Suntec REIT’s Q4 DPU drops 19.8%

Suntec Real Estate Investment Trust has reported a fourth quarter distribution per unit (DPU) of 2.316 cents, down 19.8 per cent from a year ago.

Net property income for the three months ended December held steady at S$47.2 million.

For the full year, net property income was marginally higher – up 0.4 per cent at $193 million.

Suntec REIT said its gross revenue saw a marginal decline due to lower retail revenue achieved for the quarter.

Suntec City Mall’s committed retail occupancy stood at 97.9 per cent, Chijmes came in at 99.5 per cent and Park Mall achieved full occupancy in the last financial year.

Suntec REIT’s manager said it has completed the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.

As a result, its assets under management have grown to approximately S$7 billion with a market capitalisation of S$3.3 billion.

For its jointly-controlled entities, One Raffles Quay achieved full committed occupancy, while the committed occupancy for MBFC Properties stood at 96.5 per cent.

Source : Channel NewsAsia – 21 Jan 2011

Join The Discussion

Compare listings