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Suntec REIT’s distributable income falls 13.3% YoY to $52m in 3Q23

Given the decline, the REIT proposed a 14.0% YoY lower DPU.

Suntec REIT recorded a distributable income of $52m in 3Q23, translating to a 14.0% YoY drop, but a 3.6% QoQ increase.

In a bourse filing, the REIT said higher financing costs and a weaker Australian dollar against the Singapore dollar affected its distributable income. 

On the flip side, the REIT said the operational performance of its office, retail and convention properties continued to improve during the quarter. 

Given the lower distributable income, the REIT proposed a 14.0% YoY lower distribution per unit (DPU) of $0.01793 to unitholders. The 3Q23 DPU, however, is 3.1% QoQ higher.

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