4Q10 DPU of 2.316 S-cents. Suntec REIT's 4Q10 gross revenue of S$61.41m fell 0.56% YoY and 2.9% QoQ. NPI was stagnant YoY but dropped 6.7% QoQ to S$47.2m. Office revenue contributed 47% of total 4Q10 gross revenue, while retail revenue constituted the rest. Gross office revenue was S$28.7m, comprising Suntec City office revenue of S$26.8m and Park Mall's S$1.9m. Gross retail revenue was S$32.7m, comprising Suntec City retail revenue of S$26.8 and revenue from Park Mall and Chijmes of S$5.9 m. Distributable income declined 6% YoY and 2.8% QoQ to S$44.9m, amounting to a 4Q10 DPU of 2.316 S-cents. The declines were mainly due to lower retail revenue achieved for the quarter, which fell 0.9% YoY and 1.5% QoQ, reaffirming our initial concerns about the looming retail slide for Suntec properties, following the 'rejuvenation of Orchard Road' 1. Chijmes, Park Mall and Suntec City Mall all saw a drop in revenue of 11.8%, 6.5% and 1.5% QoQ respectively. The income contribution from One Raffles Quay (ORQ) also saw a decline because of lower income support and lower interest income, following the repayment of the ORQPL shareholder's loan.
Source
No comments:
Post a Comment