Suntec REIT reported DPU of 1.58 cents for 3Q24 (-11.9% y-o-y), which is in line with our expectation.
- Read this at SGinvestors.io -
JV income increased 5% y-o-y due to growth from Marina Bay Financial Centre properties and One Raffles Quay.
Singapore office: Resilient and steady growth.
Suntec REIT achieved double-digit rental reversions at 12.9% for Singapore offices in 3Q24. Suntec City Office was fully occupied. Suntec City Office’s passing rent increased 3.2% y-o-y and 0.4% q-o-q to S$10.15psf per month. Suntec REIT will benefit from past quarters of positive rental reversion.
Suntec REIT achieved positive rental reversions at 21.2% for Suntec City Mall in 3Q24. Occupancy improved 2.8ppt q-o-q to 98.4% in 3Q24 after it backfilled retail space vacated by Pure Fitness and Pure Yoga in 2Q24 and 3Q24. It added eight new-to-market and new-to-Suntec brands in 3Q24.
Management guided positive rental reversion of 15-20% for 2025.
Australia: Cautioned against potential decline in capital values.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
