Asset renovations hit Starhill's Q1

Singapore

ASSET enhancements and tenant transitions at Starhill Global Reit's Australian and Chinese shopping malls affected its first-quarter performance slightly, although its Singapore assets continued to do well.

The retail trust on Friday posted a 0.8 per cent dip in distribution per unit (DPU) to 1.3 Singapore cents for its first quarter ended Sept 30, 2016, down 0.01 cent from a year ago.

Gross revenue dipped 2.7 per cent to S$55.3 million, while net property income (NPI) fell 1.7 per cent to S$42.9 million, hurt by lower contributions from its Australia, China and Japan properties. Australia revenue makes up about a fifth of its total revenue. NPI fell 13.2 per cent from a year ago due to lower occupancies, mostly due to unfilled vacancies at it…