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Suntec Reit&rsquo s Q3 DPU slips 6.6% to S$0.02084 despite higher earnings
SUNTEC Real Estate Investment Trust : T82U +2.17% (Reit)&lsquo s distribution per unit (DPU) fell by 6.6 per cent to S$0.02084 for the quarter ended Sept 30, down from S$0.02232 last year.
Gross revenue for the quarter, however, gained 15.7 per cent to S$107.3 million, up from S$92.7 million a year ago, while net property income also grew 12.1 per cent to S$77.1 million from S$68.8 million in the third quarter of 2021.
This comes on the back of stronger operational performance in occupancy and rent across all its office, retail and convention properties, though these earnings were hampered by higher interest rate and exchange rate pressures.
Distributable income in Q3 slipped 5.8 per cent to S$60 million from S$63.7 million mainly due to higher financing costs and higher asset management fees.
The distribution will be paid out on Nov 29, after books closure on Nov 4.
Chong Kee Hiong, chief executive of the manager, said that given the high interest rate environment, coupled with rising energy cost, the reit&rsquo s distribution would be significantly impacted. He, however, added that there were plans in place &ldquo to unlock value through asset enhancement initiatives as well as explore opportunities for divestment of mature assets at an opportune time&rdquo .
The weighted average lease expiry (WALE) for the Reit&rsquo s office portfolio stands at 4.5 years, while its retail portfolio has a WALE of 2.3 years.
Both its Singapore offices and retail registered continual growth with higher occupancy and rent, while its Australian and United Kingdom earnings took hits from a weaker currency against the Singapore dollar.
The manager said its Australian properties are expected to remain resilient despite the economic slowdown, while its Singapore assets are expected to recover further as the tourism sector picks up.
ExDiv 03 Nov, 2.084c, payable 29 Nov
https://www.theedgesingapore.com/capital/results/suntec-reit-reports-dpu-2084-cents-3qfy2022-down-66
dpu down yet up 3c. Shows the power of broad mkt buy or sell
dpu down yet up 3c. Shows the power of broad mkt buy or sell
Suntec Reit&rsquo s H1 DPU up 15.8% on higher income
SUNTEC real estate investment trust&rsquo s (Reit) distribution per unit (DPU) grew 15.8 per cent year on year to S$0.0481 for its 6-month period ended Mar 31, 2022, from S$0.04154 last year.
Gross revenue rose 22.1 per cent to S$203.5 million for the first half of this year, from S$166.8 million in the corresponding year-ago period.
The Reit&rsquo s manager on Wednesday (Jul 27) attributed the higher revenue mainly to contribution from The Minster Building - newly acquired in July 2021, higher revenue from Suntec City, Suntec Singapore, 21 Harris Street and Olderfleet, 477 Collins Street.
The commercial Reit&rsquo s net property income (NPI) also gained 35.8 per cent to S$152.9 million in H1 this year, from S$112.6 million in the year-ago period.
Further, distributable income grew 16.9 per cent to S$138.1 million in H1 2022, from S$118.2 million last year.
The manager of Suntec Reit noted in particular that its topline had been slightly dampened by a lower gross revenue from its Australian property on 177 Pacific Highway due to lower occupancy and a weaker Australian dollar.
&ldquo The CBD retail market in Melbourne continues to be weak as tourism restrictions and flexible remote work arrangements have led to declines in shopper traffic and retail sales,&rdquo said the manager. &ldquo Retail rents in the CBD are expected to remain weak despite further easing of restrictions as the return to office is slow.&rdquo
Separately, while its Singapore offices and retail have enjoyed good growth in H1, the Reit&rsquo s manager warned of a slower recovery at Suntec Convention. They expect income from Suntec Convention to remain impacted for the whole of 2022.
A distribution of S$0.02419 per unit for the period Apr 1 to Jun 30 will be paid on Aug 29 after book closure on Aug 4.
Press Release
Suntec REIT Delivers 1H 22 Distributable Income of S$138.1 million
Distributable income and DPU 16.8% and 15.8% higher year-on-year
Singapore, 27 July 2022 ? Suntec REIT reported distribution per unit (?DPU?) of 4.810 cents for
the period from 1 January to 30 June 2022 (?1H 22?) which was 15.8% higher than the period
ended 30 June 2021 (?1H 21?).
The increase in DPU was a result of higher distributable income from operations of S$126.6
million, and capital distribution of S$11.5 million. The increase in distributable income from
operations of 7.1% year-on-year was driven mainly by contributions from The Minster Building
and Nova Properties in London as well as robust income contributions from Suntec City. This
strong operational performance was partially offset by higher financing costs to fund
acquisitions and higher interest rates....
https://links.sgx.com/1.0.0/corporate-announcements/7EZMZOKV4IANMW6D/724815_Suntec%20REIT%20-%201HFY2022%20Press%20Release.pdf
Read that Suntec has less fixed rate in their loan compared to other reits. Couldn' t recall which article nor find the article.
Think is no so good in a increasingly high-interest rate period.
Dyodd.
Think is no so good in a increasingly high-interest rate period.
Dyodd.
john_ric ( Date: 20-Jun-2022 19:40) Posted:
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Suntec today lao sai big drop. don't know what bad news.
Charts for Suntec Reit are turning uptrend.......
best performance S-reit today...up so much.
Suntec REIT Delivers 18.2% Increase in Distributable Income -
Distributable income from operations 8.3% higher on improved operating performance..
https://links.sgx.com/1.0.0/corporate-announcements/QG2VOCVU6GC95G78/713812_Suntec%20REIT%20-%20Press%20Release.pdf
Fraser H trust in talk for privatisation.
Soon it will be privatise. Now at heavily discounted price for a NTA $4 company. Grab before prices head for $1.3 and then $2.
Top gainer for today again.
Top gainer for today again.
TradeExpert ( Date: 11-Apr-2022 16:48) Posted:
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any chance for suntec to be taken private or be merged?? given its recent steady share price.
Top Gainer for today.
Soon will be $1. and then $2.
Soon will be $1. and then $2.
TradeExpert ( Date: 11-Apr-2022 10:17) Posted:
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really a Gem.
this one is so resilient. down to 1.75 then back up to 1.78. really strong. expecting good next Q results i think.
Another Gem to look out for value investing....
Counter to watch is Hong Fok (H30). A potential delisting company and an undervalue counter. Now trading at a heavily discounted pricing and on Uptrend.
There is a proposed delisting in the HKEX. Proposed delisting likely on the cards on the SGX
Counter to watch is Hong Fok (H30). A potential delisting company and an undervalue counter. Now trading at a heavily discounted pricing and on Uptrend.
There is a proposed delisting in the HKEX. Proposed delisting likely on the cards on the SGX
Haha. 1.7
keep surging. near 1.7.