| Dividend Yield | 5.1% |
| P/B Ratio | 0.56 |
| Aggregate Leverage Ratio | 42.3 |
| Occupancy Rate | 96.65% |
| WALE | 3.15 year(s) |
| Interest Coverage Ratio | 1.9 times |
| Fixed Rate Debt | 61% |
| Ex-dividend Date | 1 Nov 2024 |
| Record Date | 4 Nov 2024 |
| Payout Date | 28 Nov 2024 |
| Type | Office & Retail |
Remarks
Suntec REIT's percentage of debt hedged to a fixed rate is relatively low, at only 61%. This low rate makes the REIT susceptible to interest rate volatility.
However, because we seem to have entered a new rate-cut cycle, Suntec REIT may benefit faster due to the higher proportion of its floating rates.
David Ang - 25 Oct 2024Suntec REIT has no refinancing needs in FY2024, though around ~14% is due in 2025.
David Ang - 25 Oct 2024Suntec REIT reported disappointing financial results in 3Q2024, with revenue declining by 4.6% YoY and net property income (NPI) declining by 5.7% YoY. Its DPU also declined by 11.9% YoY.
David Ang - 25 Oct 2024Suntec REIT's debt profile was stable in 3Q2024 compared to the previous quarter. The overall debt profile is still not favorable. The aggregate leverage ratio was 42.3%. Adjusted ICR increased slightly to 1.9x (down from 2.0x in the previous quarter). 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 - 25 Oct 2024Suntec REIT has around 16% exposure to the Australian market. The weaker AUDSGD exchange rate reduced its Australian revenue. With the office vacancy likely to increase due to incoming supply and competition, Suntec may find it harder to divest its Australian portfolio in unfavorable market conditions.
David Ang - 25 Oct 2024Geographical Exposure
| Singapore | 72% |
| Australia | 16% |
| United Kingdom | 12% |
Sectoral Exposure
| Office | 71% |
| Retail | 24% |
| Convention | 5% |
Dividend Distribution History (DPU)
Debt Maturity Profile
In $ millions
Show debt maturity profile details
| Fiscal Year | Debt (in $ millions) | Percentage |
|---|---|---|
| FY24 | 0 | 0% |
| FY25 | 627 | 14.77% |
| FY26 | 522 | 12.3% |
| FY27 | 900 | 21.2% |
| FY28 | 1,046 | 24.64% |
| FY29 | 1,150 | 27.1% |
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.