ARA Trust Management (Suntec), the manager of Suntec Real Estate Investment Trust (Suntec REIT) says it achieved a distribution income of $47.83 million for the period from Oct 1 to Dec 31 2009 (4Q FY09), which was 8.4% higher compared to the quarter ended Dec 31, 2008 (4Q FY08).

The DPU of 2.886 cents for 4Q FY09 was also 1% higher year-on-year.

Suntec REIT achieved gross office revenue of $28.8 million for 4Q FY09, which was 0.3% higher than in 4Q FY08. For FY09, the gross office revenue rose 13.8% year-on-year to $118.0 million.

As at Dec 31 2009, the occupancy for the overall office portfolio stood at 96.8%.
The occupancy of Suntec City Office strengthened in 4Q FY09 to 95.3%, while the office space in Park Mall and One Raffles Quay enjoyed full occupancy as at Dec 31 2009.

As at Dec 31 2009, the occupancy for the retail portfolio stood at 98.1%. The occupancy of Suntec City Mall was 97.6%, whilst Park Mall and Chijmes achieved full occupancy as at end FY09. The committed retail passing rent was $10.75 psf per month, $7.46 psf per month and $10.92 psf per month for Suntec City Mall, Park Mall and Chijmes respectively. Suntec REIT achieved $6.5 million in revenue from other income initiatives for FY09.

For 4Q FY09, Suntec REIT’s gross revenue was 2.7% lower year-on-year. However, the income available for distribution of $47.8 million was 8.4% higher year-on-year. The distribution per unit of 2.886 cents was 1% higher year-on-year.

For FY09, Suntec REIT recorded gross revenue of $253.1 million and income available for distribution rose to $189.6 million, which was 5.4% and 13.1% higher year-on-year respectively. The distribution per unit of 11.703 cents was 6.2% higher year-on- year.