The REIT’s retail rent reversion was +14.3% in 1Q2026. Suntec City Mall’s tenant sales rose 6% y-o-y in 1Q2026 (better than the +5% in 4Q2025). However, net property income (NPI) from Suntec Convention fell by 44.4% y-o-y in 1Q2026 due to absence of large scale conferences.
Suntec REIT’s 1Q2026 distributions per unit (DPU) which rose 23.9% y-o-y but fell 7.9% q-o-q to 1.936 cents. Nonetheless, DPU was better than Bloomberg’s consensus. It was also ahead of JP Morgan’s estimates. The outperformance was underpinned by strong Singapore office and retail performance, and lower financing costs which offset weaker contributions from The Minster Building and Suntec City Convention Centre.
On the office front, Singapore office occupancy rose 10 bps q-o-q to 98.8%, led by improvements in One Raffles Quay (ORQ, +1.7 ppts) and Marina Bay Financial Center (MBFC, +2.7 ppts). Rental reversions remained healthy at +9.5% for Singapore office supported by +13.2% for ORQ and MBFC. This coupled with lower interest expense buoyed joint-venture income which rose 9% y-o-y to $27.8 million during the first quarter.
