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Starhill Global Reit's Q3 DPU stays flat

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STARHILL Global Reit's distribution per unit for the third quarter ended March 2016 came in at 1.26 Singapore cents, the same as a year back.

STARHILL Global Reit's distribution per unit for the third quarter ended March 2016 came in at 1.26 Singapore cents, the same as a year back.

On an annualised basis, DPU stood at 5.07 Singapore cents, lower than the previous quarter's 5.11 Singapore cents.

Revenue grew 12 per cent to S$53.6 million over the quarter while net property income (NPI) rose 7 per cent to S$41.6 million, mainly driven by contribution from Myer Centre Adelaide which was acquired in May 2015. This was however, partially offset by lower contributions from Wisma Atria Property, China and Japan assets, as well as net foreign currency movements.

Income to be distributed to unitholders was S$27.5 million - up 1.3 per cent.

Starhill Global Reit's Singapore portfolio, comprising interests in Wisma Atria and Ngee Ann City on Orchard Road, contributed 61.7 per cent of total revenue while NPI fell 1.5 per cent year on year on the back of lower occupancy. The Australian and Malaysian portfolio contributed 22.5 per cent and 12.1 per cent of total revenue, respectively.

"Starhill Global Reit delivered another set of stable financial performance this quarter despite the challenging economic and retail environment. We will remain vigilant and continue to sharpen our portfolio," said Francis yeoh, chairman of reit manager YTL Starhill Global Reit Management.

The units finished 0.5 Singapore cent or 0.6 per cent lower at 79 Singapore cents on Friday.