During the quarter, the group recorded gross revenue of $90.5 million, 3.7% higher than $87.3 million a year ago.
This was contributed by higher revenue from Suntec Singapore to $22.9 million and an increase in retail revenue from Suntec City mall to $25.7 million.
However, this was partially offset by lower office revenue, which was mainly from Suntec City Office primarily due to transitory downtime from replacement leases commencing progressively from Mar 2018.
Hence, 2Q18 net property income (NPI) was 2.2% higher at $60.7 million from $59.4 million last year.
Income contribution from joint ventures increased by 3.7% to $22.6 million, compared to $21.8 million in the previous year.
Total distributable income for the quarter of $66.0 million was in line with 2Q17.
Chan Kong Leong, CEO of the manager says, “In the second quarter of 2018, we renewed and signed approximately 187,000 sq ft of leases, reducing the 2018 leases expiring to only 5.1% of NLA. We will continue our proactive asset management to strengthen our office proposition and maintain the high occupancy level for our Singapore office portfolio.”
Units in Suntec REIT last traded at $1.89 on Tuesday.
