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Suntec Real Estate Investment Trust

SGX:T82U
Dividend Yield 5.96%
P/B Ratio 0.52
Aggregate Leverage Ratio 42.2
Occupancy Rate 95.3%
WALE 3.2 year(s)
Interest Coverage Ratio 1.9 times
Fixed Rate Debt 57%
Ex-dividend Date 3 May 2024
Record Date 6 May 2024
Payout Date 30 May 2024
Type Office & Retail

Remarks

Suntec REIT has refinanced $400 million of debt due in FY2024 into FY2029, which means there are no more refinancing needs this year.
David Ang - 26 Apr 2024
Suntec REIT reported mixed financial results in 1Q2024, with revenue climbing 1% YoY but net property income (NPI) declining 3.8% YoY. It paid a lower DPU of 1.511 cents in 1Q 2024 (or 1.8% lower YoY).
David Ang - 26 Apr 2024
Suntec REIT's debt profile weakened slightly in 1Q2024 compared to the previous quarter. The overall debt profile is still not favorable. The aggregate leverage ratio declined slightly to 42.2%. Adjusted ICR declined again to 1.9x. Because the adjusted ICR is less than 2.5x, the maximum allowed aggregate leverage ratio is only 45%. Given that the REIT's current leverage ratio is nearing the regulatory limit and the interest rate is predicted to remain high, increasing unit holders' value may be more challenging.
David Ang - 26 Apr 2024
Suntec REIT has around 17% exposure to the Australian market. The weaker AUDSGD exchange rate caused its Australian revenue to be lower. With the office vacancy likely to increase due to the incoming supply/competition, Suntec may find it harder to divest its Australian portfolio in unfavorable market conditions.
David Ang - 26 Apr 2024
Suntec REIT's percentage of debt hedged to a fixed rate is relatively low, at only 57%. This is a decline from the previous quarter's rate of 61%, making the REIT susceptible to interest rate volatility.
David Ang - 26 Apr 2024

Geographical Exposure

Singapore 71%
Australia 17%
United Kingdom 12%

Sectoral Exposure

Office 74%
Retail 25%
Convention 1%

Dividend Distribution History (DPU)

Debt Maturity Profile

In $ millions
Show debt maturity profile details
Fiscal Year Debt (in $ millions) Percentage
FY24 0 0%
FY25 625 14.74%
FY26 519 12.24%
FY27 900 21.23%
FY28 1,046 24.67%
FY29 1,150 27.12%
Disclaimer: We do not guarantee the data above is accurate. The information presented here is for general information only. It is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice or recommendation of any sort. Please do your own research before investing.