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

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.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.