Suntec Real Estate Investment Trust (T82U) Q3 2026 TU earnings summary

Executive summary

• Q3 2026 gross revenue was S$123.6m, NPI S$83.4m and JV income S$27.9m; distributable income reached S$59.9m, up 14.3% YoY.

• DPU was 2.017 cents, up 13.4% YoY, with stronger Singapore office and retail operations and lower financing costs supporting growth.

Financial highlights

• Gross revenue rose 5.2% YoY to S$123.6m; NPI increased 6.2% to S$83.4m and JV income grew 5.3% to S$27.9m.

• Reported distributable income rose 14.3% to S$59.9m; excluding the S$2m Australia withholding-tax provision reversal in 3Q25, DI growth was 18.8% and DPU growth was 18.0%.

• DI benefited from stronger Singapore operations and S$1.8m lower financing costs; YTD September distributions totaled 5.953 cents per unit, with the 2.017-cent 3Q distribution scheduled for payment on 27 November 2026.

Outlook and guidance

• Singapore office occupancy is expected to remain high, with FY2026 positive rent reversion of 5%–10%; Singapore retail rent reversion is expected at ~10%, with high occupancy and growth in rent and marketing revenue supporting performance.

• Australia performance is expected to remain stable, supported by occupancy at 177 Pacific Highway and 477 Collins Street; leasing efforts include fitted suites and subdivided space.

• The Minster Building is expected to reach full occupancy by end-2026; Nova Properties and The Minster Building performance is expected to be stable, excluding a FY2025 one-off compensation sum.

• Suntec Convention performance is expected to be stable in FY2026, with growth expected in FY2027; its 4Q26 and 2027 MICE pipeline remains healthy.