Suntec Reit reports DPU of 2.577 cents for Q4

SUNTEC Reit reported on Thursday a distribution per unit (DPU) of 2.577 Singapore cents for the fourth quarter ended Dec 31, 2014, up 0.6 per cent from a year ago.

The opening of Phase 2 of the Suntec City mall and Suntec Singapore following the completion of renovations as well as income from an office property acquired in Sydney helped lift net property income by 6.5 per cent to S$53 million.

For the financial year ended 2014, Suntec's distributable income grew 9.1 per cent to S$230.3 million and it delivered a DPU of 9.4 cents, up 0.8 per cent from a year ago.

Suntec's overall committed occupancy for the retail portfolio stood at 99.7 per cent as of Dec 31, 2014. The committed occupancy for Suntec City Phase 1 and Phase 2 was 99.6 per cent while Park Mall maintained full committed occupancy.

As for its office portfolio, it continued to be fully leased. Suntec has forward renewed some 338,000 sq ft of leases due to expire in 2015, leaving a balance of only 12.5 per cent of the office leases due to expire in 2015, said the Reit manager CEO Yeo See Kiat.

"Looking ahead, we remain positive on the performance of our office portfolio in 2015," Mr Yeo said. "Our current priorities are to focus on the completion of the remaking of Suntec City as well as proactive lease management to maintain our high occupancy levels of both our office and retail portfolios."

Suntec units edged up 0.25 per cent at market close on Thursday to S$2.