Suntec REIT’s DPU falls by 12.5% – Our Fast Take

Abstract of Suntec REIT’s 1H24 outcomes

Suntec REIT reported its outcomes and dividends for the primary half of 2024 (1H24). Suntec REIT 1H24 DPU fell 12.5% year-on-year to three.042 cents, of which 1.511 cents had been paid on 30 Could 2024. This interprets into an annualized distribution yield of 5.3%. DPU was additionally decrease than 2H23’s 3.659 cents. The decline was primarily as a consequence of a capital distribution of S$11.5 million within the earlier 12 months.  Supply: Suntec REIT Income rose 1.1% whereas web property revenue fell 1.5%, held up by robust efficiency of the Singapore workplace and retail belongings.  1H24 rental reversions have been +9.7% for the workplace, and +20.8% for the retail area, although the speed has moderated. Australia portfolio was impacted by decrease occupancy at 55 Currie Road, incentives at Southgate Complicated, larger curiosity expense and weaker Australian greenback (A$).  UK portfolio was affected by larger emptiness at The Minster…