The weekly round-up provides summaries and interesting snippets from various companies during the week.
Suntec REIT (SGX: T82U)
Suntec REIT reported its fiscal 2021 first half (1H2021) earnings, and the REIT enjoyed a recovery of sorts.
Gross revenue for the half-year increased by 11.6% year on year to S$166.8 million, underpinned by the resilient performance of the office portfolios in Singapore, Australia and the UK.
The increase in revenue was also contributed by newly acquired assets and completed developments, helped by lower rent assistance provided to tenants due to COVID-19.
Net property income jumped by nearly 24% year on year to S$112.6 million, lifting distributable income by 14.6% year on year to S$118.2 million.
As a result, distribution per unit (DPU) surged by 26.1% year on year to S$0.04154.
Suntec REIT’s recent divestments of 9 Penang Road and Suntec City Office strata units have helped to recycle capital for accretive acquisitions such as the one of Minster Building in the UK....