SUNTEC REIT FINANCIAL RESULTS
For the Half Year ended 30 June 2024
25 July 2024
Agenda
03 | 18 |
1H 24 Financial Overview | Singapore Office Portfolio Performance |
04 | 28 |
1H 24 Operational Overview | Australia Portfolio Performance |
05 | 32 |
Financial Highlights | UK Portfolio Performance |
15 | 35 |
Capital Management | Singapore Retail Portfolio Performance |
42 | |
Suntec Convention Performance |
45
Our ESG Commitment
48
Looking Ahead
Suntec City Office, Singapore
1H 24 Financial Overview
Distributable Income | Distribution Per Unit | Divestment |
from Operations1 to | from Operations1 to | Divested $31.5 million |
Unitholders | Unitholders | |
of strata units2 at |
$88.7 million | 3.042 cents | Suntec Office Towers |
In line with 1H 23 | -1.2%y-o-y | at 27% above book value |
Note: | ||
1. | Excluding capital distribution | |
2. | Total 2 strata units of which sale will be completed in 2H 2024 | 3 |
1H 24 Operational Overview
Portfolio Committed Occupancy | Portfolio WALE |
95.1% | 95.4% | 4.0 | ||
2.2 | ||||
Office Portfolio | Retail Portfolio | Office Portfolio | Retail Portfolio |
Work Done
443,500 sq ft
Office Portfolio
Retail Portfolio
68%32%
77% | 23% | ||
Renewal Leases | New Leases | ||
4
Suntec City | MBFC Properties | One Raffles Quay | Olderfleet, 477 Collins Street |
Financial
Highlights
The Minster Building | 177 Pacific Highway | 55 Currie Street | Nova Properties |
21 Harris Street | Southgate Complex |
Portfolio Performance Remained Resilient
Strong Performance from Singapore Assets
Gross Revenue (S$ mil)
2.6M or 1.2%
224.3 226.9
NPI (S$ mil) | JV Income1 (S$ mil) |
(2.3M or 1.5%)
153.3 151.0
3.5M or 7.6%
46.2 49.7
Gross Revenue & Net Property Income:
Stronger operating performance from Suntec City Office, Mall and Suntec Convention
Lower contribution from 55 Currie Street (Adelaide) and 177 Pacific Highway (Sydney)
Lower contribution from The Minster Building (London)
JV Income:
Stronger operating performance at MBFC Properties and One Raffles Quay
Higher contribution from Nova Properties (London) Lower contribution from Southgate Complex (Melbourne)
1H 23 | 1H 24 | 1H 23 | 1H 24 | 1H 23 | 1H 24 |
Weaker AUD against SGD
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) |
100.5 | (11.8M or 11.7%) |
11.5 | 88.7 |
89.0 | 88.7 |
1H 23 | 1H 24 |
Capital Distribution
3.476 | (0.434¢ or 12.5%) |
0.398 | 3.042 |
3.078 | 3.042 |
1H 23 | 1H 24 |
Completion of capital distribution ($11.5m)
Higher financing cost ($6.6m)
Vacancies at 55 Currie Street and The Minster Building
Better operating performance from Suntec City Office, Suntec City Mall, MBFC Properties, One Raffles Quay and Nova Properties
Dividend contribution from Suntec Convention
7
Distribution Payment
Distribution Payment
Distribution Period
1 April 2024 - 30 June 2024
Amount (cents/unit)
1.5311,2
Ex-date | 1 Aug 2024 |
Record date | 2 Aug 2024 |
Payment date | 29 Aug 2024 |
Note:
- 1.511 cents had been paid on 30 May 2024. Total of 3.042 cents for 1H 2024.
- The Manager continues to receive 50% of its asset management fees in units and balance in cash in 1H 2024.
8
Singapore Office Portfolio
Singapore Office Portfolio Revenue and NPI Remained Stable
Stronger JV Income from Higher Occupancy and Rent
Gross Revenue (S$ mil)
0.8M or 1.1%
71.8 72.6
NPI (S$ mil) | JV Income (S$ mil) |
0.6M or 1.1%
3.1M or 10.2%
53.6 54.2
30.3 33.4
Gross Revenue & Net Property Income:
Higher occupancy and rent at Suntec City Office
JV Income:
Higher occupancy and rent at One Raffles Quay and MBFC Properties
1H 23 | 1H 24 | 1H 23 | 1H 24 | 1H 23 | 1H 24 |
9
Australia Portfolio
Australia Portfolio Impacted by Vacancies, Incentives and Interest Expense
A$ mil
Gross Revenue
(3.4M or 6.4%)
53.5 50.1
NPI
(4.7M or 11.3%)
41.7 37.0
S$ mil | |||
Gross Revenue | NPI |
(3.8M or 7.9%)
(4.8M or 12.8%) | |||
48.2 | 44.4 | 37.6 | 32.8 |
Gross Revenue & Net Property Income:
Lower occupancy at 55 Currie Street
1H 23 | 1H 24 | 1H 23 | 1H 24 |
JV Income
(1.9M or 63.3%) |
1H 23 | 1H 24 | 1H 23 | 1H 24 |
JV Income
(1.7M or 62.9%)
JV Income:
Higher interest expense and incentives at Southgate Complex
3.0 | ||||
1.1 | ||||
1H 23 | 1H 24 |
2.7 | Weaker AUD against SGD1 |
1.0 | |
1H 23 | 1H 24 |
Note: | 10 |
1. Based on exchange rates of S$0.8868 = A$1.00 for 1H 24 and S$0.9014 = A$1.00 for 1H 23 |