Starhill Global REIT’s Q2 net property income jumps 10.4% to $43.7m

Thanks to Myer Centre Adelaide contributions.

Starhill Global REIT (SGREIT) raked in $43.7m in net property income in the second quarter of FY16, reflecting a 10.4% YoY leap from 2Q14’s $39.6m, thanks to contribution from Myer Centre Adelaide which was acquired in May 2015.

According to the company’s media release, SGREIT’s income also benefited from the resilience of its Singapore portfolio's performance, though it was partially offset by lower contributions from China and net foreign currency movements.

A report from OCBC noted that SGREIT’s overall portfolio occupancy dipped by 0.3 percentage point to 98%, as at 31 December 2015. Its Singapore retail assets also saw flat rental reversions, while its Singapore office portfolio scored a mild rental uptick of 1.7% for leases committed in 2QFY16.