Suntec Real Estate Investment Trust is planning to distribute 2.793 cents per unit for its fiscal third quarter.
This was 33 per cent higher than the distribution per unit in the year-ago period and also 25 per cent higher than forecast. The trust's total distributable income came to S$42 million for the three months to June, up 40 per cent on year.
Suntec REIT credited its strong organic growth and asset enhancement of its properties for the better performance.
It said despite the ongoing US sub-prime crisis, both its office and retail portfolios have achieved stronger committed rents compared to the last quarter.
Its office portfolio achieved another strong performance during the quarter. Renewal and replacement leases at Suntec City were secured at higher closing rents of between S$12 and S$15 per square foot per month.
As at 30 June 2008, Suntec REIT's committed occupancy for the overall office portfolio stood at 99.4 per cent.
The trust said it has no major refinancing needs for the rest of FY2008 and FY2009.
Suntec REIT said barring unforeseen circumstances, it expects its performance for the remainder of the year to continue to be strong. It also expects to exceed its forecast DPU of 8.69 cents. - CNA/vm
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