Suntec REIT’s Q2 DPU down 6.8%

Suntec Real Estate Investment Trust has announced that its second quarter distribution per unit (DPU) fell 6.8 per cent year-on-year.

The Reit’s DPU slipped to 2.361 Singapore cents per unit for the April-June period from 2.532 cents in the same period last year.

Suntec said the decline is due mainly to the lower retail revenue from Suntec City Mall and the loss in revenue because of the trust’s divestment of Chijmes in January this year.

Gross revenue for the quarter has risen by 15.8 per cent to nearly S$71 million.

However, distributable income has fallen by 5.7 per cent to S$53 million.

“Despite the challenges in the office market, the (trust) manager is cautiously optimistic on the performance of its office portfolio,” the trust said in the statement.

Suntec City Office Towers has achieved a 100 per cent committed occupancy while the trust’s office portfolio committed occupancy has strengthened to 99.9 per cent.

Source : Channel NewsAsia – 19 Jul 2012