- Suntec REIT (SGX:T82U) reported 3Q23 distribution income to unitholders of S$52m (-13.3% y-o-y), inclusive of S$5.8m capital distribution. DPU came in at S$0.01793 (-14% y-o-y). See Suntec REIT's dividend dates.
- - Read this at SGinvestors.io -
- Portfolio occupancy for office was lower q-o-q at 97.4% in 3Q23, while that of retail inched up to 97.9%.
- Recovery of the convention business was ahead of schedule, according to management’s results commentary.
Australia and UK office segments impacted by leasing downtime
- - Read this at SGinvestors.io -
- While Australia office properties enjoyed a +12% reversion in 9M23, management indicated that with the departure of a major tenant at 55 Currie St, occupancy of the building is likely to decline from 84.2% currently to ~60% by FY24F. As such, Australia contributions are likely to be adversely impacted as it continues to backfill the vacated spaces.
- UK contributions were dragged by lower occupancy at The Minster Building, and UK revenue in FY24F is likely to be affected by leasing downtime.
Retail segment continued to perform well
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | Natalie ONG CGS-CIMB Research | https://www.cgs-cimb.com 2023-10-23
Read also CGS-CIMB's most recent report:
2024-01-24 Suntec REIT - Continue To Focus On Capital Management.
Price targets by 6 other brokers at Suntec REIT Target Prices.
Listing of research reports at Suntec REIT Analyst Reports.
Relevant links:
Suntec REIT Share Price History,
Suntec REIT Announcements,
Suntec REIT Dividends & Corporate Actions,
Suntec REIT News Articles
