Starhill Global Reits posts revenue and property income improvements on lower reliefs

LOWER rental relief and costs helped boost the top line and net property income of Starhill Global Reit (real estate investment trust) for the first quarter of FY2022 to S$44.8 million and S$34.3 million respectively, up 4 per cent and 15.1 per cent year-on-year.

In its regulatory statement, SG Reit's manager reported retail portfolio occupancy of 97.8 per cent with a weighted average lease expiry of 7.7 years by net lettable area and 10.1 per cent of retail leases by gross rents expiring in FY2022 as at end-September.

Gearing, its manager stated, stood at 36.3 per cent with weighted average debt maturity of 3.7 years.

And it has its debt largely on fixed rates with average interest rate at 3.18 per cent per annum and an interest cover of 3 times.

Master leases and anchor leases with the provision for periodic rental reviews represent approximately 51.7 per cent of gross rent, the manager said in the filing on Oct 28.

Its retail assets contributed to 85.6 per cent of gross revenue with the remaining from office properties. And it derived 62 per cent of top line from Singapore for the quarter and has about 68 per cent of its assets by value in the Republic.