See: Suntec REIT posts marginally lower 2Q DPU of 2.493 cents on enlarged base
In a Wednesday flash note, analyst Vikrant Pandey notes that despite a lower overall office occupancy at 98.7%, down 0.2 percentage points compared to a year ago, retail occupancy was up by 1 percentage point to 99%, while tenant retention went up marginally by 0.4 ppt to 73%.
"On a y-o-y basis, retail and convention revenue declined by $1.6 million (-5.2% y-o-y) and $0.9 million (-6.2% y-o-y), respectively. Office revenue, however, increased by $10.9 million (+33.4% y-o-y), offsetting the losses of the former segments,” says Pandey.
“Marina Bay Financial Centre was an exception in the office segment, recording a decline of $1.07 million from Suntec REIT's JV stake. One Raffles Quay also declined y-o-y due to rental reversions, but income contribution from the property was higher in 1H17 y-o-y due to greater one-offs in 1Q17,” says Pandey.
As at 11.43am, units of Suntec REIT are trading flat at 43 cents.
