Suntec REIT’s distributable income decreases by 1.6% in 2024

DPU from operations to unitholders was 6.192 cents.

Suntec REIT has reported a distributable income from operations of $180.9m in 2024, a 1.6% year-on-year (YoY) decrease from 2023.

According to a bourse filing, distributable income was impacted by higher financing costs and lower contributions arising from vacancies at 55 Currie Street, Adelaide, and The Minster Building, London.

Distribution per unit (DPU) from operations to unitholders was 6.192 cents, or 2.3% lower YoY. With the absence of capital distribution in FY 2024, DPU declined 13.2% YoY.

On the divestment front, Suntec REIT divested $58.3m of strata units at Suntec City Office Towers at an average price of 24% above book value.