Suntec REIT’s distribution per unit for Q1 up nearly 16% to 2.9 cents

Suntec Real Estate Investment Trust (REIT) has booked a distribution income of S$46.4 million for the first quarter – up from S$37.6 million in the same period a year ago.

It works out to a distribution per unit (DPU) of 2.918 Singapore cents, up by 16 per cent from a year earlier.

In the first three months ended March, the property trust posted a 15 per cent increase in net property income to S$49 million. It attributed this to higher office and retail revenues achieved during the quarter.

Suntec REIT said its overall committed occupancy for the office portfolio stood at 97.4 per cent as at the end of March.

Looking ahead, it expects its retail performance to remain comparatively stable.

But it said industry reports have suggested that the office leasing market is expected to remain subdued in the first half of this year, with continued pressure on rents.

Source : Channel NewsAsia – 28 Apr 2009