Suntec REIT's Southgate Complex in Melbourne, Australia. (Photo: Dexus Property Group)

Suntec REIT’s revenue and property income registered year-on-year declines in its latest financial results, but improving office rents in Singapore and Australia are expected to bolster its figures in the coming quarters.

The REIT has delivered a distribution per unit (DPU) of 2.491 Singapore cents for its 3Q FY 2018, which represents an increase of 0.3% year-on-year from FY2017.

However, DPU for the quarter included SGD10 million (USD7.2 million) worth of capital distributions, and without this component, the REIT’s underlying DPU for the quarter would have came in 2.117 cents, a decline of 2.9% year-on-year.

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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.