SPH REIT Reports Earnings with 5.1% Rise in DPU

SPH REIT’s Q3 results ended-May 2022, saw Distribution Per Unit (DPU) rise by 5.1% YoY to 1.45 cents/unit. Q3 gross revenue increased 0.9% YoY to S$211.6mn ($150.9mn). SPH maintained a high occupancy rate of 97.6% across its diversified portfolio. SPH REIT reported that its cost of debt stood at 1.67% (excluding perps), with a weighted average term to maturity of 2.6 years. Gearing was at 30.1% with access to additional liquidity from S$225mn ($160.5mn) of undrawn revolving credit facility lines. Q3 sales in Singapore rose 12% on high vaccination rates, relaxation of dine-in and travel restrictions, and the return to offices and sales in Australia was 2% higher YoY. SPH said that the distributions will be paid on August 29, amounting to a distribution yield at 5.81%.

SPH REIT’s SGD 4.1% Perps were down 0.13 points at 98.53, yielding 4.83%.

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