SUNTEC Real Estate Investment Trust on Wednesday morning reported a slight rise in first-quarter distribution per unit to 2.434 Singapore cents from 2.433 cents a year ago.
Gross revenue for the three months ended March 31 declined 1.1 per cent from the year-ago period to S$89.7 million, due to lower convention revenue from Suntec Singapore and lower revenue from 177 Pacific Highway amid the weaker Australian dollar. This was partially offset by higher retail and office revenue from Suntec City.Suntec Reit had a committed occupancy rate of 98.9 per cent for its office portfolio and 97.4 per cent for its retail assets, as at March 31.Distributable income rose 0.
Chong Kee Hiong, chief executive of the Reit’s manager, said, “With the office component leased to UBS, unitholders will enjoy revenuefrom the fully leased office space soon after TOP as compared to varied rental commencement by multi-tenancy leases. Its lease tenure will also provide stability of income stream with a potential for growth."
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