Starhill Global REIT reports 10.1% on-year rise in 4Q 2008 DPU

Starhill Global Real Estate Investment Trust will pay 1.85 Singapore cents per unit for the fourth quarter of 2008.

This is 10.1 per cent higher than the same period a year ago.

For the three months to December last year, Starhill Global REIT had distributable income of S$18.1 million.

The Trust says its net property income over the period was 17.1 per cent higher at S$26.0 million.

This is due mainly to higher gross revenue, which grew 13.4 per cent to S$33.8 million.

The REIT manager booked higher rates on renewals and new leases at its properties at Wisma Atria and Ngee Ann City in Singapore.

It also saw higher revenue from its properties in China.

Starhill Global REIT says it plans to pass on the government tax rebates announced at the recent Singapore Budget to its tenants.

Finance Minister Tharman Shanmugaratnam had said the government is giving a 40 per cent property tax rebate for industrial and commercial properties in 2009.

He also urged landlords to pass on the benefits of the rebate to tenants.

Source : Channel NewsAsia – 31 Jan 2009

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