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SPH REIT’s 4Q DPU of 1.39 cents beats forecast

October 13, 2014 8:03 PM SGT

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SPH REIT has posted income distributable to unitholders of $34.9 million for the fourth quarter ended August (4QFY14), says its manager.

This translates to a distribution per unit (DPU) of 1.39 cents for 4Q FY14, an increase of 6.1% against the IPO forecast.

The 4Q FY14 distribution will be paid to unitholders on Nov 14 2014.

This is SPH REIT’s first full financial year.

This is SPH Reit's first full financial year.

On an annualised basis, the distribution represented a yield of 5.1%, based on closing price of $1.065 on Aug 29 2014.

The aggregate DPU of 5.99 cents for the period from 24 July 2013 to 31 August 2014 (YTD period) was higher than forecast by 3.8%.

Both Paragon and The Clementi Mall were fully leased during the YTD period, says the manager.

Gross revenue for both properties was in line with forecast.

Net property income of Paragon and The Clementi Mall exceeded forecast by 3.1% and 0.8% respectively.

Paragon continues to achieve consistently robust performance with rental uplift of 10.5% for the YTD period.

Clementi Mall completed the first lease renewal cycle in 2014 and achieved a tenant retention rate of more than 90% by net lettable area.

The average rental rates achieved for expiring leases in the YTD period was 5.5% higher than the average rates of the preceding leases typically contracted three years ago.

As at end August, SPH-REIT’s portfolio was independently valued at $3.16 billion.

This represents an increase of 3.4% from the IPO valuation of $3.05 billion.

Compared to the pro-forma financial position in the IPO prospectus, the net asset value per unit has increased from $0.89 to $0.93 and gearing has reduced from 27.3% to 26.0% as at Aug 31 2014.

SPH REIT’s average cost of debt was 2.33% as at Aug 31 2014, marginally lower than the IPO forecast all-in-rate of 2.35%.

SPH REIT closed the day 0.5% lower at $1.06.

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