Suntec Reit Q3 DPU rises 20.8% to S$0.02232

SUNTEC real estate investment trust's (Reit) distribution per unit (DPU) rose 20.8 per cent to 2.232 Singapore cents from 1.848 cents to a year ago, its manager said in a business update filed on Friday (Oct 22).

Distributable income rose 22 per cent to S$63.7 million from S$52.2 million the previous year.

This was driven by strong contributions from 2 newly acquired assets in London, the completion of 477 Collins Street in Melbourne Australia and lower rent assistance to retail tenants in the quarter.

Gross revenue for the Reit was up 16.5 per cent to S$92.7 million for the quarter from S$79.6 million. Net property income for Q3 jumped 45.5 per cent to S$68.8 million from S$47.3 million a year ago.

The distribution will be paid on Nov 29 after the record date on Nov 1.

Chong Kee Hiong, chief executive officer of the Reit's manager noted the "resilience" of the asset portfolio, which has been "enhanced" with the diversification of geographical location following acquisitions of office assets in Australia and United Kingdom.

"The manager will also continue to strengthen its balance sheet through active capital management," he said.

Units of the Reit traded up 0.7 per cent or S$0.01 to S$1.51 at the end of Thursday.