Suntec REIT's NPI drops 5.7% YoY to $79.8m on lower asset contributions

Amongst the assets with lower contributions was the Suntec Convention.

Suntec REIT’s net property income in Q3 2024 fell by 5.7% YoY to $79.8m on lower contributions from Suntec Convention in Singapore, 55 Currie Street in Adelaide and The Minister Building in London.

In Q3, Suntec Convention posted a 30.8% YoY lower NPI of $5.4m given the lack of large-scale events.

Despite posting a lower NPI, the REIT’s distributable income remained in line with the previous year’s figure, clocking in at $46.2m.

Meanwhile, distribution per unit (DPU) slipped by 0.9% YoY to $0.01580 from $0.01595.

When the capital distribution in Q3 2023 is included in the equation, the NPI would have fallen by 11.2% YoY from $52m and DPU would have declined by 11.9% YoY from $0.01793.

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