Suntec REIT owns a portfolio of retail malls and office buildings in Singapore, Australia, and the United Kingdom. Some of Suntec REIT’s well-known properties in Singapore include Suntec City, One Raffles Quay, and Marina Bay Financial Centre (MBFC) Towers 1 and 2. As of 31 December 2021, the REIT’s assets under management accounted for a value of S$12.2 billion.
Here are eight things I learned from the 2022 Suntec REIT AGM.
1. Gross revenue in the FY2021 increased 13.5% year on year to S$358.1 million, and net property income (NPI) grew 27.4 % to S$ 254.6 million. The increase in gross revenue was mainly due to contributions from new assets in the United Kingdom, such as Nova Properties and The Minster Building, higher contributions from assets in Australia and higher retail income at Suntec City Mall contributed to solid performance.
2. Distributable income grew 18.2% year on year to S$247.2 million in FY2021 from S$209.2 million in FY2020,...