Suntec REIT has reported a distribution per unit (DPU) of 1.563 cents for the 1QFY2025 ended March 31, 2025, up 3.4% y-o-y.
The REIT reported a distributable income of $45.9 million for the 1QFY2025, 4.3% y-o-y higher.
Gross revenue for the quarter came in at $113.5 million, up 3.4% y-o-y.
Suntech REIT says that the higher gross revenue and net property income is driven by stronger operating performance across all properties.
By segment, Suntec REIT's Singapore office portfolio saw a committed occupancy of 98.7%, down from the 99.4% recorded in the same period a year ago. Its retail portfolio increased to 98.2% vs the 95.8% in the same period a year ago.
In Australia, the REIT's committed occupancy grew to 90.9% for 1QFY2025. In the UK, this declined to 95.3% in the 1QFY2025.
Rent reversion in Singapore in the office and retail segment grew 8% and 10.3% y-o-y for 1QFY2025. Retention rate in Singapore for the office and retail segment was 88% and 91% respectively.
The REIT reported a net asset value (NAV) per unit of $2.01 as at March 31, 2025, down from the $2.05 in the previous quarter.
Its aggregate leverage ratio as at March 31, 2025 came in at 43.4%, and weighted average debt maturity is 3.24 years.
See also: CapitaLand Ascendas REIT reports dip in portfolio occupancy to 91.5% for 1QFY2025
Total debt outstanding as at March 31, 2025 is $4.36 billion, interest coverage ratio stood at 1.9 times.
The REIT completed the refinancing of its Australian dollar and British pound loans due in 2025 and 2026.
In Feb, the privatisation of the REIT by property tycoon Gordon Tang and his wife Celine failed to materialise after the shareholding fell short of the 50% threshold as at the offer closing date on Feb 7.
The offer was first made at $1.16 apiece on Dec 5, 2024, and later raised to $1.19 per unit. The offer closing date was postponed twice.
Units in Suntec REIT closed 1 cent lower or 0.855% down at $1.16 on Apr 24.
