Paragon REIT’s net property income rises 1.7% YoY to $215.1m in FY23

Despite higher income, the REIT declared a 9% YoY lower DPU.

Paragon REIT ended FY23 with a 1.7% YoY higher net property income (NPI) of $215.1m.

In a bourse filing, the REIT attributed its higher income to the robust performance of its portfolio supported by resilient domestic demand and continued recovery in tourist arrivals.

Despite bigger income and a 1.8% YoY higher gross revenue of $288.9m, the REIT declared a 9% YoY lower distribution per unit (DPU) of $0.0502.

The REIT attributed the lower DPU to rising interest costs.

Meanwhile, the REIT expects to pay the 2H23 distribution of $0.0260 on 22 March.

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