Business Times: Wed, Oct 26
SUNTEC Real Estate Investment Trust (Suntec Reit) yesterday posted distribution per unit (DPU) of 2.533 cents for the third quarter ended Sept 30, up 1.2 per cent year on year.
The DPU represented an annualised distribution yield of 8.4 per cent based on the Oct 24 unit price of $1.195.
Income available for distribution was $56.4 million, a 21.9 per cent year-on-year increase from $46.2 million.
According to the manager, ARA Trust Management (Suntec) Limited, 3Q2011 DPU outperformed its forecast by 17.9 per cent. On a year-to-date basis for the nine months ended September, DPU totalled 7.453 cents, exceeding the forecast by 12.4 per cent.
Yeo See Kiat, chief executive officer of the manager, said: 'I am happy to report that we have once again delivered another quarter of high distribution income. This was achieved on the back of higher income contribution from MBFC properties (comprising Marina Bay Financial Centre Towers 1 and 2, and Marina Bay Link Mall) as well as prudent capital management approach that led to greater interest savings.'
Gross revenue for the quarter stood at $67.9 million, a 7.4 per cent increase over the previous year, mainly due to the consolidation of $7.5 million in revenue from Suntec Singapore.
In August, the trust raised its effective stake in Suntec Singapore from 20.0 per cent to 60.8 per cent.
Net property income for the quarter came in at $47.8 million, a decrease of $2.8 million or 5.6 per cent year-on-year.
For the office portfolio, the committed occupancy of Suntec City Office Towers as at end-September was 98.0 per cent whilst Park Mall office maintained full occupancy.
For the retail portfolio, the committed occupancy of Suntec City Mall was 96.5 per cent, whilst Park Mall and Chijmes achieved 100.0 per cent committed occupancy.
For jointly-controlled entities, One Raffles Quay maintained full committed occupancy, whilst MBFC properties stood at 98.5 per cent.
The overall committed occupancy for the office and retail portfolio stood at 98.6 per cent and 97.3 per cent respectively.
Suntec Reit units closed trading yesterday one cent up at $1.205.
Martin Koh/ Sherry Tang