Commercial & Industrial Property News Update

Singapore - Starhill Global REIT Reports 3.8% Rise In DPU For Q2

July 27, 2012

The Malaysia-based real estate investment trust (REIT) said that healthy sales and rising tourism helped to strengthen its results.

Starhill Global REIT (SGREIT) reported an improvement in its distribution per unit (DPU) for the second quarter of the year. The REIT said that DPU in Q2 rose to 1.08 cents, representing a 3.8% increase over the 1.04 cents reported in Q1.

From April to June, net property income increased by 4.4% to reach SGD 37.1 million. Revenue for the period also increased, reaching SGD 46.4 million, or 4.8% higher than the SGD 44.2 million seen in Q2 last year.

Subsequently, SGREIT announced that income distributed to shareholders was increased by 3.9% to SGD 21 million, up from SGD 20.2 million previously.

"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.

"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."

SGREIT owns several prominent properties in Asia Pacific, including in Singapore, Malaysia, China, Japan and Australia.

In Singapore, the REIT owns Wisma Atria and Ngee Ann City, two properties which featured strongly in Q2. Together, the popular shopping centres contributed 62.8% or SGD 29.1 million to total revenue.

Starhill Global said that Wisma Atria's recent redevelopment works has helped to boost demand for retail space. Currently, the retail property is 99.5% occupied and has realised a 33% increase in rental for lease commitments from July 2011 to June 2012.

Meanwhile, the REIT's Malaysian portfolio - which includes Starhill Gallery and interest in Lot 10 at Bukit Bintang in Kuala Lumpur - contributed SGD 7.7 million or 16.7% of total revenue in Q2 2012.

Tags: Shop for rent, Commercial Space


Related News


Retail Property News
commercial space
Shop for rent


Quick Links

Guides & Resources Commercial & Industrial Property Articles and Guides


Commercial Property in Australia Buying property in Australia


Popular News 2012 Year of Australian Commercial Property?