Suntec REIT's 2Q DPU stays flat at 2.5 cents on divestment

SINGAPORE (July 21): ARA Trust Management (Suntec), the manager of Suntec REIT, has declared a DPU of 2.501 cents for 2Q16 ended June, relatively unchanged compared to the DPU of 2.500 cents in 2Q15 a year ago.

In 2Q16, Suntec REIT’s gross revenue of $78.9 million and net property income of $52.7 million were 3.1% and 7.5% lower compared to a year ago respectively. This was mainly due to the divestment of Park Mall and mitigated by the opening of Phase 3 of Suntec City mall.

Despite the divestment of Park Mall, distributable income from operations declined 2.7% to $55.3 million due to higher contribution from Suntec City mall with the completion of the asset enhancement works last June. Including the capital distribution of $8.0 million from the sale proceeds of Park Mall, distributable income came in 0.7% higher at $63.3 million.

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