Paragon Reit NPI up 4.5% in FY2024

It was driven by positive rental reversions.

Paragon Reit has reported a 4.5% increase in net property income to $224.7m for the full year ended 31 December 2024, up $9.6m from the previous year.

The rise in NPI was driven by positive rental reversions, though partially offset by higher finance costs.

The group’s revenue also grew 4.2% to $301.0m, while net income improved 3.3% to $142.1m.

Paragon REIT’s total return for FY2024 stood at s$314.9m, including a $175.6m fair value gain on investment properties, which does not impact distributable income.

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