Suntec – Nomura

3Q09 Results

First look

SUN’s 3Q09 DPU came in above Nomura and street expectations, on better-thanexpected portfolio performance. In particular, portfolio occupancy held up better than expected. Considering the apparent 10.2% ex-ORQ office lease roll and 8.9% retail lease roll achieved in 3Q09, we find the occupancy resilience impressive. Rents were likely cut to achieve these, but the YTD correction in rents at the Suntec City assets appears milder than we were anticipating. Forecasts, PT under review.

Rents cut to secure occupancy