SINGAPORE - Suntec Real Estate Investment Trust 's distribution per unit fell by 31.3 per cent to 3.293 cents for the six months ended June 30, from 4.795 cents a year ago.
The Reit owns Suntec City Mall - which comprises 813,753 square feet of net lettable area - and certain office units in Suntec Towers One, Two and Three, as well as the whole of Suntec Towers Four and Five, which form part of an integrated commercial development known as Suntec City. Gross revenue was down 16.1 per cent to $149.4 million for the half year, from $178.1 million a year ago. This was mainly due to a drop of $14.9 million and $22.7 million in revenue from Suntec City and Suntec Singapore respectively, and lower revenue from 177 Pacific Highway, a commercial building in Sydney in which Suntec Reit holds a 100 per cent stake.
Net property income fell 20.6 per cent on the year to $91 million for the quarter, from $114.6 million.The distribution of 1.533 cents per unit for the three months ended June 30 will be paid on or about Aug 27. The distribution of 1.760 cents per unit for the three months ended March 31 was earlier paid on May 28.
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Source: BusinessTimes - 🏆 15. / 51 Read more »
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