The REIT’s 3QFY2024 gross revenue and net property income (NPI) fell by 4.6% and 5.7% y-o-y to $117.7 million and $79.8 million, respectively. This is attributed to the lower contribution from Suntec Convention, 55 Currie Street and The Minster Building properties, though partially offset by stronger performance at Suntec Office and Mall.
Maybank Securities, CGS International (CGSI) and OCBC Investment Research (OIR) have maintained their “hold” calls on Suntec REIT following its business update for the 3QFY2024 ended Sept 30.
On Oct 24, Suntec REIT reported a distribution per unit (DPU) from operations of 1.58 cents, 0.9% lower y-o-y. Without capital distributions, the REIT’s 3QFY2024 DPU fell by 11.2% y-o-y.
