Suntec REIT's NPI jumps 11.6% to $63.9m in Q3

Revenue from Suntec Singapore and its office portfolio continued to go up.

Suntec REIT delivered incredible results in Q3 as net property income (NPI) jumped by 11.6% YoY to $63.9m.

According to OCBC Investment Research, gross revenue also rose by 10.6% YoY to $91.1m.

This was driven by higher revenue from Suntec Singapore and the office portfolio due largely to contribution from 177 Pacific Highway in Australia.

This growth was partially hindered by weaker retail revenue from Suntec City Mall.

Distribution per unit (DPU) fell 2.1% YoY to 2.48 cents despite a lower capital distribution.

Here's more from OCBC Investment Research:

Suntec REIT’s portfolio occupancy came in at 98.6% of its office segment and 98.8% for retail.

Average rents of $8.61 psf/month and $8.35 psf/month were secured for its Singapore office portfolio and Suntec City office, which were lower by 3.1% and 5.0% QoQ, respectively.

Suntec City Mall registered healthy growth in footfall (+12.2%) and tenants sales psf (+4.9%) for 9M17.

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