Higher gross revenue and net property income helped Suntec Reit lift distribution per unit (DPU) a touch for the first quarter, it reported yesterday.
DPU rose 0.3 per cent to 2.433 cents while total distributable income came in at $64.8 million, 4.8 per cent up on the same period last year.
This includes a capital distribution of $6.5 million or 0.244 cent per unit.
Net property income rose 1.9 per cent to $63 million for the three months to March 31, mainly attributable to higher contribution from its 60.8 per cent interest in Suntec Singapore Convention & Exhibition Centre (Suntec Singapore).
Gross revenue rose 2.6 per cent to $90.7 million, mainly due to an 18.2 per cent increase in turnover from Suntec Singapore to $21.9 million, and a 2.7 per cent lift in retail sales from Suntec City mall to $26 million.
This was partially offset by a 4 per cent drop in office revenue to $42.9 million.
AT A GLANCE
GROSS REVENUE: $90.7 million (+2.6%)
NET PROPERTY INCOME: $63 million (+1.9%)
DISTRIBUTION PER UNIT: 2.433 cents (+0.3%)
The fall in office revenue stemmed in part from transitory downtime from replacement leases commencing progressively from March at Suntec City Office, said ARA Trust Management (Suntec), the Reit manager.
Overall committed occupancy for the Reit's offices stood at 99.1 per cent as of March 31 and 98.4 per cent for the retail assets.
Suntec Reit owns Suntec City mall, certain office units in Suntec Towers, Convention & Exhibition Centre, one-third of Marina Bay Financial Centre Towers 1 and 2, and the Marina Bay Link Mall, among other properties.
Suntec Reit units closed unchanged at $1.90 yesterday.