- Gross revenue and net property income (NPI) rose 4.2% y-o-y and 4.5% y-o-y, respectively, to S$301.0mil and S$224.7mil due to strong reversion across retail assets, which offset higher operating expenses and forex losses from Westfield Marion.
FY24 results ahead of estimates.
- - Read this at SGinvestors.io -
- Core Paragon REIT's core distribution per unit declined 7.4% y-o-y to 4.65 cents, factoring in a change in management fee structure to full cash, but is ahead of our estimates of 4.3 cents.
- Including capital gains top-ups, FY24 DPU rose ~30% y-o-y to 6.50 cents.
Singapore assets continue to perform well
- Singapore assets continue to perform well, with Paragon achieving +22.5% rental reversions and Clementi Mall +16.3%.
- - Read this at SGinvestors.io -
- On the capital management front, gearing improved ~1.6ppt h-o-h to 35.3% while borrowing costs declined 20bps h-o-h to 4.4% due to the recycling of proceeds from the Rail Mall divestment.
Cuscaden Peak returns with privatisation offer of S$0.98 per share in full cash
- Read more at SGinvestors.io.
