REIT Financial News - 27 APR 2010: Quarterly Earnings Report for SUNTEC Reit

First quarter 2010 results for SUNTEC Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Suntec REIT achieved Distribution Income of S$45.37m for 1Q FY10.
• DPU of 2.513 cents for the quarter.
• For 1Q FY10, Suntec REIT achieved gross revenue of S$62.5 million, and net property income of S$47.8 million. 
• The income available for distribution of S$45.4 million was 2.1% lower year-on-year.
• Gross office revenue achieved for the quarter was S$29.3 million, comprising Suntec City office revenue of S$27.1 million and Park Mall office revenue of S$2.2 million. 
• As at 31 March 2010, the committed occupancy for the overall office portfolio strengthened further to 96.9%.
• Gross retail revenue achieved for the quarter was S$33.1 million, comprising Suntec City retail revenue of S$26.8 million and revenue from Park Mall and Chijmes of S$6.3 million.
• As at 31 March 2010, the committed occupancy for the retail portfolio stood at 97.2%.

Author's Note
The DPU of 2.513 cents will XD on 3 May 2010 and will be paid on 27 May 2010. The DPU for the previous quarter was 2.886 cents.


Based on the lastest closing price of the Reit of $1.38 on 27 April 2010, the DPU of 2.513 cents translates to an annualised yield of about 7.28%.
 
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