Starhill Global REIT reports 7.7% fall in DPU for 1Q FY17/18

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Starhill Global REIT has reported a distribution per unit (DPU) of 1.20 Singapore cents for its 1Q FY17/18, a decrease of 7.7% compared to the 1.30 cents achieved in the corresponding period of the previous financial year.

Correspondingly the REIT’s gross revenue and net property income (NPI) for the period slid by 4.1% and 3.5% to year-on-year SGD53 million, and SGD41.4 million respectively,

As a result, income available for distribution came in at SGD26.7 million, 9.3% lower than the previous financial year.

“The decrease in revenue and NPI was mainly due to the one-off SGD1.9 million pre-termination rental compensation for a retail lease at Wisma Atria Property recorded in the previous corresponding period which has been filled up”, said the REIT’s manager in a statement on the results.

“Excluding the one-off compensation, NPI for the Starhill Global REIT group would have increased by 0.9%”, the REIT clarified.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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