Starhill Global REIT reports Q2 DPU of 1.04 cent

Starhill Global REIT (SGR) has reported a distribution per unit (DPU) of 1.04 cent for the second quarter ended June 30.

This is 14.3 per cent higher compared to the 0.91 cent it achieved for the previous corresponding period.

Income to be distributed to unitholders in the quarter was S$20.2 million, 14.3 per cent higher than the S$17.7 million in the second quarter of 2010.

Starhill also recorded net property income of S$35.6 million for the second quarter of 2011.

This represents an increase of 23.4 per cent compared to the same quarter a year ago.

Its performance in the quarter was attributed to contributions from Starhill Gallery and Lot 10 in Malaysia.

Revenue for the quarter was S$44.2 million, 18.9 per cent higher than that achieved in 2Q 2010.

Unitholders can expect to receive their second-quarter 2011 DPU on August 29.

In a statement released on Monday, SGR said redevelopment work at Wisma Atria has started, with completion estimated in the third quarter of 2012.

It added that approximately 75 per cent of the retail units undergoing refurbishment have been committed.

SGR’s Singapore portfolio, comprising interests in Wisma Atria and Ngee Ann City, contributed 62 per cent of total revenue, or S$27.5 million, in the quarter.

However, the Singapore portfolio’s net property income for the quarter was S$21.5 million, 3.3 per cent lower year-on-year.

It added that while the take-up rate for office space in Singapore has been healthy, overall rental rates have declined as new and renewed office leases were secured at rental rates which are below the peak levels achieved in 2007.

As at June 30, SGR’s outstanding debt was S$838.6 million, with a weighted debt maturity of approximately 2.6 years.

SGR’s gearing level remained at 30.2 per cent and its interest cover ratio stood at 4.4 times for the quarter.

Source : Channel NewsAsia – 26 Jul 2011

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