Starhill Global REIT reports 3.8% increase in Q2 DPU

Starhill Global REIT (SGREIT), owner of the Wisma Atria shopping mall in Orchard road, on Tuesday reported a 3.8 per cent increase in second quarter distribution per unit to 1.08 cents, from 1.04 cents a year earlier.

Net property income for the three-month period rose 4.4 per cent to S$37.1 million.

Revenue for the period ended June increased 4.8 per cent to S$46.4 million, up from S$44.2 million in the same quarter last year.

Income to be distributed to unitholders went up 3.9 per cent to S$21 million from S$20.2 million.

“Healthy retail sales performance and rising tourist arrivals allowed SGREIT’s assets to continue achieving high occupancies and improved rents,” said Tan Sri Dato’ Francis Yeoh, executive chairman of YTL Starhill Global in a news release.

“We will continue to create value with our active management strategies and source for yield accretive acquisitions of prime assets in our core markets when opportunity arises.”

The REIT’s Singapore portfolio, comprising Wisma Atria and Ngee Ann City, contributed 62.8 per cent or S$29.1 million to total revenue.

Starhill Global said redevelopment at Wisma Atria has helped boost demand for retail space. The property has achieved 99.5 per cent occupancy and has seen a 33 per cent increase in rental for lease commitments from July 2011 to June 2011.

Meanwhile, its Malaysia portfolio, which includes Starhill Gallery and interest in Lot 10 at Bukit Bintang in Kuala Lumpur, provided 16.7 per cent or S$7.7 million of total revenue in the quarter.

The REIT also has properties in China, Japan and Australia.

Source : Channel NewsAsia – 24 Jul 2012

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