Lower revenue from Suntec City Mall forced Suntec Real Estate Investment Trust (REIT) to drop DPU to 2.361 cents for the second quarter of the year.
Suntec REIT reported lowered distribution per unit (DPU) for its Q2 2012 results. The trust said that DPU fell by 6.8% to 2.361 cents for the three months to June 2012.
Distributable income also fell for Suntec REIT to SGD 53 million. Over the same period last year, the REIT reported SGD 56.2 million. The lowered results this year was mainly attributed to decreased revenue collected from Suntec City Mall.
Gross revenue, however, increased 18% y-o-y to SGD 144.3 million from SGD 122.3 million last year. This was due to the inclusion of Suntec Singapore's revenue after Suntec REIT's acquisition of a further 40.8% of the property in 2011.
Excluding contribution from Suntec Singapore, gross revenue for Suntec REIT stood at SGD 116.5 million, a decline of 4.8% from last year. The reason for the decline was two-fold -besides lowered revenue from Suntec City, the REIT also lost revenue from the sale of Chijmes in January.
Lastly, net property income for H1 2012 improved slightly by 0.9% over the same period last year to SGD 94.4 million.