Suntec REIT Announces Distributable Income of S$209.2 Million (US$157.85 Million) for FY 2020
January 27, 2021 – Suntec REIT reported distributable income from operations of S$209.2 million (US$157.85 Million) for the financial year ended 2020 which was 11.6% lower than the financial year ended 2019 (FY 2019).
Distribution per unit (DPU) to unitholders was 7.402 cents for FY 20.
For the period 1 July to 31 December 2020 (H2 2020), distributable income from operations of S$106.1 million was 11.0% lower than the half year ended 31 December 2019 (H2 2019) as COVID-19 continued to affect both the retail and convention businesses. The rent assistance granted to retail tenants at Suntec City Mall, Marina Bay Link Mall and Southgate Complex, absence of income contribution from Suntec Convention and one-off compensation received at MBFC Properties in 2H 19 contributed to the decrease in distributable income from operations. This was mitigated by the better performance and contributions from the Australia office portfolio, stronger performance of Suntec City Office and One Raffles Quay as well as lower financing costs.
Mr. Chong Kee Hiong, Chief Executive Officer of the Manager, said, “The second half and fourth quarter performance continue to be supported by the resilience of our office portfolio in Singapore and Australia. There are also encouraging signs of recovery in our retail business in 4Q 2020 as tenant sales recovery at Suntec City Mall has been stronger than improvement in footfall. As a result, there will be a full distribution of the 2H 20 distributable income. We will also distribute the full S$10.3 million distributable income that was retained in 1H 20. Total DPU for 2H 20 will be 4.109 cents.”
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