Suntec REIT is “feeling the pinch” of the Covid-19 outbreak and circuit breaker measures in Singapore, says the OCBC Investment Research team in a July 23 report, with its retail and convention performance at its namesake shopping mall impacted by low footfall and cancelled events. 

Gross revenue is forecasted to fall to $283 million in FY2020F from $366.7 million in FY2019. Likewise, net property income is projected to dip to $189.7 million from $236.2 million over the same period. 

2Q2020 DPU fell 35.1% y-o-y to 1.53 cents as management retained 10% of its distributable income and there were also no capital distributions for the quarter. 

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