It has almost been 2 years since I divested Suntec REIT. Recently, I visited Suntec City mall and I decided to take a look how Suntec REIT is performing over the 2 years. In the latest 4Q2019 financial results, gross revenue increased by 3.5% to S$96.7 million as compared with 4Q2018. The improve in revenue was due to contributions from 55 Currie Street (acquired in September 2019) as well as increase in retail and office revenue from Suntec City which was partially offset by lower revenue from Suntec Convention.
The below bar chart shows the improvement in gross revenue broken down by the assets under Suntec REIT. The lower revenue contribution from 177 Pacific Highway was due to weakened Australian Dollar (AUD).
4Q2019 Financial Results 4Q2019
(S$’000) YoY(%) Gross Revenue 96,718 93,453 3.5% Net Property Income 63,269 60,726 4.2% Distributable Amount 65,986 69,459 (5.0)% Distribution Per Unit