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Suntec REIT’s DPU saw a 20.8% year-on-year increase, from 1.848 Singapore cents to 2.232 Singapore cents; distributable income grew 22% year-on-year to $63.7 million.
Suntec REIT’s distribution per unit (DPU) increased 20.8% year-on-year to 2.232 cents in the third quarter of 2021.
Distributable income also climbed 22% year-on-year to $63.7 million.
Suntec REIT attributed the strong performance to the contributions from two newly acquired assets in London, the completion of 477 Collins Street, Melbourne, and lower rent assistance for its retail tenants during the period under review.
The REIT added that its office portfolio in Australia, United Kingdom and Singapore also remained resilient.
“To further strengthen Suntec City Mall as the destination of choice for existing customers and to attract new customers, we focused to increase the number of activity-based and experiential concepts to around 35% of the mall’s total leasable area. This, together with more than 25% of the mall dedicated to F&B offerings, will position us well to ride the wave of recovery,” said Chong Kee Hiong, CEO of the REIT’s manager.
Looking ahead, Suntec REIT expects revenue growth from its Singapore office portfolio, driven by “higher occupancy and cumulative positive rent reversions achieved in the past 13 quarters”.
For Suntec City Mall, cautious optimism is seen, with mall occupancy forecasted to remain at about 95% by the end of the year.
“Suntec City Mall’s revenue recovery will be led by higher occupancy and higher GTO rents, but slowed by negative rent reversions from past few quarters,” said Suntec REIT.
Suntec Convention, on the other hand, is expected to see a slower recovery due to weak international leisure and business travel.
Meanwhile, revenue from its Australia portfolio is forecasted to remain resilient, while revenue from its office portfolio in the United Kingdom is expected to be stable.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.