Suntec REIT property income up 12.8% at $59.4m

Its share of profit from Marina Bay interests rose.

Suntec Real Estate Investment Trust (Suntec REIT) performed well for the quarter as its net property income (NPI) rose to $59.4m, 12.8% higher than last year's $52.7m.

According to Suntec REIT's financial report, its gross revenue jumped up by 10.6% to $87.3m.

Meanwhile, distribution per unit (DPU) dipped by 0.3% to 2.5 cents this year.

The rise in revenue can be attributed to contributions from 177 Pacific Highway.

The company's share of profit from joint ventures also increased by 6% to $17.5m, largely due to its interests in One Raffles Quay, Marina Bay Financial Centre, and Marina Bay Link Mall.

Suntec REIT currently owns a 50% stake in South Gate Trust and a 30% stake in Parkway Mall.

The company's portfolio size is at $9.3b, and its net asset value (NAV) per unit stands at $2.1.