Starhill Global REIT reports higher DPU amid improving office occupancies

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Starhill Global REIT has reported a distribution per unit (DPU) of 1.10 Singapore cents for its 3Q FY18/19, 0.9% higher year-on-year.

The REIT’s revenue for the period was SGD51.3 million, easing 0.9% from the same period in the previous financial year.

Correspondingly, net property income (NPI) for the period was SGD39.6 million, decreasing by 1.8% over 3Q FY17/18.

For the quarter, Starhill Global REIT saw higher contributions year-on- year from Myer Centre Adelaide, Plaza Arcade and Ngee Ann City’s office component.

However, this was offset by lower contributions from the REIT;s retail portfolio in Singapore, and the depreciation of the AUD against the SGD.

Starhill Global REIT’s overall occupancy improved to 95.7% as at 31 March 2019 on the more than doubling of actual occupancy for the office component of Myer Centre Adelaide.

The REIT’s gearing level was at 35.7% for the quarter, with about 91% of its borrowings as at 31 March 2019.

Read: Starhill Global REIT moves to forestall competition from new retail spaces

Starhill Global REIT finished the trading day unchanged from its previous close on the Singapore Exchange at SGD0.76.

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