I was extremely busy with work this month and thus didn’t have time and energy to catch up on the financial results of the stocks and REITs that I have held in my stock portfolio. Earlier this year, I have added SPH REIT to my stock portfolio. SPH REIT currently makes up 11% of my entire stock portfolio. On 10th October 2019, SPH REIT announced their 4QFY19 financial results. The results are inline with my expectations. The most important of all, Distribution Per Unit (“DPU”) increased by 2.1% to 1.46 cents. The full year Distribution Per Unit (“DPU”) continued its growth by 1.1% to reach 5.60 cents for FY19.

4QFY19 Financial Results

	4QFY19 (S$’000)	4QFY18 (S$’000)	Change
Gross Revenue	58,374	52,962	10.2%
Net Property Income	45,809	40,979	11.8%
Distributable Income	35,368	34,576	2.3%
Distribution Per Unit (“DPU”) (cents)	1.46	1.43	2.1%

Full Year FY19 Financial Results

	FY19 (S$’000)	FY18 (S$’000)	Change
Gross Revenue	228,635	211,802	7.9%
Net Property Income	179,779	165,996	8.3%
Distributable Income	144,790	142,310	1.7%
Distribution Per Unit (“DPU”) (cents)	5.60	5.54	1.1%

Gearing Ratio

The debt gearing currently stood at 27.5%. I personally felt the gearing ratio is low for a retail REIT and there is definitely further room for more acquisitions...