YTL Hospitality REIT's JW Marriott Hotel Kuala Lumpur and Starhill Gallery. (Photo: YTL Hospitality REIT)YTL Hospitality REIT's JW Marriott Hotel Kuala Lumpur and Starhill Gallery. (Photo: YTL Hospitality REIT)

Data from Starhill Global REIT’s latest disclosure is in the Singapore REITs table.

Starhill Global REIT (SGREIT) reported on 25 January that its revenue for 1H FY21/22 rose by 2.9% over 1H FY20/21 to SGD91.0 million.

Meanwhile, the REIT’s net property income (NPI) for 1H FY21/22 increased by 7.2% over 1H FY20/21 to SGD69.6 million.

Starhill Global REIT has attributed these increases mainly to lower rental assistance for eligible tenants, and cessation of rental rebates in Malaysia following the completion of asset enhancement works at The Starhill in December 2021.

Accordingly, income available for distribution for 1H FY21/22 was SGD42.7 million, declining by 1.3% year-on-year.

This was mainly due to the one-off adjustment to reflect the timing difference of Singapore property tax refunds in the previous corresponding period, and full period of distribution to the perpetual securities holders in 1H FY21/22.

“In 2022, we are cautiously optimistic that consumer sentiment will improve, even as new strains of COVID-19 continue to disrupt and prolong a full recovery”, said Ho Sing, CEO of the REIT’s manager.

“SGREIT continues to adopt a prudent capital management approach, with a stable gearing ratio of 36.1% as at 31 December 2021 and healthy liquidity”, he added.

SGREIT was last done on the Singapore Exchange (SGX) at SGD0.635, which presently implies a distribution yield of 5.61% 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.