Suntec REIT's distributable income dips 1.1% YoY in 1Q24

With lower income, the REIT also reported a 1.8% dip in DPU.

Suntec REIT posted a 1.1% YoY lower distributable income to unitholders of $44m in 1Q24.

The REIT also recorded a 1.8% YoY drop in its distribution per unit (DPU) from operations to $0.01511.

“With the absence of capital distribution in 1Q24, DPU declined 13.0% YoY,” the REIT reported.

The REIT’s net property income likewise fell, slipping 3.8% YoY to $73.4m due to lower contributions from 55 Currie Street in Adelaide, 177 Pacific Highway in Sydney, and  The Minster Building in London.

On the other hand, gross revenue rose by 1.0% YoY to $109.8m due to stronger operating performance from Suntec City Office, Mall and Suntec Convention.