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Suntec REIT DPU Rises for 1Q2016

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On 21st April 2016, Suntec REIT announces its financial results for 1Q 2016. Distribution Per Unit (“DPU”) rises 6.3% to 2.37 cents as compared to 2.23 cents in 1Q2015.

Gross revenue increases to S$78.3 million in 1Q2016 as compared to S$74.5 million in 1Q2015. Net property income also increases to S$54 million as compared to S$51.4 million in 1Q2015. The increase in gross revenue and net property income was attributed to the opening of Suntec City Phase 3 which resulted in higher contribution from Suntec City Office and Suntec Singapore.

With the completion of Phase 3 in June 2015, this marks the end of the Asset Enhancement Initiative (“AEI”).

1Q2016
(S$mil)
1Q2015
(S$mil)
YoY(%)
Gross Revenue 78.3 74.5 5.2
Net Property Income 54.0 51.4 5.1
Distributable Amount 60.0 56.0 7.2
Distribution Per Unit (“DPU”) (cents) 2.371 2.230 6.3

Occupancy

Office occupancy stood at 98.3%.

Suntec REIT 1Q 2016 Office Occupancy

Retail occupancy stood at 98.6%.

Suntec REIT 1Q 2016 Retail Occupancy

Debt

As of 31st March 2016, the total debt outstanding is S$3.046 billion. Debt to asset ratio stood at 34.7%. The average term to expiry is 2.67 years.

Suntec REIT 1Q 2016 Debt Maturity Profile

Net Asset Value

Suntec REIT has a Net Asset Value (“NAV”) of S$2.114.

Lease Expiry

6.0% of the office leases are expiring in FY2016. 23.1% of the retail leases are expiring in FY2016.

Things to Note

Target completion of office and retail asset in Australia, 177 Pacific Highway, Sydney in 2nd half of 2016.

Suntec REIT 1Q 2016 177 Pacific Highway

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