Starhill Global REIT achieves DPU of 1.9 cents for 2Q

Starhill Global REIT says it has achieved a distributable income of $18.4 million for 2Q 2009.

Distribution Per Unit (DPU) for the period 1 April to 30 June 2009 was 1.90 cents, 6.7% higher compared to the 1.78 cents achieved in 2Q 2008.

On an annualised basis, Starhill Global says the latest distribution represents a yield of 12%.

Gross revenue in 2Q09 was $33.4 million, or 10.5% higher than that of $30.2 million in 2Q08, due primarily to higher rates achieved for office renewals and new leases in Singapore, rent review of the master lease in Ngee Ann City, as well as higher revenue from the Chengdu property in China.

Net property income was higher at $27 million, an increase of 16.4% over 2Q 2008, mainly attributed to higher gross revenue.

As at June 30, Starhill Global REIT’s portfolio of 10 properties was valued at $1.96 billion, after taking into account the revaluation as at June 15 and foreign exchange movements.

Starhill Global REIT’s Singapore portfolio contributed 81.9% of total gross revenue, or $27.3 million in 2Q09. This is an increase of 7.0% over the corresponding period in 2Q 2008.

The Singapore portfolio’s Net Property Income for 2Q09 was $22.6 million, 15.7% higher than in 2Q08.

In 2Q09, renewed and new office leases made up 6,250 sq ft, at rates that were 28% higher than previous rent.

For the rest of 2009, 47,480 sq ft of office space (22.4% of the total Singapore office portfolio by NLA) and 23,230 sq ft of retail space (6.2% of the total Singapore retail portfolio by NLA) will expire.

Source : The Edge – 29 Jul 2009

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