Suntec REIT 1Q FY2025 Highlights: Income Up, Distributions Steady, Debt Structure Improving
Summary:
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Distributable income reached S$45.9 million, marking a 4.3% increase compared to 1Q FY2024—driven by strong performance across Singapore Office, Retail, Convention, and UK assets.
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Gross revenue grew 3.4% to S$113.5 million, while net property income rose 5.0% to S$77.1 million year-on-year.
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Distribution per unit (DPU) increased by 3.4% to 1.563 cents, maintaining quarterly payouts to unitholders.
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Aggregate leverage edged up to 43.4%, but average cost of debt improved to 3.96%, and fixed-rate hedging rose to ~65%, helping to stabilize interest exposure.
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Occupancy rates remained robust: ~98% in Singapore Office/Retail, ~90.9% in Australia, and ~95.3% in UK offices.
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Rental reversions were positive, with Singapore office showing +8.0% and retail +10.3% in new or renewed leases.
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Management completed S$730 million refinancing, generating interest savings of around S$1.8 million annually, reinforcing capital management strength.