Starhill Global REIT's Ngee Ann City property. (Photo: REITsWeek)

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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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.