SUNTEC REIT BUSINESS UPDATES
For the Quarter ended 31 March 2025
24 April 2025
03
1Q 25 Financial Overview
18
Singapore Office Portfolio Performance
04
26
1Q 25 Operational Overview Australia Portfolio Performance
05
Financial Highlights
29
UK Portfolio Performance
15
Capital Management
Singapore Retail Portfolio Performance
32
Agenda
39
Suntec Convention Performance
44
Our ESG Commitment
Suntec City Office, Singapore
Distributable Income to Unitholders Distribution Per Unit to Unitholders Capital Management
Completed $730 million of
Refinancing Due in FY 2025 and FY 2026
$45.9 million
+4.3% y-o-y
1.563 cents
+3.4% y-o-y
Interest Savings of ~ $1.8 million p.a.
Issued $175 million 3.40%
6-Year MTN
Notes:
1. Based on Suntec REIT's interests in Suntec City Office, One Raffles Quay and Marina Bay Financial Centre Office Towers 1 and 2.
2. Based on Suntec REIT's interests in 177 Pacific Highway, 21 Harris Street, Southgate Complex, 477 Collins Street and 55 Currie Street.
3. Based on Suntec REIT's interest in Nova Properties and The Minster Building.
4. Due to minimal leases renewed/replaced for the quarter.
Financial Highlights
1Q 24 1Q 25
1Q 24 1Q 25
1Q 24 1Q 25
Notes:
1. Ownership interest of 33.3% for One Raffles Quay and MBFC Properties, 50.0% for Southgate Complex and Nova Properties.
Gross Revenue & Net Property Income:
Higher gross revenue driven by stronger operating performance across all properties
JV Income:
Stronger operating performance at One Raffles Quay
Lower interest expense at MBFC Properties and One
Raffles Quay
Higher rent at Nova Properties (London)
2. Excludes share of loss arising from fair value adjustments of $0.1 mil for the quarter ended 31 March 2024 ("1Q 24") and $0.3 mil for the quarter ended 31 March 2025 ("1Q 25").
Distributable Income (S$ mil)
DPU (SG cents)
44.0 | 45.9 |
1Q 24
1.9M or 4.3%
0.052¢ or 3.4%
1Q 25
1.511 | 1.563 |
1Q 24
Better operating performance from Singapore propertiesLower financing cost ($2.5m)
Higher AU withholding tax provision due to loss of MIT status (~$2m)
1Q 25
Distribution Payment | |
Distribution Period | 1 January 2025 - 31 March 2025 |
Amount (cents/unit) | 1.5631 |
Ex-date Record date
Note:
1. The Manager continues to receive 50% of its asset management fees in units and balance in cash in 1Q 2025.
1Q 24
Gross Revenue & Net Property Income:
Higher revenue and lower operating expenses at
Suntec City Office
JV Income:
Stronger operating performance at One Raffles
Quay due to higher rent
Lower interest expense at MBFC Properties and
One Raffles Quay
1Q 24
1Q 25
1Q 25
1Q 24
1Q 25
A$ mil Gross Revenue
0.6M or 2.4%
NPI
1Q 24 1Q 25
1Q 24 1Q 25
S$ mil1
Gross Revenue
(0.2M or 0.9%)
NPI
1Q 24 1Q 25
1Q 24 1Q 25
Gross Revenue & Net Property Income:
Higher gross revenue in local currency supported by better operating performance across all assets
Lower NPI mainly due to reversal of over accrual of recoverable outgoings
Weaker AUD against SGD
JV Income
(0.6M or 60.0%)
JV Income
(0.6M or 66.7%)
1.0 | 0.9 | ||
0.4 | 0.3 | ||
1Q 24 | 1Q 25 | 1Q 24 | 1Q 25 |
Note:
1. Based on exchange rates of S$0.8472 = A$1.00 for 1Q 25 and S$0.8807 = A$1.00 for 1Q 24.
JV Income:
Absence of one-off parking income adjustment recognized in 1Q 24
10