Starhill Global Reit posts 1.1% rise in H1 DPU to S$0.018

STARHILL Global Real Estate Investment Trust’s (Reit) distribution per unit (DPU) rose 1.1 per cent to S$0.018 for its first half ended Dec 31, 2024, from S$0.0178 in the year-ago period.

Revenue was up 1.7 per cent at S$96.3 million for the half-year period, from S$94.6 million in the corresponding period in the prior year.

This was mainly due to higher contributions from its properties in Singapore and Perth, Australia, as well as the appreciation of the Malaysian ringgit against the Singapore dollar, the Reit’s manager said on Thursday (Jan 23).

However, this was partially offset by a weaker contribution from its property Myer Centre Adelaide, and higher operating expenses for its Australia properties, it added.

Net property income (NPI) for the half year grew 1.6 per cent on year to S$75.6 million, from S$74.5 million.

The income available for distribution rose 3.3 per cent on year to S$43.3 million. The manager said that it will retain S$2 million of income available for distribution for the period for working capital requirements. Accordingly, the income to be distributed to unitholders was S$41.3 million, up 2.6 per cent on year from S$40.2 million. The distribution will be paid out on Mar 25, 2025, after the record date on Feb 4.

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The Reit’s committed portfolio occupancy remained stable at 97.7 per cent as at Dec 31, 2024, with a portfolio weighted average lease term expiry of 7.4 years by net lettable area.

Gearing was stable at 36.2 per cent, while the average debt maturity profile “remains healthy” at 3 years, said the manager.

The manager’s chairman Francis Yeoh noted that global economic growth was fragmented amid volatility in interest rates and rising trade tensions.

Meanwhile, Ho Sing, chief executive of the manager, said that the Reit’s operations in Singapore continue to perform well, with almost full occupancy and improved footfall on the back of positive rental reversions. “We will continue to focus on rejuvenating our assets, particularly in Singapore and Australia,” Ho added.

Units of Starhill Global Reit fell 1 per cent or S$0.005 to S$0.50 on Thursday, before the results were released.