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Friday, October 20, 2023

Suntec Reit - 3rd quarter update is out NPI is up 9m7% to 84.6m

 Listed on 9 December 2004 on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST"), Suntec Real Estate Investment Trust ("Suntec REIT") is the first composite REIT in Singapore, owning income-producing real estate that is primarily used for office and/or retail purposes.

Suntec REIT's portfolio comprises office and retail properties in:

Singapore: 

  • Suntec City
  • Suntec Singapore Convention & Exhibition Centre (66.3% interest)
  • One Raffles Quay (One-third interest)
  • Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall (One-third interest)
Australia:
  • 177 Pacific Highway, Sydney
  • 21 Harris Street, Pyrmont Sydney
  • Southgate Complex, Melbourne (50.0% interest)
  • Olderfleet, 477 Collins Street, Melbourne (50.0% interest)
  • 55 Currie Street, Adelaide.
London:

  • Nova Properties, London (50.0% interest)
  • The Minster Building, London.

Suntec REIT is committed towards the sustainable management of its real estate portfolio, and to ensure good corporate governance, prudent financial management, fair employment practices and efficient utilisation of resources to support its economic growth and the delivery of long-term value to unitholders.

Suntec REIT is managed by an external manager, ARA Trust Management (Suntec) Limited (the "Manager"). The Manager is focused on delivering regular and stable distributions to Suntec REIT's unitholders, and to achieve long-term growth in the asset value of Suntec REIT, so as to provide unitholders with a competitive rate of return on their investment.

3rd quarter results is out!



Gross Revenue is up 15% to 123.4m.

NPI is up 9.7% to 84.6m.

Distribution income is down 13.3% to 52m.

Dpu is down 14% to 1.793 cents due to higher finance costs of 14.3m.

The dpu is slightly higher than 2nd quarter of 1.739 cents.  

NAV 2.117.

Estimating yearly dpu of 7.112 cents, yield is about 6.35%.

Not a call to buy or sell!

Pls dyodd.



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