Suntec REIT's NPI up 3.2% to $58.36m in Q3

Revenue from Suntec City and contributions from 55 Currie Street boosted its growth.

Suntec REIT's net property income (NPI) rose 3.2% YoY to $58.36m in Q3 2019, the company announced. Its gross revenue for the period likewise climbed 3.5% to $91.94m.

The growth was attributed to higher revenue from Suntec City by $2.6m as well as the $900,000 contribution from 55 Currie Street acquired on 10 September, but was offset by lower revenue from Suntec Singapore by $400,000.

Distributable income for the quarter dipped 0.4% to $66.24m, with distribution per unit slipping 5.1% to 2.365 cents. This was attributed to the $3.5m lower capital distribution.

For 9M 2019, NPI fell 4.1% YoY to $172.92m whilst gross revenue remained virtually unchanged at $270.01m.

Net financing costs for the quarter grew $2.5m to $21m mainly from additional borrowings for progressive payments for Olderfleet, 477 Collins Street, higher interest rates and additional interest rate hedges. The all-in financing cost was 3.01% per annum for the quarter and the aggregate leverage ratio was 38.2% as of 30 September.

The REIT’s overall committed occupancy stood at 99% in Singapore and 97.8% in Australia by 30 September. It expects its Singapore office portfolio to perform well due to its positive rent reversions for six consecutive quarters.

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