Sydney property lifts Suntec Reit's Q1 results

Singapore

THANKS to its Sydney commercial tower, Suntec Reit achieved a 3.1 per cent first-quarter rise in distributable income to S$61.85 million amid challenging operating conditions.

This contributed to a 2.3 per cent increase in its distribution per unit (DPU) to 2.425 Singapore cents for the three months ended March 31, 2017. The distribution translated to an annualised distribution yield of 5.6 per cent based on Suntec Reit's unit price of S$1.755 on April 25, said the trust. DPU in the year-ago quarter was 2.371 Singapore cents.