- Paragon REIT (SGX:SK6U)'s FY23 revenue/NPI grew 1.8%/1.7% y-o-y to S$288.9m/S$215.1m on the back of stronger performance of the Singapore portfolio, which saw 2.8%/3.2% y-o-y revenue/NPI growth.
Topline growth wiped out by higher interest cost
- - Read this at SGinvestors.io -
High occupancy in Singapore assets supporting reversions
- Portfolio reversions for FY23 came in at 6.3%, with Singapore delivering strong reversions of 10.6% (16MFY22: -4.1%). Reversions at Australia dipped further by -8.2% (16MFY22: -7.0%) as management prioritised occupancy over rents against the backdrop of elevated interest rates and softening consumer sentiment.
- - Read this at SGinvestors.io -
- Management has guided that FY24F reversions for the Singapore portfolio could land in the mid-to high-single digit range, backed by 100% committed occupancy at Paragon and Clementi Mall.
Portfolio valuations increased by 2.2%
- Read more at SGinvestors.io.
