Starhill Global Reit's Q4 DPU slips to 1.18 Singapore cents

DISTRIBUTION per unit (DPU) of Starhill Global Reit dipped to 1.18 Singapore cent from 1.29 Singapore cent for the fourth quarter ended June 30, the group said in a Singapore Exchange filing on Friday evening.

That came as Q4 income available for distribution sank 7.2 per cent to S$26.4 million from the previous year.

"Income to be distributed to unitholders for Q4 2017 declined mainly due to the effects of straight-lining rent adjustments, withholding taxes for Malaysia income and higher cash retention," it said.

For the three months ended June 30, gross revenue crept up 0.1 per cent to S$53.7 million from the year-ago period.

It attributed this to "resilient performance in Ngee Ann City Retail and Malaysia due to rental uplifts from master tenancies, and higher contributions from its Australian properties, David Jones Building and Myer Centre Adelaide".

Net property income was flat at S$41.4 million from the preceding year.

Starhill Global Reit units finished S$0.01 or 1.3 per cent lower at S$0.775 on Friday.