- Occupancy is moderate at 94.8%
- WALE is slightly long at 4.28 years
- Highest lease expiry within 5 years is low at 22.1% which falls in 2023
- Weighted average land lease expiry is slightly long at 72.82 years
Basic Profile & Key Statistics
Suntec REIT invests in Office, Retail and Convention Centre properties and owns 11 properties across Singapore, Australia and England.
Performance Review
Gross revenue and NPI and decreased YoY by 12% and 10.4% respectively mainly due to lower income from Suntec Convention and Suntec City, though this was partially offset by contributions from 55 Currie Street and 21 Harris Street.
Distributable income from operations decreased by 11% YoY. DPU from operations decreased from 4.249 cents to 3.746 cents, which is 11.8% drop.
For Suntec City Mall, tenant sales have been improving since July; 4Q tenant sales is only 12% lower than pre-COVID despite a 41% dropped in footfall. Rental reversion is -10.8% for 4Q and -1.3% for FY20.
As for Suntec City Office, rental reversion is +3.7% for 4Q and +7.7% for FY20.
Lease Profile
