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Starhill Global Reit bumps up Q4 DPU by 0.9% to 1.1 S cents

STARHILL Global Reit will pay out a distribution per unit (DPU) of 1.1 Singapore cents, up by 0.9 per cent on the year before, for the fourth quarter to June 30, the manager has said.

Net property income for the period was down by 0.4 per cent, to S$$39.9 million, on higher operating expenses and lower contributions from the Singapore retail portfolio, as well as a weakening Australian dollar and ringgit.

Gross revenue ticked up by 0.4 per cent, to S$51.9 million, according to results released on Tuesday, while distributable income decreased by 1.7 per cent, to S$24.9 million.

For the full year, net property income slipped by 1.7 per cent to S$159.4 million, while gross revenue was down by 1.3 per cent, to S$206.2 million.

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The Reit’s latest DPU has taken its full-year pay-out to 4.48 Singapore cents, against 4.55 Singapore cents in the same period the previous year.

Starhill Global Reit, which has 10 assets worldwide, holds a majority interest in the strata-titled Wisma Atria in Singapore and a minority stake in neighbouring Ngee Ann City. It also wholly owns three shopping centres in Australia, as well as properties in Kuala Lumpur, Chengdu and Tokyo.

The weighted average lease expiry of the portfolio was 9.4 years by net lettable area, and 5.4 years by gross rent.  Master leases and anchor leases made up about 45.8 per cent of the portfolio gross rent.

Occupancy stood at 96.3 per cent, as at June 30, up from 94.2 per cent the previous year.

Gearing was 36.1 per cent, with an average debt maturity of 2.8 years.

Ho Sing, chief executive of the manager, called Singapore retail occupancy resilient, saying in a statement that “limited retail supply along Orchard Road, and retailers’ preference for prime space ensure prime units remain highly sought after”.

The counter added half a Singapore cent, or 0.63 per cent, to S$0.80, before the results.