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Starhill Global Reit Q3 DPU dips to 1.09 Singapore cents

STARHILL Global Reit reported on Thursday that distribution per unit slipped 7.6 per cent for the third quarter ended March 31 to 1.09 Singapore cents.

Gross revenue for the Reit, which has a portfolio of commercial properties located in Singapore, Malaysia and Australia, slid 3 per cent to S$51.7 million from the preceding year.

Said its Reit manager YTL Starhill Global Reit Management: "The decrease in gross revenue for the group was mainly due to weaker contributions from the office portfolio, disruption of income from asset redevelopment works at Plaza Arcade in Perth and lower revenue at Myer Centre Adelaide."

Net property income shrank 2.3 per cent to S$40.3 million from the preceding year.

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Said Tan Sri Dato (Dr) Francis Yeoh, chairman of YTL Starhill Global: "The retail sector continues to evolve as it undergoes structural changes posed by e-commerce, coupled with an oversupply of retail space. However, our focus on niche prime locations, long-term and master leases as well as our timely rejuvenation efforts will stand us in good stead to weather the transformation of the retail landscape."

Meanwhile, Ho Sing, chief executive officer of YTL Starhill Global, noted that despite the challenging market landscape and income disruption from its asset redevelopment, the Reit's portfolio had been relatively resilient in the third quarter.

Starhill Global Reit units finished S$0.005 or 0.6 per cent lower at S$0.83 on Thursday.