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Suntec REIT to pay slightly higher Q2 distribution per unit

Suntec Real Estate Investment Trust will pay a slightly higher distribution per unit (DPU) for the second quarter of this year as income from operations rose.

SINGAPORE: Suntec Real Estate Investment Trust will pay a slightly higher distribution per unit (DPU) for the second quarter of this year as income from operations rose.

Suntec, whose assets include large parts of the Suntec City office and retail complex, will pay a DPU of 2.266 cents for the quarter, a rise of 0.8 per cent from the year-ago distribution of 2.249 cents.

CEO Yeo See Kiat said the amount available for distribution from operations of S$51.6 million was 19.8 per cent higher compared to a year ago. This was mainly attributable to the completion of Suntec City's Phase 1 redevelopment. The REIT, however, reduced its capital distribution for the quarter by 35.9 per cent to S$5.0 million.

Mr Yeo said Suntec's office portfolio continued to perform strongly during the quarter.
"During the second quarter, we have forward renewed approximately 94,000 sq ft of
leases expiring in 2014, leaving us with a balance of 5.6 per cent of the office leases due to expire in 2014," he said.

Suntec's overall committed occupancy for the office portfolio stood at 99.7 per cent as at June 30. Suntec's office assets include a one-third interest in the prime Marina Bay Financial Centre Towers 1 and 2 and One Raffles Quay office complex. 

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