SINGAPORE (Oct 30): Suntec REIT is trading 2 cents or 0.8% higher at $1.94 as at 10.22am on Monday with 1.1 million units traded.
The manager of Suntec REIT announced on Friday night a DPU of 2.483 cents for 3Q17, 2.1% lower than 3Q16 DPU of 2.535 cents due to an enlarged units base which included 95.7 million new units issued in May.
Gross revenue came in 10.6% higher at $91.1 million, mainly due to the rental contribution of 177 Pacific Highway which received practical completion in August 2016 and higher contribution from Suntec Singapore.
Net property income of $63.9 million was 11.6% higher year-on-year which was similarly due to the contribution from 177 Pacific Highway and Suntec Singapore.
As at end Sept, the debt-to-asset ratio stood at 35.4% while the all-in financing cost was 2.55% per annum for 3Q17.
Distributable income of $65.9 million in 3Q17 was 2.4% higher compared to 3Q16.
Chan Kong Leong, CEO of the manager ARA Trust Management (Suntec), says, “We are pleased to have delivered a higher distributable income for the first nine months of 2017. Suntec REIT continues to reap the benefits from the diversification strategy into Australia. While the Singapore assets continued to deliver steady income, the properties in Australia, 177 Pacific Highway and Southgate Complex contributed to our robust performance this quarter.”
As at Sept 30, the Singapore office portfolio achieved an overall committed occupancy of 99.0%.
During 3Q17, the manager of Suntec REIT says it renewed and signed 150,000 sf of leases reducing the 2017 leases expiring to only 2.0% of NLA. To date, it has also reduced the leases expiring for 2018 to 14.9% of NLA.
