SPH REIT announced their financial results for the period ending 31 Aug 2017. This is a very stable counter that’s giving consistent distribution and yields. Has anything changed to affect its stability? Let’s take a look. All figures extracted from quarterly reports, financial statements and presentations. Gross revenue (blue line), net property income (orange) and distributable income (grey) have all been fairly stable since listing in 2014. Net property income has climbed faster than gross revenue, indicating that SPH REIT is able to control property level costs. That means unitholders have more distributable income, as evidenced by the slight rise in the grey line. SPH REIT’s characteristic is its stability. SPH REIT Gross revenue, NPI and distributable income to unitholders While the chart below showing distribution per unit seems very volatile, it actually is very stable. The axis on the left is very tight, showing that distribution per unit ......