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Suntec Reit Q2 DPU down a marginal 0.8%
SUNTEC Real Estate Investment Trust's (Suntec Reit) distribution per unit (DPU) edged down to 2.474 Singapore cents for the second quarter ended June 30, 0.8 per cent lower than the 2.493 Singapore cents DPU for the year-ago period.
Gross revenue rose 3.7 per cent year-on-year to S$90.5 million, while net property income rose 2.2 per cent to S$60.7 million, both due mainly to higher contribution from Suntec Singapore and Suntec City Mall offsetting a lower contribution from Suntec City office.
Distribution to unitholders for the quarter was flat at S$66 million.
Overall committed occupancy as at June 30 rose to 99.8 per cent for the Singapore office portfolio and improved to 98.6 per cent for the Singapore retail portfolio.
For Suntec Reit's Australian properties, the committed occupancy for 177 Pacific Highway stayed at 100 per cent, while Southgate Complex saw committed occupanices of 92.7 per cent for its office towers and 90.4 per cent for its retail podium. Suntec Reit completed the acquisition of an additional 25 per cent interest in the Southgate Complex integrated development on May 31, raising its total interest to 50 per cent.
For the first half of fiscal 2018, the Reit's DPU of 4.907 Singapore cents was a marginal 0.2 per cent lower year-on-year, due mainly to an enlarged units base. Distributable income for the first half was 2.3 per cent higher at S$130.8 million.
Suntec Reit's gross revenue for first half 2018 rose 3.1 per cent year-on-year to S$181.2 million, while net property income rose 2 per cent to S$123.7 million.
The Reit's debt-to-asset ratio was 36.5 per cent as at June 30, while its all-in financing cost was 2.74 per cent per annum for the second quarter.
Unitholders will receive their DPU for second quarter 2018 on Aug 29.