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

Starhill Global REIT’s distribution per unit (DPU) for 4Q FY18/19 has risen by 0.9% on-year to 1.10 Singapore cents.

Its revenue for the quarter increased by 0.4% on-year to SGD51.9 million.

However, the REIT’s net property income (NPI) declined by 0.4% due to lower contributions from the retail portfolio in Singapore, and the depreciation of AUD and MYR against SGD, and higher operating costs.

These were partially offset by higher contributions from the office portfolio, and Myer Centre Adelaide.

Starhill Global REIT’s overall occupancy improved to 96.3% as at 30 June 2019 given occupancy improvements at the retail component of Wisma Atria, which rose to 99.6% from 91.7% as at 31 March 2019.

Its gearing remained stable at 36.1% with average cost of debt at 3.28%.

Starhill Global REIT was last done on the SGX at SGD0.80, which gives a yield of about 5.5% according to data from the Singapore REITs fundamentals table.

By Shariffa Al-Habshee

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