Suntec Reit Q3 DPU dips 2.1% on enlarged unit base, after higher property income

For Suntec's Singapore retail portfolio, the overall committed occupancy was 99.1 per cent.
For Suntec's Singapore retail portfolio, the overall committed occupancy was 99.1 per cent. PHOTO: ST FILE

SINGAPORE - Suntec Reit on Friday (Oct 27) posted 2.1 per cent decline in distribution per unit (DPU) to 2.483 Singapore cents for the third quarter from 2.535 cents a year ago on a larger unit base.

This came about when S$166.5 million in convertible bonds were converted into 95.7 million new units issued on May 29, 2017.

Distributable income rose 2.4 per cent for the three months to Sept 30, 2017, to S$65.9 million. Net property income climbed 11.6 per cent in the quarter to S$63.9 million on contribution.

Mr Chan Kong Leong, CEO of the Reit manager, said, "Suntec Reit continues to reap the benefits from the diversification strategy into Australia. While the Singapore assets continued to deliver steady income, the properties in Australia, 177 Pacific Highway and Southgate Complex contributed to our robust performance this quarter."

As at Sept 30, the Singapore office portfolio achieved an overall committed occupancy of 99 per cent. The committed occupancies for Suntec City Office, One Raffles Quay and Marina Bay Financial Centre Properties were at 98.4 per cent, 99.6 per cent and 100 per cent respectively. In Australia, the committed occupancies for 177 Pacific Highway and Southgate Complex (Office) were 100 per cent and 89.6 per cent respectively.

For Suntec's Singapore retail portfolio, the overall committed occupancy was 99.1 per cent. The committed occupancy for Suntec City Mall maintained at 99.3 per cent, while the committed occupancy for Marina Bay Link Mall stood at 93 per cent. In Australia, the committed occupancy for Southgate Complex (Retail) was 87.8 per cent.