Suntec REIT distribution per unit climbs 13% in Q3

Distributable income stood at $59.9m, up 14.3% YoY.

Suntec REIT lists a strong third quarter (Q3), with distribution per unit (DPU) at $0.02017, 13.4% higher than $0.01710 last year.

Distributable income increased by 14.3% year on year (YoY) to $59.9m from $52.4m, payable by 27 November.

Gross revenue is up by 5.2% to $123.6m. Net property income records 6.2% growth to 83.4m YoY, attributable to strong portfolio performance in both office and retail markets.

Suntec’s YoY committed occupancy for office space rose to 99.6% from 98.5%, whilst retail is down to 98.6% from 99.3%.

Rent reversion grew on both portfolios, with office and retail up by 7.3% and 11.2%, respectively.

Retention rates for office and retail are 87% and 83%, respectively.

“We remain focused on optimising our portfolio, strengthening our balance sheet and enhancing long-term returns for our unitholders,” said Chong Kee Hiong, CEO of Suntec.

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