Suntec Reit DPU drops 9.4% to 2.347 S cents on enlarged unit base
SUNTEC Real Estate Investment Trust's (Reit) distribution per unit (DPU) fell by 9.4 per cent to 2.347 Singapore cents for its fourth quarter ended Dec 31, from 2.59 cents a year ago.
This was mainly due to an enlarged unit base and lower capital distribution, the Reit manager said in a regulatory filing on Wednesday.
Gross revenue was up 3.5 per cent to S$96.7 million for the quarter, from S$93.5 million a year ago, on a S$4 million contribution from 55 Currie Street from Sept 10, 2019 after it was acquired. The group also saw an increase in retail and office revenue from Suntec City - which saw its revenue rise S$2.3 million.
The increase in gross revenue was also offset partially by lower revenue from Suntec Singapore and 177 Pacific Highway of S$1.5 million each.
Net property income (NPI) grew 4.2 per cent on the year to S$63.3 million for the quarter, from S$60.7 million.
Distributable income declined 5 per cent year on year to S$66 million, from S$69.5 million.
The distribution will be paid out on Feb 28, after books closure on Jan 31.
Meanwhile, for the full year ended Dec 31, DPU was 4.8 per cent lower at 9.507 Singapore cents, versus 9.988 cents a year ago, and distributable income fell 1.5 per cent to S$262.7 million. Gross revenue was 0.9 per cent higher at S$366.7 million, while NPI eased 2 per cent to S$236.2 million for the full year.
Suntec Reit units closed at S$1.87 on Tuesday, down one Singapore cent or 0.5 per cent, before the results were released.
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