Suntec REIT reports 21% improvement in Q1 distributable income

Suntec Real Estate Investment Trust has reported a 21 percent gain in its distribution income for the first quarter.

This amounted to S$27 million or some 2 cents per unit.

Property income was also 21 percent higher at S$35 million.

This was due to the partial revenue recognition from Park Mall and Chjimes as well as organic growth from its office and retail portfolios.

Park Mall was acquired in October 2005 and Chjimes two months later.Suntec REIT expects its portfolio of office and retail properties to strengthen favourably this year.

Source: Channel NewsAsia, 29 January 2007 

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