Suntec Reit achieves 11% rise in Q4 distributable income to $58.2 million

Suntec Real Estate Investment Trust (Suntec Reit) has achieved an 11 per cent rise in distribution income to $58.2 million for the fourth quarter.

Gross revenue for the three months to Dec 31 climbed by 30.2 per cent to $71.7 million.

This was mainly due to the opening of Suntec City mall (Phase 1) and Suntec Singapore following the completion of its asset enhancement works.

For the same reasons, net property income soared by 62.9 per cent to $49.8 million.

Distribution per unit (DPU) for the quarter rose by 10.1 per cent to 2.562 cents.

For the full year, the distribution income of $211.2 million was 0.9 per cent lower while DPU fell by 1.7 per cent to 9.328 cents. This works out to a yield of 5.9 per cent based on the units closing price on the stock market today.

On the retail portfolio, the committed occupancy for Suntec City mall (Phase 1) was 99.6% while the committed occupancy for the rest of mall unaffected by the enhancement works was 91.3 per cent.

Park Mall maintained full occupancy, taking the overall committed occupancy for the retail portfolio to 97.3 per cent as at Dec 31.

On the office portfolio, Suntec City Office Towers continued to maintain a high committed occupancy of 99.2 per cent, while Park Mall office was fully occupied.

Jointly controlled entities, One Raffles Quay and MBFC Properties, achieved full occupancy.

Overall committed occupancy for Suntec Reit's office portfolio stood at 99.6 per cent.

Suntec Reit also made its first foray overseas during the quarter.

Suntec Reit units eased half a cent to $1.585.

The results were announced after the market closed.