Paragon REIT has reported gross revenue of $223 million for 3QFY2024 ended September, up by 3% y-o-y.
Paragon, the REIT’s crown asset, saw an increase in revenue to $135.5 million for the same period, up from $128.6 million in the previous year.
The mall’s visitor traffic increased slightly from 11.1 million in 3QFY2023 to 11.2 million in 3QFY2024, while tenant sales in the same period declined from $507.2 million to $473.6 million.
The REIT’s occupancy rate stood at 97.9%, with a portfolio weighted average lease expiry (WALE) of 4.8 years by net lettable area and 3.1 years by gross rental income.
As at Sept 30, gearing stood at 35.9%, while average cost of debt was at 4.5%.
For the same period, the REIT’s adjusted interest coverage ratio stood at 2.9 times.
See also: Kimly reports higher FY2024 revenue but earnings down on higher depreciation and other costs
Units in Paragon REIT closed 1 cent lower, or down 1.16%, at 85.5 cents on Nov 7.
