Suntec – BT

Suntec Reit posts Q1 DPU of 2.453¢

SUNTEC real estate investment trust (Reit) yesterday posted a distribution per unit (DPU) of 2.453 cents for the first quarter of 2012, a 2.7 per cent year- on-year increase.

Based on the unit price of $1.27 on 23 April, this translates to an annualised distribution yield of 7.8 per cent.

For the quarter ended March, distributable income increased 3.8 per cent year-on-year to $54.9 million, on the back of stronger performance from its office portfolio and higher income contribution from its jointly controlled entities, One Raffles Quay and Marina Bay Financial Centre (MBFC) Towers 1 and 2, and the Marina Bay Link Mall.

For the quarter, gross revenue jumped 20.1 per cent year-on-year to $73.3 million, mainly due to the consolidation of $14.6 million in revenue from Suntec Singapore. For the same period, net property income of $49 million was 5 per cent higher year-on-year.