Suntec REIT has reported a distribution per unit (DPU) of 3.155 cents for the 1HFY2025 ended June 30, up 3.7% y-o-y.

The REIT’s distributable income for 1HFY2025 came in at $92.8 million, 4.6% y-o-y higher.

Gross revenue and net property income (NPI) for 1HFY2025 came in at $234.5 million and $159.5 million, up 3.3% y-o-y and 5.6% y-o-y respectively.

The REIT attributes the higher gross revenue to a one-off compensation received in Sydney’s 177 Pacific Highway, and stronger operating performance across Singapore. This was offset by lower occupancy in Adelaide and lower contribution from London.

Meanwhile, it saw stronger operating performance at One Raffles Quay and lower interest expense at MBFC Properties and One Raffles Quay.

The REIT says that operational performance of its Singapore portfolio remained strong, while its UK portfolio was stable.

For the reporting period, committed occupancy for its Singapore office and retail portfolio came in at 99.0% and 98% respectively, with a rent reversion of 10% and 17.2% respectively. The retention rate for office and retail stood at 85% and 69% each.

Meanwhile, the committed occupancy for the reporting period in Australia saw a dip at 88.6%, down from the 89.1% in the same period a year ago. Rental reversions grew 22.9%, and retention rate stood at 85%.

In the UK, committed occupancy for the reporting period came in lower at 92.2%.

The REIT reported a weighted average debt maturity of 3.23 years as at June 30, with a total debt outstanding of $4.06 billion.

As at June 30, NAV per unit stood at $1.99, and all in financing costs came in at 3.82% per annum. The REIT’s interest coverage ratio stood at 2 times.

Units in Suntec REIT closed 1 cent higher or 0.855% up at $1.18 on July 24.