Suntec REIT’s net property income jumped 21.1% in Q3 to $48.8m

Occupancy for its retail portfolio stood at 98.4%.

In spite of the challenging retail market, Suntec REIT still posted an impressive 21.1% year-on-year jump in its net property income for Q3. The REIT’s NPI stood at $48.8m in Q3, compared to $40.3m in the same quarter last year.

Gross revenue stood at $71.5m in Q3, an 8.5% year-on-year increase compared to $65.9m in Q313. Its distribution income of S$58.3 million for the third quarter is 12.4% higher compared to the same period last year.

On the retail portfolio, the committed occupancy for Suntec City Phase 1 and Phase 2 was 98.9% while Park Mall maintained 100% committed occupancy. The overall committed occupancy for the retail portfolio stood at 98.4% as at 30 September 2014. 

The debt-to-asset ratio stood at 34.4% as at 30 September 2014 whilst the average all-in financing cost was 2.42% for 3Q FY14.