The increase was attributed to a contribution of $ 12.8 million from Westfield Marion.
SPH REIT reported a 10.8% year-over-year increase in gross revenue to $ 66.6 million in the first quarter of fiscal 2021, REIT said in its latest business update.
The rise was largely attributed to the contribution to revenue from its Australian Westfield Marion shopping complex to $ 12.8 million.
The REIT announced a distribution per unit (DPU) of 1.2 cents ($ 0.012), a 13% year-over-year decrease from the first quarter of fiscal 2020 or the pre-COVID period, but more than double or 122% year-on-year more than the DPU in the fourth quarter of fiscal 2020.
In Singapore, gross revenue for the quarter fell 11.3% year-on-year to $ 49.7 million, due to rental relief SPH REIT provided to its tenants heavily impacted by COVID-19 .
On the bright side, the REIT noted that shopping center footfall and tenant sales rebounded during the holiday season, although its Paragon mall and medical / office building continue to be. affected by border restrictions.
Another REIT property, The Clementi Mall, has also been negatively impacted by ongoing work-from-home deals.
In Australia, gross sales for the first quarter of fiscal 2021 were $ 16.9 million, an increase of $ 12.8 million, thanks to the acquisition of Westfield Marion. Tenant sales for both assets are steadily recovering to near pre-COVID-19 levels, the REIT added.
SPH REIT stated that it has an occupancy rate of its portfolio of 97.9% and a weighted average lease term of 5.5 years per net leasable area.
The maturity of the debt would be well staggered. The REIT is refinancing $ 215 million in loans maturing by July 2021. It also has revolving lines of credit of $ 225 million.