Suntec REIT 1H24 distribution per unit fell 12.5% year-on-year to 3.042 cents.
Summary of Suntec REIT's 1H24 results
Suntec REIT reported its results and dividends for the first half of 2024 (1H24).
- Suntec REIT 1H24 DPU fell 12.5% year-on-year to 3.042 cents, of which 1.511 cents had been paid on 30 May 2024. This translates into an annualized distribution yield of 5.3%.
- DPU was also lower than 2H23’s 3.659 cents.
- The decline was mainly due to a capital distribution of S$11.5 million in the previous year.
Source: Suntec REIT
Revenue rose 1.1% while net property income fell 1.5%, held up by strong performance of the Singapore office and retail assets.
1H24 rental reversions were +9.7% for the office, and +20.8% for the retail space, though the rate has moderated.
Australia portfolio was impacted by lower occupancy at 55 Currie Street, incentives at Southgate Complex, higher interest expense and weaker Australian dollar (A$).
UK portfolio was affected by higher vacancy at The Minster Building, mitigated by recovery of doubtful debts and a stronger GBP....
