Starhill Global Reit reports a 1.8% increase in distributable income for FY2021/22
Benjamin Cher
STARHILL Global Reit reported a 1.8 per cent increase in distributable income for FY2021/22 to S$89.8 million from S$88.2 million.
In a regulatory filing after market close on Thursday (July 28), the Reit reported a 2.8 per cent increase in revenue for the period to S$186.4 million from S$181.3 million. Net property income for FY2021/22 rose in tandem, up 7.4 per cent to S$144.7 million from S$134.7 million.
The growth in net property income was driven by the cessation of rental rebates in Malaysia, lower rental assistance for eligible tenants and lower operating expenses. This was partially offset by lower rental contribution from Wisma Atria in Singapore.
Distribution per unit for FY2021/22 dropped 3.8 per cent to S$0.038 due to the deferred distributable income for H2 FY2020/21. Excluding that deferred amount, the distribution per unit would have increased 5.6 per cent instead.
“As the world recovers from the pandemic, tenant sales in Q4 FY21/22 at Wisma Atria surpassed pre-pandemic sales by 4.8 per cent over the corresponding period in Q4 FY18/19. This is despite ongoing rejuvenation works,” said Ho Sing, chief executive officer of YTL Starhill Global.
The Reit manager said that it would be focusing on maintaining healthy portfolio occupancy and a quality tenant mix.
“Ninety three per cent of our borrowings have been fixed or hedged as at Jun 30, 2022, and our average debt maturity stands at 3.5 years, while gearing level remains stable at 36.2 per cent,” said Ho.
Units of Starhill Global Reit closed up 1.7 per cent or S$0.01 to S$0.595 on Jul 28.
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