Suntec Reit's distributable income rises 20.9%

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Suntec Real Estate Investment Trust (Suntec Reit) posted a record-high distributable income of S$220.7 million in 2011, up 20.9 percent from the previous year’s S$182.5 million.

“I am happy to report that we have delivered a record high distribution income for FY 2011, despite the negative rental reversions in our office portfolio during the year,” said Yeo See Kiat, Manager of Suntec Reit.

“This was achieved on the back of strong performance from Marina Bay Financial Centre properties (pictured) as well as prudent capital management that led to greater interest savings.”

Gross revenue for the year hit S$270.3 million, up 8.3 percent from 2010’s S$249.5 million.  

As of 31 December 2011, the overall occupancy rate of the trust’s retail and office portfolio stood at 97.5 percent and 99.2 percent respectively.

“In view of the current euro crisis and the uncertain economic outlook in 2012, we stepped up our proactive leasing strategy and forward renewed more than 233,000 sq ft of our leases due to expire in 2012,” commented Yeo.

“With a balance of approximately 10 percent of our leases due to expire in 2012, we are well positioned to meet the challenges ahead,” he added.

Looking ahead, the trust manager said that around 1.3 million sq ft of office space will likely enter the market this year, down 50 percent compared to last year’s supply.

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