+ Suntec REIT reported 1Q ‘13 distributable income of S$50.3mil (inclusive of capital return amounting to S$2.7 million), down 8.4% y-o-y. 1Q ‘13 Distribution per unit (DPU) also came in at 2.228 cents, compared to 2.453 cents in same period last year. Overall, the annualized distribution yield stood at 4.7%.
+ The declines in distributable income and DPU for 1Q ‘13 were mainly due to the partial closure of Suntec City Mall and Suntec Singapore for asset enhancement initiatives (AEIs), which had already been flagged out to the market.
+ Its aggregate leverage ratio stood at 38.6%, whilst portfolio occupancy came in strong at 99.7% for its office assets and 99.4% for its retail portfolio.
+ Management highlighted that their AEIs works at its Suntec assets are on track to be completed by 2014, with Phrase 1 (estimated floor area = 193K sq ft) expected to open in June 2013. These initiatives are likely to bring out higher yielding net lettable area (NLA) over the next 2 years.
No comments:
Post a Comment