THE manager of Paragon Real Estate Investment Trust (Paragon Reit) on Tuesday (Feb 11) posted a distribution per unit (DPU) of S$0.0233 for the second half ended December, down 10.4 per cent from S$0.026 in the previous corresponding period.
This brings FY2024 DPU, excluding special distribution, to S$0.0465, down 7.4 per cent from S$0.0502 previously.
The H2 distribution of S$0.0233 will be paid on Mar 28, after the record date of Feb 19.
Including a special distribution of S$0.0185 that was paid to unitholders in October 2024, DPU for the second half would have risen 60.8 per cent on the year to S$0.0418. DPU for FY2024 would have also been 29.5 per cent higher at S$0.065.
Distributable income, inclusive of the special distribution, rose 85.6 per cent to S$120.6 million for H2, from S$65 million in the same period the year before.
Revenue was up 5.3 per cent to S$153.6 million for the half-year period, from S$145.8 million in the year-ago period, mainly due to positive rental reversions in the Reit’s Singapore assets.
Net property income (NPI) grew 4.5 per cent to S$113.9 million for the half-year period, from S$109 million in the year before. Property operating expenses, however, were up 7.8 per cent on higher property tax, marketing expenses and insurance.
For the full year, distributable income rose 33.5 per cent to S$181 million, from S$135.6 million in FY2023. Revenue was up 4.2 per cent to S$301 million, while NPI was up 4.5 per cent to S$224.7 million.
Units of Paragon Reit ended Monday 0.6 per cent or S$0.005 lower at S$0.89, before calling for a trading halt on Tuesday morning.
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