Singapore-listed retail and office REIT, Starhill Global REIT, announced on 22 April that it has achieved a distribution per unit (DPU) of 1.26 Singapore cents for its 3Q FY15/16, unchanged from the same amount paid in the corresponding period last financial year.
Distributable income for the period was SGD27.5 million, 1.3% higher than the previous year. Gross revenue grew by 12.0% to SGD53.6 million while net property income (NPI) increased by 7.0% to SGD41.6 million.
The REIT has attributed the increase in revenue and NPI mainly to the contribution from Myer Centre Adelaide which was acquired in May 2015.
“Rent review discussions with Toshin for the master lease at Ngee Ann City Property has also started”, said the REIT in its statement, without revealing further details on ongoing negotiations.
“In Singapore, Wisma Atria property has seen improving tenant sales and foot traffic as Isetan’s strata-owned space progressively reopens after its closure for renovation since the beginning of 2015”, it added.
The REIT’s gearing as at 31 March 2016 was at 35.4% with a weighted average debt maturity of 3.3 years and an average interest rate of 3.15%.
Units of Starhill Global REIT finished the trading day about 0.6% lower from its previous close on the Singapore Exchange to end at SGD0.79.