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

Data from Starhill Global REIT’s latest disclosure has been incorporated into the Singapore REITs table.

Starhill Global REIT has reported gross revenue of SGD44.8 million for its 1Q FY21/22.

This represents an increase of 4.0% year-on-year.

Accordingly, the REIT’s net property income (NPI) came in at SGD34.3 million, an increase of 15.1% over the same period.

The higher NPI came about mainly due to lower rental assistance for the portfolio and lower expenses, said the REIT.

Tenant sales and shopper traffic at the Wisma Atria Property improved quarter-on-quarter by 7.4% and 16.6% respectively despite tighter COVID-19 restrictions.

Meanwhile, the retail podium at The Starhill is partially operational and open to the public, with luxury retailers such as Louis Vuitton and Shiatzy Chen.

Notably, Balmain opened its first store in Malaysia at the mall, the REIT added.

In line with these developments, the REIT’s portfolio occupancy has improved slightly to 96.8% from 96.3%.

Starhill Global REIT was last done on the SGX at SGD0.645, which presently implies a distribution yield of 6.42% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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