Published:
Starhill Global REIT NPI down 3.5% to $41.4m in Q1
Its Singapore office portfolio performed poorly.
Starhill Global REIT's (SGREIT) Q1 net property income (NPI) dipped by 3.5% YoY to $41.4m.
According to OCBC Investment Research, gross revenue also fell 4.1% YoY no thanks to the poor performance from its Singaporean office properties.
It also had a one-off pre-termination rental compensation for a retail lease at Wisma Atria amounting to $1.9m.
Distribution per unit (DPU) fell by 7.7% YoY to 1.20 cents even though SGREIT retained a smaller amount of distributable income.
The occupancy of SGREIT's Singapore office portfolio fell by 11.2 ppt YoY, mainly due to Ngee Ann City.
Meanwhile, Wisma Atria (retail) saw higher tenant sales of 1.3% YoY despite a 3.1% fall in shopper traffic.
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