Starhill Global REIT announced on 29 July that it has recorded a distribution per unit (DPU) of 1.29 Singapore cents for its 4Q FY15/16, unchanged from the corresponding period in the previous financial year.

Revenue for the period grew by 11.4% year-on-year to SGD219.7 million while net property income (NPI) increased by 6.9% to SGD170.3 million.

“The increase in revenue and NPI was largely attributed to the full period contribution from Myer Centre Adelaide which was acquired in May 2015…”, said the REIT in a statement on the results.

However it also added that the performance was partially offset by lower contributions from its China, Perth and Japan properties, as well as foreign currency movements.

Occupancy at the REIT’s Singapore properties in particular, which contributed more than 60% of the REIT’s revenue, dipped to 97.9% as at 30 June 2016 from 99.3% as at 30 June 2015.

“Wisma Atria retail revenue declined 4.1% year-on-year and its NPI declined 3.8% over the previous corresponding period mainly due to lower occupancies”, said the REIT, pointing to tepid retail conditions in the country.

The Singapore-listed retail and office REIT’s gearing was 35.0% as at 30 June 2016 and no significant debt refinancing requirements until 2018.

“Going forward, we will remain focused on growing the REIT and building value for our unitholders through organic growth, creative asset enhancement initiatives, mall repositioning and prudent capital management”, said Francis Yeoh, non-executive chairman of the REIT’s manager.

Units of Starhill Global REIT last changed hands on the Singapore Exchange at SGD0.80.