SINGAPORE (Apr 22): The manager of Suntec Real Estate Investment Trust (Suntec REIT has announced distribution per unit (DPU) of 1.760 cents for the 1QFY2020 ended March, a 27.7% drop from DPU of 2.434 cents in the same quarter last year.

The lower DPU is due to the lower distributable income from operations, retention of 10% of distribution of $5.5 million, absence of capital distribution at $6.5 million, and a larger unit base.

Distributable income from operations fell 6.5% to $55.1 million, from $58.9 million a year ago. The drop is due to the absence of dividend contribution from Suntec Singapore, lower advertising and promotional income for Suntec City Mall, lower occupancy at Towers 1 and 2 of the Marina Bay Financial Centre (MBFC), and the weakened Australian dollar.

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