ARA Trust Management (Suntec), the manager of Suntec Real Estate Investment Trust (Suntec REIT), has announced a distribution income of $46.23 million for the period 1 July to 30 September 2010 (3Q FY10), which is a dip of 3.2% compared to the quarter ended 30 September 2009 (3Q FY09). The distribution per unit for the quarter amounted to 2.502 Singapore cents at an annualised yield of 6.6%.

Gross office revenue achieved for the quarter was $30.0 million, comprising Suntec City office revenue of $27.8 million and Park Mall office revenue of $2.2 million. As at 30 September 2010, the committed occupancy of Suntec City Office improved further to 98.1% compared to last quarter, whilst the committed occupancy of Park Mall office and One Raffles Quay stood at 97.5% and 100% respectively as at 30 September 2010. Hence, the committed occupancy for the overall office portfolio strengthened further to 98.5%.
Gross retail revenue achieved for the quarter was $33.2 million, comprising Suntec City retail revenue of $27.2 million and revenue from Park Mall and Chijmes of $6.0 million.

The committed retail passing rent was $10.67 psf per month, $7.44 psf per month and $10.71 psf per month for Suntec City Mall, Park Mall and Chijmes respectively. Revenue from other income initiatives for the first nine months of 2010 increased 8.3% year-on-year to $5.27 million.

The committed occupancy of Suntec City Mall stood at 98.0% as at 30 September 2010 from 96.4% in the last quarter, whilst the committed occupancy of Park Mall and Chijmes stood at 100% and 90% respectively. The overall committed occupancy for the retail portfolio thus stood at 97.6% as at 30 September 2010.

On 4 October 2010, Suntec REIT entered into a $700 million term loan facility comprising a $350 million 3-year loan and a $350 million 5-year loan, which has been used to prepay the $575 million 3-year loan maturing in FY 2012, and to refinance part of the $400 million club loan maturing in FY 2011. The loan facility was secured at a blended all-in interest margin of 1.5%.

For 3Q FY10, Suntec REIT achieved gross revenue of $63.2 million, and net property income of S$50.6 million. The income available for distribution of $46.2 million was 3.2% lower year-on-year. The distribution per unit for 3Q FY10 amounted to 2.502 cents.

For YTD FY10, Suntec REIT recorded gross revenue of $188.1 million and net property income of $145.9 million. The income available for distribution of $137.5 million was 3.0% lower year-on-year. The distribution per unit for YTD FY10 amounted to 7.543 cents.