Starhill Global REIT’s DPU down 4.2% in Q2

Starhill Global REIT has reported a second quarter distribution per unit of 0.91 cent.

This was 4.2 per cent lower than the restated 0.95 cent recorded in the previous corresponding period.

Starhill’s distributable income for the second quarter fell 3.6 per cent to S$17.7 million.

Its net property income rose 6.9 per cent to S$28.9 million.

Starhill said the increase was mainly due to its newly acquired David Jones building in Australia.

With the acquisition of Starhill Gallery and Lot 10 in Kuala Lumpur, Starhill Global REIT’s portfolio now included 13 prime properties valued at around S$2.6 billion.

Looking ahead, the property trust said there may be some downward pressure on occupancy and rental rates in the short to medium term – especially for office properties – due to potential oversupply.

As at June 30, Starhill Global REIT’s outstanding debt was S$841.5 million, of which S$570 million matures in September.

Source : Channel NewsAsia – 26 Jul 2010

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