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%.
Retail occupancy stood at 98.6%.
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.
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.
