SUNTEC REIT BUSINESS UPDATES
For the Quarter ended 30 September 2024
24 October 2024
Agenda
03 | 18 |
3Q 24 Financial Overview | Singapore Office Portfolio Performance |
04 | 29 |
3Q 24 Operational Overview | Australia Portfolio Performance |
05 | 33 |
Financial Highlights | UK Portfolio Performance |
15 | 36 |
Capital Management | Singapore Retail Portfolio Performance |
43 | |
Suntec Convention Performance |
46
Our ESG Commitment
49
Looking Ahead
Suntec City Office, Singapore
3Q 24 Financial Overview
Distributable Income | Distribution Per Unit | ESG - GRESB | ||
from Operations1 to | from Operations1 to | |||
Unitholders | Unitholders | Highest | ||
$46.2 million | 1.58 cents | |||
5 Star Rating | ||||
in-line with 3Q 23 | -0.9%y-o-y | |||
Note:
1. Excluding capital distribution
3
3Q 24 Operational Overview
Portfolio Committed Occupancy | Portfolio WALE |
95.6% | 97.7% | 3.9 | ||
2.4 | ||||
Office Portfolio | Retail Portfolio | Office Portfolio | Retail Portfolio |
4
Suntec City | MBFC Properties | One Raffles Quay | Olderfleet, 477 Collins Street |
Financial
Highlights
The Minster Building | 177 Pacific Highway | 55 Currie Street | Nova Properties |
21 Harris Street | Southgate Complex |
SG Assets Provide Strong Support to Portfolio Performance
Gross Revenue (S$ mil)
(5.7M or 4.6%)
123.4 117.7
NPI (S$ mil) | JV Income1 (S$ mil) |
(4.8M or 5.7%)
84.6 | 79.8 | 1.2M or 5.0% | |
23.8 | 25.0 |
Gross Revenue & Net Property Income:
Lower contribution from Suntec Convention, 55 Currie Street (Adelaide) and The Minster Building (London)
Stronger operating performance at Suntec City Office and Mall
JV Income:
Stronger operating performance at MBFC Properties and One Raffles Quay
Higher contribution from Southgate Complex (Melbourne) Lower contribution from Nova Properties (London)
3Q 23 | 3Q 24 | 3Q 23 | 3Q 24 | 3Q 23 | 3Q 24 |
Note:
1. Ownership interest of 33.3% for One Raffles Quay and MBFC Properties, 50.0% for Southgate Complex and Nova Properties.
6
DI and DPU from Operations Remained Resilient
Distributable Income (S$ mil) | DPU (SG cents) |
52.0 (5.8M or 11.2%)
5.846.2
46.246.2
3Q 23 3Q 24
Capital Distribution
1.793 | (0.213¢ or 11.9%) |
1.580 | |
0.198 | |
1.595 | 1.580 |
3Q 23 | 3Q 24 |
Completion of capital distribution ($5.8m)
Vacancies at 55 Currie Street and The Minster Building
Better operating performance from Suntec City Office, MBFC Properties, One Raffles Quay and Southgate Complex
7
Distribution Payment
Distribution Payment
Distribution Period
1 July 2024 - 30 September 2024
Amount (cents/unit)
1.5801,2
Ex-date | 1 Nov 2024 |
Record date | 4 Nov 2024 |
Payment date | 28 Nov 2024 |
Note:
- Total of 4.622 cents for YTD Sep 2024.
- The Manager continues to receive 50% of its asset management fees in units and balance in cash in 3Q 2024.
8
Singapore Office Portfolio
Singapore Office Portfolio Continued to Strengthen
Stronger Operating Performance Across All Singapore Office Assets
Gross Revenue (S$ mil)
0.6M or 1.6%
36.5 37.1
NPI (S$ mil) | JV Income (S$ mil) |
1.3M or 4.7%
1.4M or 9.0%
27.5 28.8
15.5 16.9
Gross Revenue & Net Property Income:
Higher occupancy and rent at Suntec City Office Lower property expenses
JV Income:
Higher rent at One Raffles Quay and MBFC Properties
Lower property expenses at One Raffles Quay and MBFC Properties
3Q 23 | 3Q 24 | 3Q 23 | 3Q 24 | 3Q 23 | 3Q 24 |
9
Australia Portfolio
Australia Portfolio Impacted by Vacancies
A$ mil | |||
Gross Revenue | NPI | ||
(1.4M or 5.2%) | |||
(2.2M or 10.9%) | |||
26.8 |
S$ mil1
Gross Revenue
(1.3M or 5.5%)
NPI
(1.9M or 10.7%)
Gross Revenue & Net Property Income:
Lower occupancy at 55 Currie Street
Higher occupancy and rent at 21 Harris Street (Sydney)
25.4 | 20.2 | 18.0 | |||
3Q 23 | 3Q 24 | 3Q 23 | 3Q 24 | ||
JV Income |
n.m.
0.5
0.0
3Q 23 3Q 24
23.7 | 22.4 | 17.8 | 15.9 |
3Q 23 | 3Q 24 | 3Q 23 | 3Q 24 |
JV Income
n.m.
0.0 0.4
3Q 23 3Q 24
JV Income:
Higher occupancy at Southgate Complex and reversal of rent-relief provision
Note: | 10 |
1. Based on exchange rates of S$0.8816 = A$1.00 for 3Q 24 and S$0.8834 = A$1.00 for 3Q 23 |