Starhill Global Reit posts 1.4% rise in Q1 NPI to S$37.9 million

STARHILL Global Reit reported a 1.4 per cent rise in its net property income (NPI) to S$37.9 million for its first fiscal quarter ended Sep 30, 2024, from S$37.4 million in the corresponding year-ago period.

This was in line with an increase in revenue, partially offset by higher operating expenses at one Australian property, Myer Centre Adelaide, the manager said in a business update on Tuesday (Oct 29).

Gross revenue for the real estate investment trust (Reit) edged up 1.9 per cent to S$48 million, from S$47.1 million in the same quarter a year ago, on account of higher contributions from its Singapore and Perth properties, as well as appreciation of the Malaysian ringgit against the Singapore dollar.

Starhill’s core assets in Singapore include Ngee Ann City and Wisma Atria, both of which posted higher gross revenue contributions during the quarter.

Gross revenue for Ngee Ann City came in at S$16.5 million, compared with S$16.3 million in the same period a year ago.

Similarly, Wisma Atria registered gross revenue of S$13.3 million in Q1, up from S$12.9 million in the previous year.

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At Wisma Atria in particular, shopper traffic improved by 11.7 per cent on year in the first quarter, but tenant sales decreased 7.7 per cent, mainly due to tenant transitions and vacancy.

“The rise in shopper traffic could also be attributed to the influx of tourists, as visitor arrivals in Singapore recorded the highest levels post-pandemic in July and August 2024,” the manager said.

On Oct 28, Starhill Global Reit completed the sale of strata units on Level 12 of its Wisma Atria property office tower, for a cash consideration of about S$16.1 million.

As at end-September, the Reit’s portfolio occupancy stood at 97.6 per cent, marginally lower than the 97.7 per cent recorded as at end-June.

Units of Starhill Global Reit closed unchanged at S$0.505 on Tuesday, prior to the announcement.