Real estate investment trust SPH REIT Management reported an increase in fourth-quarter distribution per unit and gross revenue.
The company sponsored by media group Singapore Press Holdings said distribution per unit rose to 1.42 Singapore cents in the fourth quarter from 1.41 Singapore cents a year ago.
Gross revenue for the quarter rose 1.3 percent to S$52.9 million, owing to higher rental income achieved from Paragon and the Clementi Mall, the company said in a statement on late on Monday evening.
With proactive management of expenses, net property income gained 4.5 percent to S$168.1 million in the period.
"While the economic outlook has improved, sustained recovery is uncertain and the retail environment remains muted with cautious consumer sentiment coupled with structural change in consumer behaviour," said Susan Leng, CEO of SPH REIT Management.
Paragon's rental reversion, which is the adjustment of rentals to market rentals, was -0.8 percent. Its visitor traffic was maintained at 18.3 million while tenant sales increased by 2.1 percent to S$675 million.
The Clementi Mall, a suburban mall in a well-established resident area, had a positive rental reversion of 3.7 percent and tenant retention rate of 89 percent.
The Clementi Mall recorded regular visitor traffic of 29.9 million, 0.3 percent lower
than the year before. Its tenant sales declined 5.8 percent to S$225 million, the company said.
SPH REIT's portfolio was valued at S$3.278 billion as of 31 August 2017.
Shares in SPH REIT rose 1 percent to S$1.01 on the Singapore Exchange. The stock has gained 7 percent so far this year.