Starhill Global REIT says DPU up 7.2% in Q4

Starhill Global REIT said on Wednesday that its distribution per unit (DPU) for the fourth quarter improved by 7.2 per cent.

It announced a DPU of 1.04 cents, up from the 0.97 cents declared in the year-ago period.

Distributable income rose by 7.6 per cent on-year to $20.2 million, while net property income was up 37 per cent on-year to $36.7 million.

Starhill said the improvement in net property income was mainly because of the contribution from Starhill Gallery and Lot 10 in Malaysia, and the David Jones Building in Australia, which were acquired last year.

The REIT said it has noted an increase in visitorship to its Singapore properties, with Wisma Atria recording an annual increase of 22 per cent in shopper traffic to 27.1 million in 2010, correlating to the increase in tourist arrivals to Singapore.

It added that retail sales and consumer sentiment in Malaysia and China also remained robust in 2010.

Source : Channel NewsAsia – 26 Jan 2011

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