Starhill Global REIT's flagship property in Malaysia, Starhill Gallery. (Photo: Google Maps)

Starhill Global REIT’s revenue for 3Q FY19/20 has declined by 8.9% year-on-year to SGD46.7 million.

Accordingly, the REIT’s net property income (NPI) plunged by 11.1% over 3Q FY18/19 to SGD35.2 million.

Excluding the rental rebate extended to the master tenant during the asset enhancement period of Starhill Gallery in Malaysia, revenue and NPI for the REIT would have shown year-on-year dips of 5.2% and 6.4% respectively.

The REIT’s manager has attributed the declines to COVID-19-related rental assistance extended to tenants in Singapore, Malaysia and China.

The depreciation of the Australian dollar against the Singapore dollar also contributed to the declines.

With that, income available for distribution for 3Q FY19/20 stood at SGD24.0 million, lower by 4.1% from 3Q FY18/19.

The REIT’s gearing level stood at 36.7% as at 31 March 2020.

Starhill Global REIT has changed its distribution frequency to semi-annual with effect from 3Q FY19/20.

Hence, the next distribution will be for the six-month period from 1 January 2020 to 30 June 2020.

The REIT will also be adopting the announcement of half-yearly reporting of financial statements with effect from the financial year ending 30 June 2021.

Information from this REIT’s latest updates have been updated into the Singapore REITs table.

By Shariffa Al-Habshee

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