Starhill Global Reit’s restates 1st quarter DPU rose 2.2% to 0.95 cents

Real estate investment trust Starhill Global said its restated first quarter distribution per unit or DPU rose 2.2 per cent to 0.95 cents for the period ended March 31.

This is 2.2 per cent higher compared to 0.93 cents achieved for the previous corresponding period.

Net distributable income for the period fell 1.8 per cent to S$18.7 million from S$19 million a year ago.

However, net property income saw an increase of 7.7 per cent to S$29.1 million from S$27 million.

This was attributed to the contribution from its newly acquired David Jones Building in Perth, Australia.

Looking forward, the Reit said its retail assets in Singapore are likely to mitigate any short to medium term downward pressure on occupancy and rental rates.

It added that its Perth property will contribute to the group’s revenue while diluting geographical risks.

Source : Channel NewsAsia – 26 Apr 2010

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