Suntec Reit's Q1 DPU up 6.3%

SUNTEC Reit on Thursday reported a 6.3 per cent increase in distribution per unit (DPU) to 2.371 Singapore cents for its first quarter ended March 31, 2016. This was higher than the 2.23 cents it paid out a year ago.

Gross revenue rose 5.2 per cent to S$78.3 million, while net property income (NPI) rose 5.1 per cent to S$54.0 million.

The increase in revenue and NPI was mainly due to the opening of Suntec City mall (Phase 3) following the completion of asset enhancement works, higher office revenue from Suntec City Office and higher revenue achieved by Suntec Singapore Convention & Exhibition Centre, which was offset by the divestment of Park Mall in December 2015, it said.

Distributable income rose 7.2 per cent to S$60 million.

Its units ended 3.5 cents or 2 per cent higher to S$1.745 on the stock market.