Starhill Global Reit posts DPU of 1.13 S cents for Q2 FY19/20

STARHILL Global Real Estate Investment Trust's (SGREIT) distribution per unit for the second quarter ended Dec 31, 2019 was flat at 1.13 Singapore cents.

Revenue for the second quarter fell 4.5 per cent year on year to S$48.74 million, while net property income was 5.9 per cent lower at S$37.17 million, mainly due to the rental rebate extended to the master tenant during the asset enhancement period of Starhill Gallery in Malaysia, it said.

Stripping out Starhill Gallery, revenue and net property income dipped 0.4 per cent and 0.6 per cent respectively, it added.

Meanwhile, income available for distribution was flat at S$25.16 million. The distribution is payable Feb 28. For the six-month period ended Dec 31, 2019, gross revenue slid 6.2 per cent year on year to S$96.72 million, while net property income fell 7.3 per cent to S$74.07 million. Income available for distribution dipped 1.7 per cent to S$50.49 million. Units in SGREIT closed at half a cent lower on Wednesday at 71 Singapore cents.