Suntec Reit's Q2 DPU up despite equity dilution

SUNTEC Reit yesterday announced a distribution per unit of 2.266 Singapore cents for its second quarter ended June 30, 2014, a slight increase from 2.249 Singapore cents a year ago, to be paid on Aug 22.

The trust saw an 11.3 per cent increase in distributable income to S$56.6 million. But the DPU rise was slight because of an enlarged unit capital following its S$350 million private placement in March this year to raise funds for debt repayment.

"We have been assuring unitholders of stable and sustainable DPUs during the execution of our refurbishments at its Suntec City mall, by using part of our sales proceeds from our divestment of Chijmes (in 2012) to mitigate the temporary dip in our retail revenue," Yeo See Kiat, CEO of the Reit manager, told The Business Times yesterday.