Suntec Reit *Official* (SGX:T82U)

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lzydata

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He believes the offer price was revised to comply with the Singapore Code on Take-overs and Mergers, which requires the offeror to match or exceed the price paid in the open market for the shares it acquires during the offer period, and in the six months immediately preceding the date of the offer announcement, “to ensure fair treatment of all shareholders”.

When Aelios revised its offer on Wednesday, it had on the same day acquired about 18 million units at S$1.19 a unit by way of an open-market purchase.

Suntec Reit unitholders should reject revised S$1.19-a-unit offer: Morningstar
The revised amount is below Morningstar’s fair-value estimate of S$1.38 a unit
https://www.businesstimes.com.sg/co...d-reject-revised-s1-19-unit-offer-morningstar
 
Euqorab

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lzydata said:
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He believes the offer price was revised to comply with the Singapore Code on Take-overs and Mergers, which requires the offeror to match or exceed the price paid in the open market for the shares it acquires during the offer period, and in the six months immediately preceding the date of the offer announcement, “to ensure fair treatment of all shareholders”.

When Aelios revised its offer on Wednesday, it had on the same day acquired about 18 million units at S$1.19 a unit by way of an open-market purchase.

Suntec Reit unitholders should reject revised S$1.19-a-unit offer: Morningstar
The revised amount is below Morningstar’s fair-value estimate of S$1.38 a unit
https://www.businesstimes.com.sg/co...d-reject-revised-s1-19-unit-offer-morningstar
Click to expand...
Morning also low ball
 
Shion

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Suntec REIT reports DPU of 6.192 cents for FY2024, 2.3% lower y-o-y​


https://www.theedgesingapore.com/ca...-reports-dpu-6192-cents-fy2024-23-lower-y-o-y

Suntec REIT has reported a distribution per unit (DPU) of 6.192 cents for the FY2024 ended Dec 31, 2024, 2.3% lower y-o-y. For the 2HFY2024, DPU similarly fell 13.9% y-o-y to 3.15 cents.

Distributable income for the year fell by 12.5% y-o-y to $180.9 million due to higher financing costs and lower contributions arising from vacancies at the REIT’s assets at 55 Currie Street, Adelaide and The Minster Building, London.

Meanwhile, gross revenue in the FY2024 inched up marginally by 0.2% y-o-y to $462.7 million off the back of stronger operating performance at Suntec City Office and Suntec City Mall.

Despite this, net property income (NPI) in the period decreased 0.8% y-o-y to $310.8 million, mainly due to the absence of a one-off property tax refund at Suntec City Mall.

Income from Suntec REIT’s joint ventures (JV) for the year grew by 6.4% y-o-y to $100.0 million due to stronger operating performance at MBFC Properties and One Raffles Quay, as well as higher contributions from Nova Properties in London due to reversal of impairment of receivables.

Cash and cash equivalents in the FY2024 grew by 6.16% y-o-y to $231.3 million.

As at Dec 31, 2024, the REIT’s committed occupancy stood at 95.4% for its office portfolio and 97.9% for its retail portfolio. Its weighted average lease expiry (WALE) decreased to 3.8 years for its office portfolio from 4.2 years in the FY2023, while retail portfolio WALE remained healthy at 2.3 years.

On the divestment front, Suntec REIT divested $58.3 million of strata units at Suntec City Office Towers at an average price of 24% above book value.

The proceeds were used to pare down debts. The transactions were accretive to the REIT’s earnings as the achieved divestment yield were lower than current borrowing costs.

Chong Kee Hiong, CEO of the manager says: “On the operating front, the Singapore office and retail portfolios continued to perform and achieved strong rent reversions across all the quarters of the year. Suntec Convention’s income has also improved significantly with the improvement in operations and an increase in smaller but high yielding events.”

The REIT highlights that the outlook for the Singapore office market remained cautionary in light of an uncertain global outlook and interest rate environment. However, limited core central business district (CBD) office supply could likely support core CBD rent growth in 2025 . As a result, the REIT’s Singapore office portfolio is well-positioned for future growth, on the back of past quarters of positive rent reversions. Rent reversion is expected to remain positive but modest, in the range of 1.0% to 5.0%.

On Singapore’s retail front, although tourism arrivals continued to recover in the last quarter of 2024, consumers are expected to remain cost-cautious on the back of an uncertain global economic outlook. However, Singapore remains attractive for new retail entrants with the recovery in tourism and the strong pipeline of meetings, incentives, conferences and exhibitions (MICE) events and concerts. With limited prime retail space supply in the year ahead, prime retail rents are expected to improve this year. Suntec REIT notes that its Singapore retail portfolio is well-positioned for future growth, supported by higher occupancy, rent and marcoms activities. Committed occupancy is expected to remain high at more than 95% while rent reversion is expected to remain positive, in the range of 10.0% to 15.0%.

Meanwhile, office vacancy in Sydney and Melbourne are expected to stabilise with fewer completions in 2025, while Adelaide office vacancy will remain elevated due to new supply in 2025. This is largely due to national CBD vacancy rates remaining largely unchanged in 4QFY2024 despite the positive net absorption across most cities in the quarter, mainly due to new supply in the Sydney CBD.

Although vacancy at 55 Currie Street is likely to increase by 10.0% to 12.0% in the mid-term, Suntec REIT’s Australia office portfolio is expected to remain stable supported by healthy occupancies of the properties in Sydney and Melbourne.

Finally, in the UK, central London occupancy and rental growth are expected to improve due to tight supply and increase in office utilisation, particularly for good quality office spaces in prime locations. Vacancy and upcoming expiry at The Minster Building is expected to be backfilled in 2025 and rent reversion is expected to be in the range of 1.0% to 3.0%. In all, the REIT’s UK portfolio performance is expected to be impacted by leasing downtime.

Units in Suntec REIT closed flat at $1.21 on Jan 23.
 
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For illustrative purposes only and on a pro forma basis, assuming that that Suntec REIT (Australia) Trust is subject to an effective Australian tax rate of 30% for the financial year ended 31 December 2024, its distribution per Unit would be 6.055 cents instead of 6.192 cents. Correspondingly, the deferred tax liability balance in respect of the Australian assets will increase to 30% which would, on a pro forma basis, impact its net asset value per Unit to be S$2.03 instead of S$2.05.

https://links.sgx.com/FileOpen/Sunt...ax Status.ashx?App=Announcement&FileID=832639

Suntec loses managed investment trust (MIT) status in Australia because of Gordon and Celine Tang's increased stakes, resulting in higher taxes for 2025 and probably after. Management says it is beyond their control.

:(
 
ceecookie

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Dear Valued Investor,

We refer to notice : Suntec Real Estate Investment Trust (the "Company") - Tender Offer.

CLOSE OF THE OFFER

The Joint Financial Advisers wish to announce, for and on behalf of the Offeror, that the Offer has closed at 5.30 p.m. (Singapore time) on 7 February 2025 (the "Closing Date").

Accordingly, the Offer is no longer open for acceptance and any acceptances received after 5.30 p.m. (Singapore time) on the Closing Date will be rejected.

FINAL LEVEL OF ACCEPTANCES

Based on information available to the Offeror, as at 5.30 p.m. (Singapore time) on 7 February 2025, the total number of Units owned, controlled, or agreed to be acquired by the Offeror and parties acting or presumed to be acting in concert with the Offeror (including by way of valid acceptances of the Offer) amount to an aggregate of 1,098,225,182 Units, representing approximately 37.43% of the total number of issued Units.

LAPSE OF OFFER

As stated in the Offer Document, the Offer is conditional upon the Offeror having received, by the close of the Offer, valid acceptances in respect of such number of Offer Units which, when taken together with the Units owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it (either before or during the Offer and pursuant to the Offer or otherwise), will result in the Offeror and parties acting in concert with it holding in aggregate such number of Units carrying more than 50% of the total voting rights attributable to the issued Units as at the close of the Offer.

Based on the information set out in paragraph 3 of this Announcement, the above condition has not been fulfilled. As a result, the Offer has lapsed and all Offer Units tendered in acceptance of the Offer will be returned to Unitholders.

For more information, please refer to the link:

http://links.sgx.com/1.0.0/corporate-announcements/DJWK60Y0EQUBOW51
 
Shion

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Suntec REIT reports DPU of 3.155 cents for 1HFY2025, up 3.7% y-o-y​


https://www.theedgesingapore.com/ca...reit-reports-dpu-3155-cents-1hfy2025-37-y-o-y

Suntec REIT has reported a distribution per unit (DPU) of 3.155 cents for the 1HFY2025 ended June 30, up 3.7% y-o-y.

The REIT’s distributable income for 1HFY2025 came in at $92.8 million, 4.6% y-o-y higher.

Gross revenue and net property income (NPI) for 1HFY2025 came in at $234.5 million and $159.5 million, up 3.3% y-o-y and 5.6% y-o-y respectively.

The REIT attributes the higher gross revenue to a one-off compensation received in Sydney’s 177 Pacific Highway, and stronger operating performance across Singapore. This was offset by lower occupancy in Adelaide and lower contribution from London.

Meanwhile, it saw stronger operating performance at One Raffles Quay and lower interest expense at MBFC Properties and One Raffles Quay.

The REIT says that operational performance of its Singapore portfolio remained strong, while its UK portfolio was stable.

For the reporting period, committed occupancy for its Singapore office and retail portfolio came in at 99.0% and 98% respectively, with a rent reversion of 10% and 17.2% respectively. The retention rate for office and retail stood at 85% and 69% each.

Meanwhile, the committed occupancy for the reporting period in Australia saw a dip at 88.6%, down from the 89.1% in the same period a year ago. Rental reversions grew 22.9%, and retention rate stood at 85%.

In the UK, committed occupancy for the reporting period came in lower at 92.2%.

The REIT reported a weighted average debt maturity of 3.23 years as at June 30, with a total debt outstanding of $4.06 billion.

As at June 30, NAV per unit stood at $1.99, and all in financing costs came in at 3.82% per annum. The REIT’s interest coverage ratio stood at 2 times.

Units in Suntec REIT closed 1 cent higher or 0.855% up at $1.18 on July 24.
 
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