Suntec REIT property Suntec City, Singapore.Suntec REIT property Suntec City, Singapore.

Singapore-listed Suntec REIT posted a fourth quarter DPU of 2.33 cents. This is down 6.2% from 2.48 cents in the same quarter last year. Distributable income for 4Q12 has similarly slid by 5.3% from the same quarter last year to S$52.39 million. The earning report comes on the back of a 31.3% year-on-year slide in gross revenue to S$55 million for the REIT.

For Y2012, DPU for Suntec REIT fell 4.5% to 9.49 cents while distributable income fell 3.5% to S$213.05 million.

Suntec REIT's slide in gross revenue has been attributed to the partial closure of Suntec City Mall which is currently undergoing asset enhancement,

ARA Trust Management (Suntec) which manages the REIT has attributed the fall in revenue to a partial closure of the Suntec City Mall which is currently undergoing asset enhancement works, and a divestment of the popular entertainment premises CHIJMES.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.