Suntec REIT Q1 Net Property Income Rises But Distributable Income Falls on Financing Costs
April 25, 2023 – Suntec REIT reported a 2.7% increase in net property income to S$76.3 million due to higher contributions from Suntec City Office, Suntec City Mall, and Suntec Convention for the quarter to March 31 this year. However, higher financing costs and the strong Singapore dollar eroded gains to put pressure on distributable income.
Distributable income of S$50.3 million for the period from January 1 to March 31 was 26.8% lower than the same quarter a year ago. Distribution per unit (DPU) to unitholders of 1.737 cents was 27.4% lower year-on-year.