Suntec REIT's flagship property in Singapore, Suntec City. (Photo: REITsWeek)

Suntec REIT has reported a distribution per unit (DPU) of 2.361 cents for its 2Q 2019, down 4.6% on-year on an enlarged unit base.

Its gross revenue and net property income (NPI) declined by 2.3% and 7.2% respectively.

Suntec REIT has attributed these to lower revenue from Suntec Convention Centre, although this was partially offset by an increase in retail and office revenue from Suntec City.

The occupancy for its retail portfolio was at 97.9%, while occupancy for its office component was at 99.1%.

The REIT’s average gearing for the period was 38.3% with all-in financing cost at 3.06% per annum.

Suntec REIT was last done on the Singapore Exchange at SGD1.92, down 1.5% from the previous close.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.