Suntec REIT’s DPU drops 13.0% YoY in Q1 2024 to $0.226

The REIT recorded a lower DPU and a higher revenue for Q1 2O24.

Suntec REIT’s distribution per unit (DPU) declined 13% in Q1 2024 to $0.226 amidst high financing costs and vacancies in some assets.

Revenue for the period was $1.1m, up 1% YoY due to robust operating performance from Suntec City Office, Mall, and Suntec Convention.

Revenue from its Singapore office portfolio grew 1.1% to $36.4m, whilst net property income (NPI) remained stable at $27.3m.

For the Singapore retail portfolio, revenue rose 3% to $34.3m, and NPI increased 1.3% to $23.6m.

Meanwhile, revenue from Suntec Convention grew 26.1% to $11.6m, whilst NPI surged 160.0% to $1.3m.

Additionally, revenue from its Australia and UK portfolios declined 6.5% to $24.6m and 12.9% to $3.4m, respectively, due to vacancies, incentives, and interest costs.