DBS Investment Research has maintained a ‘Hold’ rating on Suntec REIT in the wake of the latter’s 3Q 2017 results.
Suntec REIT announced on 27 October that it has achieved a distribution per unit (DPU) of 2.483 Singapore cents for the quarter, which is a year-on-year drop of 2.1%.
Furthermore, the mixed commercial REIT’s underlying DPU for 3Q 2017 excluding SGD8 million in capital distributions was 2.18 cents, down 8.2% from what was reported in the corresponding period of 2016.
Suntec REIT currently operates a portfolio of office and retail properties across Singapore, and in the Australian cities of Melbourne and Sydney.
Approximately 2.9 million square feet of the REIT’s net lettable area is currently classified as office properties, while about 1.0 million square feet is classified as retail.