Suntec REIT DPU Rises for 3QFY15

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Suntec REIT announces its results for 3QFY15 on 22nd October 2015. DPU rises 8.3% to 2.522 cents as compared to the same period last year.

Suntec REIT portfolio includes

  • Suntec City
  • Park mall (in the midst of divesting, to be completed by end FY2015)
  • One Raffles Quay (one-third)
  • MBFC Properties (one-third)
  • 177 Pacific Highway, an iconic landmark office development in North Sydney (100% by early 2016)

Key Financial Indicators

  • Office revenue contributed approximately 40.0% of the Total Gross Revenue for 3Q FY15.
  • Retail revenue contributed approximately 41.0% of the Total Gross Revenue for 3Q FY15.
  • Convention revenue contributed approximately 19% of the Total Gross Revenue for 3Q FY15.

Suntec REIT 3Q2015 Portfolio

Debt to asset ratio stood at 35.8%.

Suntec REIT 3Q2015 Debt

Debt Maturity Profile

Suntec REIT 3Q2015 Debt Maturity Profile

Occupancy

Suntec City retail occupancy stood healthy at 96.5%.

Suntec REIT 3Q2015 Retail Occupancy

Suntec City office occupancy remains healthy at 99.5%. This is above the Singapore average Central Business District (CBD) Grade A office occupancy of 93.9%.

Suntec REIT 3Q2015 Occupancy

1.4% of the office leases is expiring in FY2015. We may have to continue to monitor the office lease renewal in FY2016 whereby 21.4% of the office leases are expiring.

Suntec REIT 3Q2015 Office Leases

1.6% of the retail leases is expiring in FY2015. We may have to continue to monitor the retail leases renewal in FY2016 whereby 27.7% of the retail leases are expiring.

Suntec REIT 3Q2015 Retail Leases

Asset Enhancement Initiative (AEI)

Suntec City has completed its 3 year asset enhancement initiative. Retail footprint was increased from approximately 855,000 sq ft to approximately 960,000 sq ft. Net property income increase 20.3% given the contribution from phase 2 and 3 of Suntec City.

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