- Suntec REIT’s 3Q24 business update reflected another quarter of divergence between its mostly solid operational trends and weak DPU performance due largely to borrowing cost pressures.
3Q24 DPU slipped 11.9% y-o-y to 1.58 Singapore cents and met our expectations
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- Its joint venture income rose 5.0% to S$25.0m but overall DPU fell 11.9% y-o-y to 1.58 Singapore cents. This was due to higher borrowing costs and absence of capital distributions which amounted to 0.198 Singapore cents in 3Q23.
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Robust rental reversions and improved occupancy for both office and retail portfolios
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