Suntec Reit T82U
Financials
Suntec REIT Annual Report 2025
Explore the statements
39 tablesStatements of Financial Position
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Plant and equipment$’000 | 2,098 | 1,924 | 675 | 986 | PDF p. 107 |
| Investment properties$’000 | 7,848,071 | 7,840,279 | 5,488,800 | 5,465,874 | PDF p. 107 |
| Interests in joint ventures$’000 | 2,799,739 | 2,825,303 | 847,514 | 902,558 | PDF p. 107 |
| Interests in subsidiaries$’000 | — | — | 2,706,725 | 2,648,691 | PDF p. 107 |
| Long-term investment$’000 | — | — | — | 637 | PDF p. 107 |
| Derivative assets$’000 | — | 8,475 | — | 4,356 | PDF p. 107 |
| Subtotal$’000 | 10,649,908 | 10,675,981 | 9,043,714 | 9,023,102 | PDF p. 107 |
| Current assets | |||||
| Investment property held for sale$’000 | — | 13,126 | — | 13,126 | PDF p. 107 |
| Derivative assets$’000 | 675 | 3,783 | — | 425 | PDF p. 107 |
| Trade and other receivables$’000 | 33,060 | 26,889 | 31,341 | 23,744 | PDF p. 107 |
| Cash and cash equivalents$’000 | 195,770 | 231,345 | 70,659 | 99,477 | PDF p. 107 |
| Subtotal$’000 | 229,505 | 275,143 | 102,000 | 136,772 | PDF p. 107 |
| Total | |||||
| Total assets$’000 | 10,879,413 | 10,951,124 | 9,145,714 | 9,159,874 | PDF p. 107 |
| Current liabilities | |||||
| Interest-bearing borrowings$’000 | 99,915 | 490,445 | 99,915 | 299,909 | PDF p. 107 |
| Trade and other payables$’000 | 109,108 | 103,795 | 117,491 | 123,268 | PDF p. 107 |
| Derivative liabilities$’000 | 635 | 2 | 635 | 2 | PDF p. 107 |
| Security deposits$’000 | 27,008 | 27,900 | 23,464 | 20,658 | PDF p. 107 |
| Current tax liabilities$’000 | 1,623 | 5,129 | — | — | PDF p. 107 |
| Subtotal$’000 | 238,289 | 627,271 | 241,505 | 443,837 | PDF p. 107 |
| Non-current liabilities | |||||
| Interest-bearing borrowings$’000 | 3,957,228 | 3,722,558 | 2,896,632 | 2,819,318 | PDF p. 107 |
| Security deposits$’000 | 57,835 | 57,886 | 48,331 | 49,021 | PDF p. 107 |
| Derivative liabilities$’000 | 43,807 | 12,895 | 36,521 | 11,425 | PDF p. 107 |
| Deferred tax liabilities$’000 | 45,514 | 44,867 | — | — | PDF p. 107 |
| Subtotal$’000 | 4,104,384 | 3,838,206 | 2,981,484 | 2,879,764 | PDF p. 107 |
| Total | |||||
| Total liabilities$’000 | 4,342,673 | 4,465,477 | 3,222,989 | 3,323,601 | PDF p. 107 |
| Net assets$’000 | 6,536,740 | 6,485,647 | 5,922,725 | 5,836,273 | PDF p. 107 |
| Represented by | |||||
| Unitholders’ funds$’000 | 6,008,710 | 6,003,286 | 5,524,678 | 5,488,233 | PDF p. 107 |
| Perpetual securities holders$’000 | 398,047 | 348,040 | 398,047 | 348,040 | PDF p. 107 |
| Non-controlling interests$’000 | 129,983 | 134,321 | — | — | PDF p. 107 |
| Subtotal$’000 | 6,536,740 | 6,485,647 | 5,922,725 | 5,836,273 | PDF p. 107 |
| Units in issue (’000)’000 Units | 2,945,448 | 2,921,418 | 2,945,448 | 2,921,418 | PDF p. 107 |
| Net asset value per Unit ($)$ per Unit | 2.033 | 2.046 | 1.869 | 1.871 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statements of Total Return
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Total return | |||||
| Gross revenue$’000 | 471,606 | 463,556 | 435,909 | 415,300 | PDF p. 108 |
| Property expenses$’000 | (154,779) | (153,130) | (75,014) | (72,631) | PDF p. 108 |
| Net (provision)/reversal of impairment on trade receivables$’000 | (35) | 333 | (5) | — | PDF p. 108 |
| Net property income$’000 | 316,792 | 310,759 | 360,890 | 342,669 | PDF p. 108 |
| Other income$’000 | 433 | 1,165 | — | — | PDF p. 108 |
| Share of profit of joint ventures$’000 | 128,264 | 80,498 | — | — | PDF p. 108 |
| Finance income$’000 | 17,447 | 19,261 | 26,722 | 3,466 | PDF p. 108 |
| Finance cost$’000 | (154,588) | (177,213) | (105,978) | (146,299) | PDF p. 108 |
| Net finance cost$’000 | (137,141) | (157,952) | (79,256) | (142,833) | PDF p. 108 |
| Asset management fees — base fee$’000 | (41,255) | (41,100) | (36,638) | (36,584) | PDF p. 108 |
| Asset management fees — performance fee$’000 | (19,829) | (20,242) | (19,829) | (20,242) | PDF p. 108 |
| Professional fees$’000 | (1,903) | (2,034) | (699) | (1,146) | PDF p. 108 |
| Trustee’s fees$’000 | (2,014) | (2,027) | (1,873) | (1,882) | PDF p. 108 |
| Audit fees$’000 | (920) | (1,026) | (646) | (593) | PDF p. 108 |
| Valuation fees$’000 | (207) | (243) | (88) | (98) | PDF p. 108 |
| Other expenses$’000 | (2,476) | (2,441) | (1,996) | (1,811) | PDF p. 108 |
| Net income$’000 | 239,744 | 165,357 | 219,865 | 137,480 | PDF p. 108 |
| Net change in fair value of financial derivatives$’000 | (36,762) | (12,576) | (31,046) | (529) | PDF p. 108 |
| Net change in fair value of investment properties$’000 | (16,896) | (29,994) | 32,444 | 136,211 | PDF p. 108 |
| Investment property written off$’000 | (5,928) | — | — | — | PDF p. 108 |
| Profit from divestments$’000 | 4,798 | 14,992 | 4,731 | 14,992 | PDF p. 108 |
| Total return for the year before tax$’000 | 184,956 | 137,779 | 225,994 | 288,154 | PDF p. 108 |
| Tax expense$’000 | (4,661) | (1,625) | (5,223) | (2,525) | PDF p. 108 |
| Total return for the year after tax$’000 | 180,295 | 136,154 | 220,771 | 285,629 | PDF p. 108 |
| Attributable to | |||||
| Unitholders of the Trust and perpetual securities holders$’000 | 177,955 | 126,778 | 220,771 | 285,629 | PDF p. 108 |
| Non-controlling interests$’000 | 2,340 | 9,376 | — | — | PDF p. 108 |
| Subtotal$’000 | 180,295 | 136,154 | 220,771 | 285,629 | PDF p. 108 |
| Earnings per Unit (cents) | |||||
| Basiccents per Unit | 5.418 | 3.867 | 6.874 | 9.316 | PDF p. 108 |
| Dilutedcents per Unit | 5.399 | 3.851 | 6.851 | 9.276 | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Cash Flows
46 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the year before tax$’000 | 184,956 | 137,779 | PDF p. 116 |
| Cash flows from operating activities; Adjustments for | |||
| Net provision/(reversal) of impairment on trade receivables$’000 | 35 | (333) | PDF p. 116 |
| Asset management fees paid/payable in Units$’000 | 28,234 | 28,413 | PDF p. 116 |
| Depreciation of plant and equipment$’000 | 906 | 611 | PDF p. 116 |
| Investment property written off$’000 | 5,928 | — | PDF p. 116 |
| Plant and equipment written off$’000 | — | 518 | PDF p. 116 |
| (Gain)/loss on disposal of plant and equipment$’000 | (1) | 35 | PDF p. 116 |
| Net change in fair value of financial derivatives$’000 | 36,762 | 12,576 | PDF p. 116 |
| Net change in fair value of investment properties$’000 | 16,896 | 29,994 | PDF p. 116 |
| Net finance costs$’000 | 137,141 | 157,952 | PDF p. 116 |
| Profit from divestments$’000 | (4,798) | (14,992) | PDF p. 116 |
| Share of profit of joint ventures$’000 | (128,264) | (80,498) | PDF p. 116 |
| Cash flows from operating activities | |||
| Unlabelled subtotal following adjustments$’000 | 277,795 | 272,055 | PDF p. 116 |
| Cash flows from operating activities; Changes in | |||
| — Trade and other receivables$’000 | (1,673) | 14,004 | PDF p. 116 |
| — Trade and other payables$’000 | 3,300 | (18,730) | PDF p. 116 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 279,422 | 267,329 | PDF p. 116 |
| Tax paid$’000 | (11,774) | (12,699) | PDF p. 116 |
| Net cash from operating activities$’000 | 267,648 | 254,630 | PDF p. 116 |
| Cash flows from investing activities | |||
| Capital expenditure on investment properties$’000 | (21,015) | (11,200) | PDF p. 116 |
| Deposit received from divestment of investment properties$’000 | — | 164 | PDF p. 116 |
| Dividend income received$’000 | 73,404 | 65,846 | PDF p. 116 |
| Additional investments in joint ventures$’000 | (3,033) | (4,186) | PDF p. 116 |
| Capital reduction in joint venture$’000 | — | 3,060 | PDF p. 116 |
| Loan to joint ventures$’000 | — | (3,701) | PDF p. 116 |
| Loan repayment by joint venture$’000 | 83,530 | 18,044 | PDF p. 116 |
| Net proceeds from divestment of investment properties$’000 | 30,554 | 88,835 | PDF p. 116 |
| Net proceeds from disposal of plant and equipment$’000 | 1 | — | PDF p. 116 |
| Interest received$’000 | 16,672 | 19,261 | PDF p. 116 |
| Purchase of plant and equipment$’000 | (1,078) | (1,392) | PDF p. 116 |
| Net cash from investing activities$’000 | 179,035 | 174,731 | PDF p. 116 |
| Cash flows from financing activities | |||
| Distributions to Unitholders$’000 | (191,186) | (189,148) | PDF p. 117 |
| Distributions to perpetual securities holders$’000 | (19,590) | (14,013) | PDF p. 117 |
| Dividends paid to non-controlling interests$’000 | (4,717) | (3,201) | PDF p. 117 |
| Financing costs paid$’000 | (146,972) | (175,292) | PDF p. 117 |
| Proceeds from issue of perpetual securities$’000 | 250,000 | — | PDF p. 117 |
| Payment of transaction costs on issue of perpetual securities$’000 | (1,777) | — | PDF p. 117 |
| Redemption of perpetual securities$’000 | (200,000) | — | PDF p. 117 |
| Proceeds from medium-term notes$’000 | 175,000 | — | PDF p. 117 |
| Repayment of medium-term notes$’000 | (300,000) | — | PDF p. 117 |
| Proceeds from interest-bearing loans$’000 | 923,310 | 950,000 | PDF p. 117 |
| Repayment of interest-bearing loans$’000 | (967,559) | (982,608) | PDF p. 117 |
| Net cash used in financing activities$’000 | (483,491) | (414,262) | PDF p. 117 |
| Net (decrease)/increase in cash and cash equivalents$’000 | (36,808) | 15,099 | PDF p. 117 |
| Cash and cash equivalents at beginning of the year$’000 | 231,345 | 217,925 | PDF p. 117 |
| Effects of exchange rate fluctuations on cash held$’000 | 1,233 | (1,679) | PDF p. 117 |
| Cash and cash equivalents at the end of the year$’000 | 195,770 | 231,345 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 116 ↗ PDF p. 117 ↗
Significant non-cash transaction disclosure: “The Group and the Trust had issued a total of 24,029,845 (2024: 24,144,110) Units to the Manager, amounting to approximately $28.4 million (2024: $28.5 million) at unit prices ranging from $1.1220 to $1.3071 (2024: $1.0633 to $1.3347) as satisfaction of asset management fees payable in Units.”
Statements of Movements in Unitholders’ Funds — Group and Trust
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ funds | |||||
| Unitholders’ funds at the beginning of the year$’000 | 6,003,286 | 6,107,793 | 5,488,233 | 5,377,352 | PDF p. 111 |
| Total return attributable to Unitholders and perpetual securities holders$’000 | 177,955 | 126,778 | 220,771 | 285,629 | PDF p. 111 |
| Less: Total return attributable to perpetual securities holders$’000 | (18,676) | (14,013) | (18,676) | (14,013) | PDF p. 111 |
| Hedging reserve | |||||
| Effective portion of changes in fair value of cash flow hedges (1)$’000 | (15,132) | (9,422) | — | — | PDF p. 111 |
| Foreign currency translation reserve | |||||
| Translation differences from financial statements of foreign operations$’000 | 26,927 | (47,115) | — | — | PDF p. 111 |
| Net gain/(loss) recognised directly in Unitholders’ funds$’000 | 11,795 | (56,537) | — | — | PDF p. 111 |
| Unitholders’ transactions; Creation of Units | |||||
| — asset management fees paid/payable in Units (2)$’000 | 13,732 | 13,722 | 13,732 | 13,722 | PDF p. 111 |
| Unitholders’ transactions; Units to be issued | |||||
| — asset management fees payable in Units (2)$’000 | 14,502 | 14,691 | 14,502 | 14,691 | PDF p. 111 |
| Unitholders’ transactions | |||||
| Distributions to Unitholders$’000 | (191,186) | (189,148) | (191,186) | (189,148) | PDF p. 111 |
| Net decrease in Unitholders’ funds resulting from Unitholders’ transactions$’000 | (162,952) | (160,735) | (162,952) | (160,735) | PDF p. 111 |
| Others | |||||
| Reclassification of issue expense to Unitholders’ funds upon redemption of perpetual securities$’000 | (2,698) | — | (2,698) | — | PDF p. 111 |
| Unlabelled subtotal under Others$’000 | (2,698) | — | (2,698) | — | PDF p. 111 |
| Unitholders’ funds | |||||
| Unitholders’ funds at the end of the year$’000 | 6,008,710 | 6,003,286 | 5,524,678 | 5,488,233 | PDF p. 111 |
Definitions & sources
Original report: PDF p. 111 ↗
(1) This represents the share of fair value change of the cash flow hedges as a result of interest rate swaps entered into by subsidiaries and joint ventures.
(2) This represents the value of units issued and to be issued to the Manager as partial satisfaction of asset management fees incurred.
Perpetual securities and non-controlling interests movements
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Perpetual securities holders | |||||
| Perpetual securities holders at the beginning of the year$’000 | 348,040 | 348,040 | 348,040 | 348,040 | PDF p. 112 |
| Total return attributable to perpetual securities holders$’000 | 18,676 | 14,013 | 18,676 | 14,013 | PDF p. 112 |
| Transactions with perpetual securities holders | |||||
| Issue of perpetual securities$’000 | 250,000 | — | 250,000 | — | PDF p. 112 |
| Redemption of perpetual securities$’000 | (200,000) | — | (200,000) | — | PDF p. 112 |
| Reclassification of issue expense to retained earnings upon redemption of perpetual securities$’000 | 2,698 | — | 2,698 | — | PDF p. 112 |
| Issue expenses$’000 | (1,777) | — | (1,777) | — | PDF p. 112 |
| Distribution to perpetual securities holders$’000 | (19,590) | (14,013) | (19,590) | (14,013) | PDF p. 112 |
| Net increase/(decrease) resulting from transactions with perpetual securities holders$’000 | 31,331 | (14,013) | 31,331 | (14,013) | PDF p. 112 |
| Perpetual securities holders | |||||
| Perpetual securities holders at the end of the year$’000 | 398,047 | 348,040 | 398,047 | 348,040 | PDF p. 112 |
| Non-controlling interests | |||||
| Non-controlling interests at the beginning of the year$’000 | 134,321 | 128,067 | — | — | PDF p. 112 |
| Total return attributable to non-controlling interests$’000 | 2,340 | 9,376 | — | — | PDF p. 112 |
| Share of hedging reserve$’000 | (1,961) | 79 | — | — | PDF p. 112 |
| Transactions with non-controlling interests | |||||
| Distribution to non-controlling interests$’000 | (4,717) | (3,201) | — | — | PDF p. 112 |
| Net decrease resulting from transactions with non-controlling interests$’000 | (4,717) | (3,201) | — | — | PDF p. 112 |
| Non-controlling interests | |||||
| Non-controlling interests at the end of the year$’000 | 129,983 | 134,321 | — | — | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Financial Highlights — Consolidated Statement of Total Return for the Financial Year
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated (Group) | 2024Consolidated (Group) | Source |
|---|---|---|---|
| Financial highlights — total return | |||
| Gross Revenue$m | 471.6 | 463.6 | PDF p. 14 |
| Net Property Income$m | 316.8 | 310.8 | PDF p. 14 |
| Income Contribution From Joint Ventures1$m | 103.2 | 99.6 | PDF p. 14 |
| Distributable Income$m | 207.3 | 180.9 | PDF p. 14 |
| Distribution Per Unit (“DPU”)cents per Unit | 7.035 | 6.192 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Financial highlight table footnotes on this page are preserved separately in suntec-luna-source-notes.json.
Financial Highlights — Consolidated Statement of Financial Position
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated (Group), as at 31 Dec 2025 | 2024Consolidated (Group), as at 31 Dec 2024 | Source |
|---|---|---|---|
| Financial highlights — financial position | |||
| Investment Properties$m | 7,848.1 | 7,840.3 | PDF p. 14 |
| Interest in Joint Ventures3$m | 2,799.7 | 2,825.3 | PDF p. 14 |
| Total Assets$m | 10,879.4 | 10,951.1 | PDF p. 14 |
| Debt at Amortised Cost$m | 4,057.1 | 4,213.0 | PDF p. 14 |
| Total Liabilities$m | 4,342.7 | 4,465.5 | PDF p. 14 |
| Unitholders’ Funds$m | 6,008.7 | 6,003.3 | PDF p. 14 |
| Net Asset Value Per Unit$ per Unit | 2.03 | 2.05 | PDF p. 14 |
| Aggregate Leverage Ratio4% | 41.5 | 42.4 | PDF p. 14 |
| Interest Coverage Ratio5times | 2.1 | 1.9 | PDF p. 14 |
| - ICR if there is -10% in EBITDAtimes | 1.9 | 1.7 | PDF p. 14 |
| - ICR if there is +100 bps in the weighted average interest rate of Suntec REITtimes | 1.7 | 1.7 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Financial highlight table footnotes on this page are preserved separately in suntec-luna-source-notes.json.
Unit Performance as at 31 December for the respective financial years
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025as at 31 December | 2024as at 31 December | 2023as at 31 December | 2022as at 31 December | 2021as at 31 December | Source |
|---|---|---|---|---|---|---|
| Unit performance | ||||||
| Last Done Unit Price$ per Unit | 1.44 | 1.17 | 1.23 | 1.38 | 1.51 | PDF p. 15 |
| Highest Unit Price$ per Unit | 1.47 | 1.37 | 1.45 | 1.85 | 1.61 | PDF p. 15 |
| Lowest Unit Price$ per Unit | 1.06 | 1.04 | 1.07 | 1.28 | 1.40 | PDF p. 15 |
| Market Capitalisation (m) 2$m | 4,241 | 3,418 | 3,564 | 3,969 | 4,308 | PDF p. 15 |
| Traded Volume for the Financial Year (m)million Units | 1,566 | 2,192 | 1,589 | 2,812 | 2,840 | PDF p. 15 |
| Traded Yield (based on DPU ) (%) 2% | 4.89 | 5.29 | 5.80 | 6.44 | 5.74 | PDF p. 15 |
| Singapore Government 10-Year Bond1 (%)% | 2.22 | 2.86 | 2.71 | 3.09 | 1.67 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Unit performance notes and the five-year DPU series are preserved separately in suntec-luna-source-notes.json and the historical DPU table.
Financial Ratios
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Financial ratios | |||||
| Expenses to weighted average net assets (1) — including performance component of asset management fees% | 1.08 | 1.08 | 1.05 | 1.09 | PDF p. 190 |
| Expenses to weighted average net assets (1) — excluding performance component of asset management fees% | 0.77 | 0.76 | 0.71 | 0.74 | PDF p. 190 |
| Portfolio turnover rate (2)% | — | — | — | — | PDF p. 190 |
Definitions & sources
Original report: PDF p. 190 ↗
(1) The annualised ratios are computed in accordance with the guidelines of the Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group and the Trust, excluding property expenses, interest expense and income tax expense.
(2) The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group and the Trust expressed as a percentage of daily average net asset value.
Distribution Statements — cash amounts
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Distribution statement | |||||
| Amount available for distribution to Unitholders at the beginning of the year$’000 | 45,928 | 54,153 | 45,928 | 54,153 | PDF p. 109 |
| Total return attributable to Unitholders and perpetual securities holders$’000 | 177,955 | 126,778 | 220,771 | 285,629 | PDF p. 109 |
| Less: Total return attributable to perpetual securities holders$’000 | (18,676) | (14,013) | (18,676) | (14,013) | PDF p. 109 |
| Net tax adjustments (Note A)$’000 | (118,562) | (82,758) | 5,185 | (90,693) | PDF p. 109 |
| Taxable income$’000 | 40,717 | 30,007 | 207,280 | 180,923 | PDF p. 109 |
| Tax exempt dividend income (Note B)$’000 | 166,563 | 150,916 | — | — | PDF p. 109 |
| Amount available for distribution to Unitholders$’000 | 253,208 | 235,076 | 253,208 | 235,076 | PDF p. 109 |
| Distributions to Unitholders | |||||
| Distribution of 1.866 cents per Unit for period from 1/10/2023 to 31/12/2023$’000 | — | (54,290) | — | (54,290) | PDF p. 109 |
| Distribution of 1.511 cents per Unit for period from 1/1/2024 to 31/3/2024$’000 | — | (44,026) | — | (44,026) | PDF p. 109 |
| Distribution of 1.531 cents per Unit for period from 1/4/2024 to 30/6/2024$’000 | — | (44,674) | — | (44,674) | PDF p. 109 |
| Distribution of 1.580 cents per Unit for period from 1/7/2024 to 30/9/2024$’000 | — | (46,158) | — | (46,158) | PDF p. 109 |
| Distribution of 1.570 cents per Unit for period from 1/10/2024 to 31/12/2024$’000 | (46,063) | — | (46,063) | — | PDF p. 109 |
| Distribution of 1.563 cents per Unit for period from 1/1/2025 to 31/3/2025$’000 | (45,918) | — | (45,918) | — | PDF p. 109 |
| Distribution of 1.592 cents per Unit for period from 1/4/2025 to 30/6/2025$’000 | (46,835) | — | (46,835) | — | PDF p. 109 |
| Distribution of 1.778 cents per Unit for period from 1/7/2025 to 30/9/2025$’000 | (52,370) | — | (52,370) | — | PDF p. 109 |
| Distributions to Unitholders subtotal | |||||
| Subtotal$’000 | (191,186) | (189,148) | (191,186) | (189,148) | PDF p. 109 |
| Distribution statement | |||||
| Income available for distribution to Unitholders at end of the year$’000 | 62,022 | 45,928 | 62,022 | 45,928 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
See Note A–C definitions on physical page 110; source notes preserved in suntec-luna-source-notes.json. DPU rates are preserved in a separate table from the printed row labels.
Distribution Statements — distribution per Unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Distribution per Unit | |||||
| Distribution per Unit (cents) *cents per Unit | 7.035 | 6.192 | 7.035 | 6.192 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
The source defines the final-quarter distribution is paid subsequent to the reporting date; see source notes.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Trust; distribution period 1/10/2023 to 31/12/2023 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.866 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust; distribution period 1/1/2024 to 31/3/2024 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.511 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust; distribution period 1/4/2024 to 30/6/2024 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.531 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust; distribution period 1/7/2024 to 30/9/2024 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.580 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust; distribution period 1/10/2024 to 31/12/2024 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.570 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; distribution period 1/1/2025 to 31/3/2025 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.563 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; distribution period 1/4/2025 to 30/6/2025 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.592 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution per Unit by distribution period
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; distribution period 1/7/2025 to 30/9/2025 | Source |
|---|---|---|
| Distribution per Unit by period | ||
| Distribution per Unitcents per Unit | 1.778 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Per-Unit rate is printed in the original distribution-row label; this single-value table separates the rate from its associated monetary amount row.
Distribution Statements — Note A Net tax adjustments
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Note A — Net tax adjustments | |||||
| Amortisation of transaction costs$’000 | 3,386 | 6,367 | 3,386 | 6,367 | PDF p. 110 |
| Asset management fees paid/payable in Units$’000 | 28,234 | 28,413 | 28,234 | 28,413 | PDF p. 110 |
| Net profit from subsidiaries and joint ventures$’000 | (207,807) | (146,880) | — | — | PDF p. 110 |
| Trustee’s fees$’000 | 2,014 | 2,027 | 1,873 | 1,882 | PDF p. 110 |
| Net change in fair value of investment properties$’000 | 16,896 | 29,994 | (32,444) | (136,211) | PDF p. 110 |
| Profit from divestments$’000 | (4,798) | (14,992) | (4,731) | (14,992) | PDF p. 110 |
| Investment property written off$’000 | 5,928 | — | — | — | PDF p. 110 |
| Net foreign currency exchange differences$’000 | (842) | 350 | (24,268) | 14,552 | PDF p. 110 |
| Net change in fair value of financial derivatives$’000 | 35,591 | 12,726 | 30,909 | 679 | PDF p. 110 |
| Sinking fund contribution$’000 | 5,490 | 5,537 | 5,490 | 5,537 | PDF p. 110 |
| Deferred tax$’000 | 611 | (9,380) | — | — | PDF p. 110 |
| Other items (Note C)$’000 | (3,265) | 3,080 | (3,264) | 3,080 | PDF p. 110 |
| Net tax adjustments$’000 | (118,562) | (82,758) | 5,185 | (90,693) | PDF p. 110 |
Definitions & sources
Original report: PDF p. 110 ↗
Note A is detailed on this page. Notes B and C are narrative definitions preserved in suntec-luna-source-notes.json.
Unit Performance — Five-year DPU used for traded yield
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Trust | 2022Trust | 2023Trust | 2024Trust | 2025Trust | Source |
|---|---|---|---|---|---|---|
| Unit Performance notes | ||||||
| DPUcents per Unit | 8.666 | 8.884 | 7.135 | 6.192 | 7.035 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
This sequence is printed in the traded-yield note.
Ten-year performance track record — explicitly labeled 2025 endpoints
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Ten-year performance track record | ||
| Assets Under Management$ billion | 12.1 | PDF p. 14 |
| Distributable Income$ million | 207.3 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Only the plotted 2025 endpoints are explicitly labeled in the report text; other annual values are not inferred from chart gridlines.
Portfolio Statements — Group carrying values
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investment properties in Singapore | |||
| Suntec City Mall$’000 | 2,191,800 | 2,183,000 | PDF p. 113 |
| Suntec City Office Towers$’000 | 3,297,000 | 3,282,874 | PDF p. 113 |
| Suntec Singapore$’000 | 750,900 | 746,700 | PDF p. 113 |
| Investment properties in Australia | |||
| 177 Pacific Highway$’000 | 477,084 | 500,184 | PDF p. 113 |
| 21 Harris Street$’000 | 195,131 | 211,095 | PDF p. 113 |
| 55 Currie Street$’000 | 102,294 | 97,494 | PDF p. 113 |
| Olderfleet, 477 Collins Street$’000 | 365,334 | 360,302 | PDF p. 113 |
| Investment property in United Kingdom | |||
| The Minster Building$’000 | 468,528 | 458,630 | PDF p. 113 |
| Portfolio reconciliation | |||
| Investment properties, at valuation (Note 6)$’000 | 7,848,071 | 7,840,279 | PDF p. 113 |
| Investment property held for sale (Note 6)$’000 | — | 13,126 | PDF p. 113 |
| Interests in joint ventures (Note 7)$’000 | 2,799,739 | 2,825,303 | PDF p. 113 |
| Subtotal$’000 | 10,647,810 | 10,678,708 | PDF p. 113 |
| Other assets and liabilities (net)$’000 | (4,111,070) | (4,193,061) | PDF p. 113 |
| Net assets$’000 | 6,536,740 | 6,485,647 | PDF p. 113 |
| Perpetual securities holders$’000 | (398,047) | (348,040) | PDF p. 113 |
| Non-controlling interests$’000 | (129,983) | (134,321) | PDF p. 113 |
| Unitholders’ funds$’000 | 6,008,710 | 6,003,286 | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
Portfolio Statements — Group occupancy
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investment properties in Singapore | |||
| Suntec City Mall% | 99.5 | 98.4 | PDF p. 113 |
| Suntec City Office Towers% | 99.8 | 98.8 | PDF p. 113 |
| Investment properties in Australia | |||
| 177 Pacific Highway% | 100 | 100 | PDF p. 113 |
| 21 Harris Street% | 97.8 | 100 | PDF p. 113 |
| 55 Currie Street% | 66.0 | 61.4 | PDF p. 113 |
| Olderfleet, 477 Collins Street% | 100 | 100 | PDF p. 113 |
| Investment property in United Kingdom | |||
| The Minster Building% | 85.4 | 90.8 | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
Suntec Singapore occupancy is printed as n/m in both years and is retained here as source text, not represented as a numeric fact: Suntec Singapore ^ Leasehold 99 years 63 years 1 Raffles Boulevard Commercial n/m n/m 750,900 746,700 12.5 12.4
Portfolio Statements — Group percentage of Unitholders’ funds
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investment properties in Singapore | |||
| Suntec City Mall% | 36.5 | 36.4 | PDF p. 113 |
| Suntec City Office Towers% | 54.9 | 54.7 | PDF p. 113 |
| Suntec Singapore% | 12.5 | 12.4 | PDF p. 113 |
| Investment properties in Australia | |||
| 177 Pacific Highway% | 7.9 | 8.3 | PDF p. 113 |
| 21 Harris Street% | 3.2 | 3.5 | PDF p. 113 |
| 55 Currie Street% | 1.7 | 1.6 | PDF p. 113 |
| Olderfleet, 477 Collins Street% | 6.1 | 6.0 | PDF p. 113 |
| Investment property in United Kingdom | |||
| The Minster Building% | 7.8 | 7.6 | PDF p. 113 |
| Portfolio reconciliation | |||
| Investment properties, at valuation (Note 6)% | 130.6 | 130.5 | PDF p. 113 |
| Investment property held for sale (Note 6)% | — | 0.2 | PDF p. 113 |
| Interests in joint ventures (Note 7)% | 46.6 | 47.1 | PDF p. 113 |
| Subtotal% | 177.2 | 177.8 | PDF p. 113 |
| Other assets and liabilities (net)% | (68.4) | (69.8) | PDF p. 113 |
| Net assets% | 108.8 | 108.0 | PDF p. 113 |
| Perpetual securities holders% | (6.6) | (5.8) | PDF p. 113 |
| Non-controlling interests% | (2.2) | (2.2) | PDF p. 113 |
| Unitholders’ funds% | 100.0 | 100.0 | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
Portfolio Statements — Trust carrying values
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust | 2024Trust | Source |
|---|---|---|---|
| Investment properties in Singapore | |||
| Suntec City Mall$’000 | 2,191,800 | 2,183,000 | PDF p. 114 |
| Suntec City Office Towers$’000 | 3,297,000 | 3,282,874 | PDF p. 114 |
| Portfolio reconciliation | |||
| Investment properties, at valuation (Note 6)$’000 | 5,488,800 | 5,465,874 | PDF p. 114 |
| Investment property held for sale (Note 6)$’000 | — | 13,126 | PDF p. 114 |
| Interests in joint ventures (Note 7)$’000 | 847,514 | 902,558 | PDF p. 114 |
| Interests in subsidiaries (Note 8)$’000 | 2,706,725 | 2,648,691 | PDF p. 114 |
| Subtotal$’000 | 9,043,039 | 9,030,249 | PDF p. 114 |
| Other assets and liabilities (net)$’000 | (3,120,314) | (3,193,976) | PDF p. 114 |
| Net assets$’000 | 5,922,725 | 5,836,273 | PDF p. 114 |
| Perpetual securities holders$’000 | (398,047) | (348,040) | PDF p. 114 |
| Unitholders’ funds$’000 | 5,524,678 | 5,488,233 | PDF p. 114 |
Definitions & sources
Original report: PDF p. 114 ↗
Portfolio Statements — Trust occupancy
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust | 2024Trust | Source |
|---|---|---|---|
| Investment properties in Singapore | |||
| Suntec City Mall% | 99.5 | 98.4 | PDF p. 114 |
| Suntec City Office Towers% | 99.8 | 98.8 | PDF p. 114 |
Definitions & sources
Original report: PDF p. 114 ↗
Portfolio Statements — Trust percentage of Unitholders’ funds
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust | 2024Trust | Source |
|---|---|---|---|
| Investment properties in Singapore | |||
| Suntec City Mall% | 39.7 | 39.8 | PDF p. 114 |
| Suntec City Office Towers% | 59.7 | 59.8 | PDF p. 114 |
| Portfolio reconciliation | |||
| Investment properties, at valuation (Note 6)% | 99.4 | 99.6 | PDF p. 114 |
| Investment property held for sale (Note 6)% | — | 0.2 | PDF p. 114 |
| Interests in joint ventures (Note 7)% | 15.3 | 16.4 | PDF p. 114 |
| Interests in subsidiaries (Note 8)% | 49.0 | 48.3 | PDF p. 114 |
| Subtotal% | 163.7 | 164.5 | PDF p. 114 |
| Other assets and liabilities (net)% | (56.5) | (58.2) | PDF p. 114 |
| Net assets% | 107.2 | 106.3 | PDF p. 114 |
| Perpetual securities holders% | (7.2) | (6.3) | PDF p. 114 |
| Unitholders’ funds% | 100.0 | 100.0 | PDF p. 114 |
Definitions & sources
Original report: PDF p. 114 ↗
Portfolio Statements — independent valuation comparison
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Portfolio valuation | 2024Portfolio valuation | Source |
|---|---|---|---|
| Valuation comparison | |||
| Suntec City Mall$’000 | 2,191,800 | 2,183,000 | PDF p. 115 |
| Suntec City Office Towers$’000 | 3,297,000 | 3,296,000 | PDF p. 115 |
| Suntec Singapore$’000 | 750,900 | 746,700 | PDF p. 115 |
| 177 Pacific Highway$’000 | 477,084 | 500,184 | PDF p. 115 |
| 21 Harris Street$’000 | 195,131 | 211,095 | PDF p. 115 |
| 55 Currie Street$’000 | 102,294 | 97,494 | PDF p. 115 |
| Olderfleet, 477 Collins Street$’000 | 365,334 | 360,302 | PDF p. 115 |
| The Minster Building$’000 | 468,528 | 458,630 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
For Suntec City Office Towers, the 2024 valuation comparison is 3,296,000 while the portfolio statement carrying value is 3,282,874. The report separately states that 13,126 of 2024 carrying value was reclassified as investment property held for sale (source footnote p113 Group, p114 Trust); both printed values are retained.
Segment information — Information about reportable segments (by property) - FY2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Convention - Suntec Singapore | 2025Singapore Retail - Suntec Singapore | 2025Singapore Retail - Suntec City | 2025Singapore Office - Suntec City | 2025Australia Office - 177 Pacific Highway | 2025Australia Office - 21 Harris Street | 2025Australia Office - Olderfleet, 55 Currie Street | 2025Australia Office - 477 Collins Street | 2025United Kingdom Office - The Minster Building | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | |||||||||||
| Revenue$'000 | 64,885 | 22,120 | 122,526 | 146,820 | 38,850 | 17,713 | 8,270 | 26,863 | 23,559 | 471,606 | PDF p. 166 |
| Property expenses$'000 | (45,465) | (6,468) | (40,140) | (34,880) | (7,652) | (4,661) | (5,972) | (6,496) | (3,080) | (154,814) | PDF p. 166 |
| Reportable segment net property income$'000 | 19,420 | 15,652 | 82,386 | 111,940 | 31,198 | 13,052 | 2,298 | 20,367 | 20,479 | 316,792 | PDF p. 166 |
| Net change in fair value of investment properties$'000 | (1,525) | (1,560) | 5,279 | 27,165 | (27,431) | (18,165) | 1,444 | (702) | (1,401) | (16,896) | PDF p. 166 |
Definitions & sources
Original report: PDF p. 166 ↗
Segments: Singapore (Convention, Retail, Office), Australia Office, United Kingdom Office. Segment columns by property as printed; asset/liability/capex by segment not printed.
Segment information — Information about reportable segments (by property) - FY2024
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Convention - Suntec Singapore | 2024Singapore Retail - Suntec Singapore | 2024Singapore Retail - Suntec City | 2024Singapore Office - Suntec City | 2024Australia Office - 177 Pacific Highway | 2024Australia Office - 21 Harris Street | 2024Australia Office - Olderfleet, 55 Currie Street | 2024Australia Office - 477 Collins Street | 2024United Kingdom Office - The Minster Building | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | |||||||||||
| Revenue$'000 | 63,711 | 22,423 | 118,453 | 145,931 | 34,642 | 18,781 | 8,927 | 26,790 | 23,898 | 463,556 | PDF p. 166 |
| Property expenses$'000 | (46,353) | (6,707) | (37,154) | (35,477) | (7,190) | (4,375) | (6,297) | (6,391) | (2,853) | (152,797) | PDF p. 166 |
| Reportable segment net property income$'000 | 17,358 | 15,716 | 81,299 | 110,454 | 27,452 | 14,406 | 2,630 | 20,399 | 21,045 | 310,759 | PDF p. 166 |
| Net change in fair value of investment properties$'000 | (577) | 16,949 | 38,048 | 98,163 | (89,519) | (31,104) | (18,182) | (23,336) | (20,436) | (29,994) | PDF p. 166 |
Definitions & sources
Original report: PDF p. 166 ↗
2024 comparatives from the same table; column order as printed under the 2025 header.
Segment information — Reconciliation of reportable segment net property income
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Total return | |||
| Reportable segment net property income$'000 | 316,792 | 310,759 | PDF p. 167 |
| Reconciling items | |||
| — Other income$'000 | 433 | 1,165 | PDF p. 167 |
| — Net finance cost$'000 | (137,141) | (157,952) | PDF p. 167 |
| — Asset management fees$'000 | (61,084) | (61,342) | PDF p. 167 |
| — Other trust expenses$'000 | (7,520) | (7,771) | PDF p. 167 |
| — Net change in fair value of financial derivatives$'000 | (36,762) | (12,576) | PDF p. 167 |
| — Net change in fair value of investment properties$'000 | (16,896) | (29,994) | PDF p. 167 |
| — Profit from divestments$'000 | 4,798 | 14,992 | PDF p. 167 |
| — Investment property written off$'000 | (5,928) | — | PDF p. 167 |
| — Share of profit of joint ventures$'000 | 128,264 | 80,498 | PDF p. 167 |
| Consolidated total return for the year before tax$'000 | 184,956 | 137,779 | PDF p. 167 |
Definitions & sources
Original report: PDF p. 167 ↗
Borrowings — Note 13 Interest-bearing borrowings (secured/unsecured, current/non-current)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Term loans | |||||
| — secured$'000 | 1,653,238 | 1,818,784 | 946,647 | 945,632 | PDF p. 151 |
| — unsecured$'000 | 2,403,905 | 2,394,219 | 2,049,900 | 2,173,595 | PDF p. 151 |
| Classified as | |||||
| Current$'000 | 99,915 | 490,445 | 99,915 | 299,909 | PDF p. 151 |
| Non-current$'000 | 3,957,228 | 3,722,558 | 2,896,632 | 2,819,318 | PDF p. 151 |
Definitions & sources
Original report: PDF p. 151 ↗
Total term loans: Group 4,057,143 (2025) / 4,213,003 (2024); Trust 2,996,547 / 3,119,227. Cash of $78.0 million (2024: $96.4 million) is charged or assigned as security for credit facilities. Included in unsecured term loans are EMTN of $375.0 million (2024: $500.0 million) issued by a wholly owned subsidiary of the Trust.
Borrowings — Note 13 Terms and debt repayment schedule (currency, weighted average nominal interest rate, maturity)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Weighted average nominal interest rate (%) | 2025Year of maturity | 2025Face value $'000 | 2025Carrying amount $'000 | 2024Face value $'000 | 2024Carrying amount $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group - AUD term loans | |||||||
| Floating rate% / year / $'000 | 5.02 | 2028 | 342,576 | 341,594 | 381,497 | 381,072 | PDF p. 152 |
| Group - GBP term loans | |||||||
| Floating rate% / year / $'000 | 5.59 | 2032 | 355,734 | 354,005 | 349,384 | 348,109 | PDF p. 152 |
Definitions & sources
Original report: PDF p. 152 ↗
2024 comparatives printed in parentheses: Group floating SGD 4.17% (2025–2029 maturity 2026–2029), AUD 5.76% (2025–2026), GBP 6.72% (2025–2026), fixed SGD 2.89% (2025–2027); Trust floating SGD 4.15% (2026–2029), fixed SGD 2.89% (2025–2027). Group totals: face 4,069,310 / carrying 4,057,143 (2025), 4,226,881 / 4,213,003 (2024). Trust totals: 3,005,000 / 2,996,547 (2025), 3,130,000 / 3,119,227 (2024). Rows are labelled by 'Floating rate term loans'/'Fixed rate term loans' with the currency shown in the section.
Borrowings — Note 31(b) Liquidity risk - contractual maturities, Group 2025
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group Carrying amount | 2025Group Contractual cash flows | 2025Group Within 1 year | 2025Group 1 to 5 years | 2025Group More than 5 years | Source |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Floating rate term loans$'000 | 3,683,104 | (3,985,664) | (203,000) | (3,782,664) | — | PDF p. 181 |
| Fixed rate term loans$'000 | 374,039 | (412,618) | (11,850) | (218,432) | (182,336) | PDF p. 181 |
Definitions & sources
Original report: PDF p. 181 ↗
Remaining contractual maturities of financial liabilities, including estimated interest payments and excluding netting agreements.
Borrowings — Note 31(b) Liquidity risk - contractual maturities, Group 2024
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group Carrying amount | 2024Group Contractual cash flows | 2024Group Within 1 year | 2024Group 1 to 5 years | 2024Group More than 5 years | Source |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Floating rate term loans$'000 | 3,713,430 | (4,219,818) | (479,916) | (3,739,902) | — | PDF p. 182 |
| Fixed rate term loans$'000 | 499,573 | (514,786) | (308,320) | (206,466) | — | PDF p. 182 |
Definitions & sources
Original report: PDF p. 182 ↗
Borrowings — Note 31(b) Liquidity risk - contractual maturities, Trust 2025
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust Carrying amount | 2025Trust Contractual cash flows | 2025Trust Within 1 year | 2025Trust 1 to 5 years | 2025Trust More than 5 years | Source |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Floating rate term loans$'000 | 2,622,508 | (2,779,323) | (157,171) | (2,622,152) | — | PDF p. 182 |
| Fixed rate term loans$'000 | 374,039 | (412,618) | (11,850) | (218,432) | (182,336) | PDF p. 182 |
Definitions & sources
Original report: PDF p. 182 ↗
Borrowings — Note 31(b) Liquidity risk - contractual maturities, Trust 2024
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust Carrying amount | 2024Trust Contractual cash flows | 2024Trust Within 1 year | 2024Trust 1 to 5 years | 2024Trust More than 5 years | Source |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Floating rate term loans$'000 | 2,619,654 | (3,020,068) | (109,060) | (2,911,008) | — | PDF p. 183 |
| Fixed rate term loans$'000 | 499,573 | (514,786) | (308,320) | (206,466) | — | PDF p. 183 |
Definitions & sources
Original report: PDF p. 183 ↗
Borrowings — Note 31(c) Interest rate profile - fixed and variable rate borrowings (nominal amount)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Fixed rate instruments | |||||
| Interest-bearing borrowings$'000 | (375,000) | (500,000) | (375,000) | (500,000) | PDF p. 184 |
| Variable rate instruments | |||||
| Interest-bearing borrowings$'000 | (3,694,310) | (3,726,881) | (2,630,000) | (2,630,000) | PDF p. 184 |
Definitions & sources
Original report: PDF p. 184 ↗
Nominal amount, as printed.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution policy | Suntec REIT’s current distribution policy is to distribute at least 90% of its annual distributable income. The actual level of distribution will be determined at the Manager’s discretion, considering the needs of Suntec REIT for capital expenditure, working capital requirements and liquidity position of Suntec REIT. | Suntec REIT | PDF p. 96 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (cents) * | 7.035 cents per Unit | Group and Trust, FY 2025 | PDF p. 109 |
| Distribution per Unit (cents) * | 6.192 cents per Unit | Group and Trust, FY 2024 comparative | PDF p. 109 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution of 1.563 cents per Unit for | 1.563 cents per Unit | Quarter 1/1/2025 to 31/3/2025, Group and Trust, paid in FY 2025 | PDF p. 109 |
| Distribution of 1.592 cents per Unit for | 1.592 cents per Unit | Quarter 1/4/2025 to 30/6/2025, Group and Trust, paid in FY 2025 | PDF p. 109 |
| Distribution of 1.778 cents per Unit for | 1.778 cents per Unit | Quarter 1/7/2025 to 30/9/2025, Group and Trust, paid in FY 2025 | PDF p. 109 |
| The Manager declared distribution of | 2.102 cents per Unit | Quarter 1 October 2025 to 31 December 2025, declared after the reporting date (subsequent event) | PDF p. 191 |
| Distribution of 1.511 cents per Unit for | 1.511 cents per Unit | Quarter 1/1/2024 to 31/3/2024, Group and Trust, paid in FY 2024 (comparative) | PDF p. 109 |
| Distribution of 1.531 cents per Unit for | 1.531 cents per Unit | Quarter 1/4/2024 to 30/6/2024, Group and Trust, paid in FY 2024 (comparative) | PDF p. 109 |
| Distribution of 1.580 cents per Unit for | 1.580 cents per Unit | Quarter 1/7/2024 to 30/9/2024, Group and Trust, paid in FY 2024 (comparative) | PDF p. 109 |
| Distribution of 1.570 cents per Unit for | 1.570 cents per Unit | Quarter 1/10/2024 to 31/12/2024, Group and Trust, paid in FY 2025 (comparative-year quarter) | PDF p. 109 |
Extracted from Suntec REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate Leverage Ratio | 41.5% | Group, as at 31 Dec 2025 (comparative 31 Dec 2024: 42.4%) · As at 2025-12-31 | PDF p. 14 |
| Interest Coverage Ratio | 2.1 times | FY 2025 (comparative FY 2024: 1.9 times) | PDF p. 14 |
| weighted average lease expiry (“WALE”) of the overall office portfolio | 3.80 years | Overall office portfolio, as at 31 Dec 2025; Singapore 2.44 years, overseas 5.18 years · As at 2025-12-31 | PDF p. 27 |
| WALE of the overall retail portfolio | 2.42 years | Overall retail portfolio, as at 31 Dec 2025; Singapore 2.34 years, overseas 3.89 years · As at 2025-12-31 | PDF p. 27 |
| Committed Occupancy (Office) | 94.8% | Portfolio, as at 31 Dec 2025 · As at 2025-12-31 | PDF p. 24 |
| Committed Occupancy (Retail) | 98.2% | Portfolio, as at 31 Dec 2025 · As at 2025-12-31 | PDF p. 24 |
| Total | 11,830.1 S$ millions | Property valuation, 31 Dec 2025 (comparative 31 Dec 2024: 11,752.5) · As at 2025-12-31 | PDF p. 22 |
| Net Asset Value Per Unit | $2.03 | As at 31 Dec 2025 (comparative 31 Dec 2024: $2.05) · As at 2025-12-31 | PDF p. 14 |
| Distribution Per Unit (“DPU”) | 7.035¢ | FY 2025 (comparative FY 2024: 6.192¢) | PDF p. 14 |
Extracted from Suntec REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Ernst & Young LLP | Ernst & Young LLP | Group and Trust, FY2025 | PDF p. 106 |
| The engagement partner on the audit resulting in this independent auditor’s report is Low Yen Mei. | Low Yen Mei | Group and Trust, FY2025 | PDF p. 106 |
| Opinion | present fairly, in all material respects | Group and Trust, FY2025 | PDF p. 103 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The valuation of the investment properties is significant to our audit due to the magnitude and the complexity of the valuation which is highly dependent on a range of assumptions and estimates made by the external appraisers engaged by the Manager. | Group, 31 December 2025 | PDF p. 104 |
Extracted from Suntec REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Suntec REIT Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Annual report PDF p. 14 — Financial highlights definitions: Notes: 1 Refers to the share of profits2 and interest income from loans to joint ventures (if any), from the one-third interest in One Raffles Quay, one-third interest in MBFC Properties, 50.0% interest in Southgate Complex and 50.0% interest in Nova Properties. 2 Excludes share of gain/(loss) arising from fair value adjustments of $37.6 mil for the financial year ended 31 December 2025 and ($2.8) mil for the financial year ended 31 December 2024. 3 Refers to the one-third interest in One Raffles Quay, one-third interest in the MBFC Properties, 50.0% interest in Southgate Complex and 50.0% interest in Nova Properties. 4 Refers to the ratio of the value of borrowings (inclusive of proportionate share of borrowings of joint ventures and deferred payments (if any)) to the value of the Deposited Property in accordance with Appendix 6 of the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore (the “Property Funds Appendix”). 5 Calculation is based on dividing the trailing 12 months earnings before interest, tax, sinking fund contribution, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense, borrowing-related fees and distributions on hybrid securities (if any).
Annual report PDF p. 15 — Unit performance table definitions: Notes: 1 Unit performance statistics as at 31 December are for the respective financial years. 2 Based on 2,853 million units, 2,876 million units, 2,897 million units, 2,921 million units and 2,945 units in issue as at 31 December 2021, 2022, 2023, 2024 and 2025 respectively. UNIT PERFORMANCE AS AT1 2025 2024 2023 2022 2021 Traded Yield (based on DPU ) (%) 2 4.89 5.29 5.80 6.44 5.74 Singapore Government 10-Year Bond1 (%) 2.22 2.86 2.71 3.09 1.67
Annual report PDF p. 15 — Traded yield and total return definitions: Notes: 1 As at 31 December for the respective years. 2 Based on the last done unit price (as stated in the table above) and the full year DPU based on the period from 1 January to 31 December. Calculations were based on a DPU of 8.666 cents, 8.884 cents, 7.135 cents, 6.192 cents and 7.035 cents for FY 2021, FY 2022, FY 2023, FY 2024 and FY 2025 respectively. 3 Source: Bloomberg
Annual report PDF p. 109 — Distribution timing note: * The distribution per Unit relates to the distributions in respect of the relevant financial year. The distribution for the last quarter of the financial year will be paid subsequent to the reporting date.
Annual report PDF p. 110 — Distribution statement Notes B and C: Note B This relates to the dividend income received from Comina Investment Limited, Suntec Harmony Pte. Ltd., Suntec REIT Capital Pte. Ltd., Suntec REIT UK 1 Pte. Ltd., Victoria Circle Unit Trust 1, Victoria Circle Unit Trust 2, Suntec REIT UK (LP) Pte. Ltd., Suntec REIT Jersey Holdings Limited and distributions of profits from Suntec REIT (Australia) Trust and BFC Development LLP. Note C This mainly relates to non-tax deductible expenses and rollover adjustments after finalisation of prior year adjustments.
Annual report PDF p. 111 — Unitholders’ funds movement notes: (1) This represents the share of fair value change of the cash flow hedges as a result of interest rate swaps entered into by subsidiaries and joint ventures. (2) This represents the value of units issued and to be issued to the Manager as partial satisfaction of asset management fees incurred.
Annual report PDF p. 190 — Financial ratio definitions: (1) The annualised ratios are computed in accordance with the guidelines of the Investment Management Association of Singapore. The expenses used in the computation relate to expenses of the Group and the Trust, excluding property expenses, interest expense and income tax expense. (2) The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group and the Trust expressed as a percentage of daily average net asset value.
Annual report PDF p. 191 — Interest coverage ratio sensitivity definitions: (1) ICR is calculated by dividing the trailing 12 months earnings before interest, tax, sinking fund contribution, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense, borrowing-related fees and distributions on hybrid securities (if any). (2) Assuming interest expense and loan related transaction costs held constant. (3) Assuming EBITDA held constant.
Annual report PDF p. 113 — Group portfolio property notes: ^ denotes Suntec Singapore Convention and Exhibition Centre. (1) The valuation reflects the price that would be received from the sale of the investment property where the Purchaser’s cost (including stamp duty) is assumed to be 6.8%, in line with accounting standards. The valuation based on the price that would be received for the sale of the special purpose vehicle holding the investment property where the Purchaser’s cost (excluding stamp duty) is assumed to be 1.8% is $486.6 million (2024: $481.1 million). (2) As at 31 December 2024, investment property with a carrying value of $13,126,000 relating to the proposed divestment of one strata unit of Suntec City Office was reclassified to investment property held for sale (Note 6). Suntec REIT Annual Report 2025
Annual report PDF p. 114 — Trust held-for-sale footnote: (1) As at 31 December 2024, investment property with a carrying value of $13,126,000 relating to the proposed divestment of one strata unit of Suntec City Office was reclassified to investment property held for sale (Note 6).
Annual report PDF p. 115 — Portfolio valuation methods and valuation footnote: The carrying amounts of the investment properties as at 31 December 2025 were based on independent valuations undertaken by Knight Frank Pte Ltd, Knight Frank LLP, Cushman & Wakefield (Valuations) Pty Ltd, CIVAS (VIC) Pty Ltd (2024: Cushman & Wakefield VHS Pte. Ltd., Jones Lang LaSalle Advisory Services Pty Ltd, and Colliers International Property Consultants Limited). The independent valuers have appropriate professional qualifications and recent experience in the location and category of the properties being valued. The valuations were based on a combination of the discounted cash flow method, capitalisation approach and direct comparison method. Valuation Description of property 2025 2024 $’000 $’000 Suntec City Mall 2,191,800 2,183,000 Suntec City Office Towers 3,297,000 3,296,000 Suntec Singapore 750,900 746,700 177 Pacific Highway 477,084 500,184 21 Harris Street 195,131 211,095 55 Currie Street 102,294 97,494 Olderfleet, 477 Collins Street 365,334 360,302 The Minster Building (1) 468,528 458,630 (1) The valuation reflects the price that would be received from the sale of the investment property where the Purchaser’s cost (including stamp duty) is assumed to be 6.8%, in line with accounting standards. The valuation based on the price that would be received for the sale of the special purpose vehicle holding the investment property where the Purchaser’s cost (excluding stamp duty) is assumed to be 1.8% is $486.6 million (2024: $481.1 million).
Group and Trust statements preserve the report’s separate scopes and units. The five-year DPU sequence follows the explicitly printed FY2021–FY2025 source note. The bar charts provide only labeled FY2025 endpoints; unlabeled historical heights are not transcribed as original figures.
Suntec Singapore occupancy is reported as n/m for both years and retained in the Group occupancy table notes. The FY2024 Office Towers valuation is 3,296,000 ($’000), while portfolio carrying value is 3,282,874 ($’000); the separately disclosed held-for-sale amount is 13,126 ($’000).
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.