The Minster Building, Suntec REIT's asset in London. (Google Maps)The Minster Building, Suntec REIT's asset in London. (Google Maps)

Data from Suntec REIT’s latest disclosure has been updated in the Singapore REITs table

Suntec REIT has reported a distributable income of SGD68.7 million for its 1Q 2022.

This is about 18.2% higher than the quarter ended 31 March 2021.

Accordingly, the REIT’s distribution per unit (DPU) of 2.391 cents for 1Q 2022 was 16.9% higher year-on-year.

Suntec REIT has attributed the increase in DPU to the increase of income from operations and a capital distribution of SGD5.8 million.

The strong operating performance was mainly driven by new contributions from The Minster Building in London, and higher income from Suntec City Office and Suntec City Mall.

With improved outlook across the portfolio, capital distribution that was put on hold due to the pandemic has resumed, the REIT added.

Suntec REIT was last done on the Singapore Exchange at SGD1.84, which presently implies a distribution yield of 5.2% according to data on the Singapore REITs table.

Related: Suntec REIT clarifies target leverage ratio amid rising interest rates

By Shariffa Al-Habshee

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