SUNTEC Reit’s distribution income for the second quarter rose 13.5 per cent to $47.7 million from $42 million a year back. Distribution per unit was 2.977 cents, 6.6 per cent up year-on-year.
Gross revenue for the three months ended June 30 rose 8.9 per cent to $64.5 million, from $59.2 million for the same period last year.
This was mainly due to higher office revenues achieved during the quarter, said ARA Trust Management, Suntec Reit’s manager. Gross office revenue rose 20 per cent year-on-year in Q2, driven by higher rents achieved for the Suntec City and Park Mall properties, as well as additional revenue from Suntec City office strata space acquired last year.
The overall committed occupancy rate for Suntec Reit’s office portfolio was 94.8 per cent as at June 30. Continue reading
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