New Adelaide mall boosts Starhill's quarterly results (Amended)
DPU growth has been propelled by improving mall quality and tenant mix, says CEO
Singapore
STARHILL Global Reit's most recent acquisition in Adelaide has lent its quarterly performance a boost.
On Wednesday, it reported a 3.2 per cent year-on-year increase in distribution per unit (DPU) to 1.29 cents for the April-June 2015 quarter. The trust called this period the sixth quarter of an 18-month financial period as it has changed its financial year-end from Dec 31 to June 30.
Three-month revenue rose 6.9 per cent to S$51.8 million, while net property income (NPI) rose 5.5 per cent to S$41.3 million, driven by Myer Centre Adelaide (MCA), bought in mid-May this year.
MCA is situated between the bustling Rundle Mall, Adelaide's premier pedestrian-only retail stretch, and North Terrace, the brownstone-lined upcoming destination of choice f…
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