fell 7.4 percent to S $ 108.1 million, as property net income decreased 14.9 percent to S $ 78.4 million, primarily due to 31 S $ 8 million in rent exemptions and landlord compensation granted to their tenants in Singapore to help them cope with the effects of the pandemic.
The full-year result was better, with gross revenue rising 5.6 percent to S $ 241.5 million, thanks to Reit’s acquisition of a 50 percent stake in Westfield Marion in December. last, which contributed S $ 37.5 million during three quarters. and Figtree Grove, which was acquired in December 2018 and posted its first annual contribution of S $ 15.9 million.
Westfield Marion in Adelaide and Figtree Grove in Wollongong, New South Wales, contributed S $ 26.3 million and S $ 12.5 million, respectively, to the property’s net income for fiscal year 2020.
For the full year, the Reit reported a 1.2 percent improvement in net property income to S $ 181.9 million.
SPH Reit’s assets in Australia, while not spared from the effects of Covid-19, were relatively less affected. A rent relief allowance of S $ 8.1 million was provided for fiscal year 20 to support eligible tenants affected by Covid-19, the manager said.
Annual revenue available for distribution fell 36.4 percent to S $ 92.2 million.
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