Suntec Reit’s Q1 DPU falls 27.4% on higher financing costs

SUNTEC Real Estate Investment Trust (Reit) recorded a 27.4 per cent decline in distribution per unit (DPU) to S$0.01737 for the first quarter of 2023, from S$0.02391 in the same period a year ago.

This comes despite a 9.6 per cent year-on-year rise in gross revenue to S$108.7 million in Q1 2023 and net property income climbing 2.7 per cent on year to S$76.3 million.

While the Reit’s operational performance held steady due to higher revenue from Suntec City Office, Suntec City Mall and Suntec Convention, its gains were eroded by higher financing costs, the manager reported on Wednesday (Apr 26).