- Despite the fact that Suntec REIT (SGX:T82U)’s underlying portfolio, especially its Singapore assets, is seeing improved performance, the higher interest costs have been eroding its income, as its debt was only ~55% hedged.
Revenues and JV income were up y-o-y
- - Read this at SGinvestors.io -
- JV income was up 7.6% y-o-y to S$49.7mil, again mainly due to the stronger performance of its Singapore portfolio. Better performance at MBFC properties, One Raffles Quay, as well as higher contribution from Nova Properties (in London). This was partially offset by weaker performance from Southgate Complex (in Melbourne), and the weaker AUD against S$.
1H24 DPU of 3.042 cents is in line with our projections
- - Read this at SGinvestors.io -
- Financing costs increased by S$6.6mil y-o-y due to higher borrowing costs.
- S$11.5mil in capital distribution was paid out in 1H23; excluding this, 1H24 DPU would have only been ~1.2% lower y-o-y.
Overall portfolio occupancy remains healthy
- Read more at SGinvestors.io.
