On 22nd April 2020, Suntec REIT had released their financial results for 1Q2020 (1st January 2020 to 31st March 2020). Gross revenue fell 3.1% to S$86.9 million and distributable income fell 6.5% to S$55.1 million.

The decline was due to lower advertising and promotion income at Suntec City Mall and postponement or cancellation of events at Suntec Convention due to COVID-19. The decline of revenue due to the impact of COVID-19 was cushioned by better performance from Suntec City Office, Suntec City Mall, Southgate Complex and contribution from 55 Currie Street.

Distribution Per Unit (“DPU”) fell 27.7% to 1.76 cents from 2.192 cents. The manager had decided to retain 10% (S$5.5 million) of the distributable income in order to build cash reserve to assist the tenants to tide over the COVID-19 period. I am not surprise as this is the