Suntec REIT DPU up 20.8% YoY in Q3

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Suntec REIT DPU up 20.8% YoY in Q3
© Provided by Singapore Business Review

This strong performance was due to the recent acquisitions by the company.

Suntac REIT revealed that a 20.8% year-on-year (YoY) increase in distribution per unit (DPU) was seen in the third quarter 2021.

A higher distributable income of $63.7m was also recorded, a 22% YoY increase compared to the same period last year. 

This performance was mainly due to the newly acquired assets in London and the completion of 477 Collins Street, Melbourne. The office portfolio in Singapore, Australia, and the UK also remained resilient. 

Chong Kee Hiong, CEO of ARA Trust Management Suntec Limited, has also pointed out that Suntec City Mall will be focused on to further strengthen its status as a destination of choice. This, along with more than 25% of the mall dedicated to food and beverage offerings, is slated to enhance the recovery of the company.

The overall outlook on the company’s portfolio also remains strong, with revenue growth expected from the Singapore offices. Cautious optimism is seen in the company’s Suntec City Mall, as higher occupancy and GTO rents take effect.

Suntec Convention, meanwhile, is expected to experience a slower recovery due to more physical-virtual hybrid events. 

The Australian portfolio is forecasted to continue its resilience due to the acquired properties, while the United Kingdom office revenue sees stability with a high occupancy rate and long weighted average lease expiry.

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