Suntec Reit Q2 DPU down 0.3%

SUNTEC Real Estate Investment Trust's second-quarter distribution per unit slipped 0.3 per cent to 2.493 Singapore cents as net property income increased by 12.8 per cent to S$59.4 million.

Gross revenue expanded 10.6 per cent to S$87.3 million for the three months ended June 30, said the manager of the trust that holds office and retail assets including the Suntec retail mall and convention centre. Office revenue rose 33.4 per cent to S$43.4 million, while retail revenue shrank 5.2 per cent to S$30 million.

Income available for distribution from operations rose 4.9 per cent to S$58 million.

For the six months ended June 30, net property income was up 13.7 per cent at S$121.3 million.

Occupancy stood at 98.7 per cent for office assets as at end-June, and at 99 per cent as at end-March for retail assets.