Suntec Reit Q3 DPU rises despite lower revenue

MALL owner Suntec Real Estate Investment Trust (Suntec Reit) posted a third-quarter distribution per unit (DPU) of 2.535 Singapore cents, up from 2.522 Singapore cents the previous year, it said in a Singapore Exchange filing on Thursday.

Net property income for the three months ended Sept 30, 2016, slid 2.1 per cent to S$57.23 million on the back of a 4.3 per cent drop in gross revenue to S$82.37 million from the preceding year.

But distributable income went up 1.1 per cent to S$64.34 million.

The Reit said the decline in revenue was due to its sale of Park Mall and lower revenue from Suntec Singapore, which was mitigated by revenue contribution from 177 Pacific Highway after "practical completion" as well as an increase in revenue from the opening of Suntec City mall (Phase 3) after renovation was finished.

Suntec Reit units fell 1.5 Singapore cents to S$1.73 on Thursday before its results.