Starhill Global REIT 3QFY2023/2024 NPI down 0.9% y-o-y, gearing rises to 37.2%

Jovi Ho
2-min read

One of the REIT’s properties is the Wisma Atria mall along Singapore’s Orchard Road shopping belt.

Starhill Global REIT has posted gross revenue of $47.6 million for 3QFY2023/2024 ended March 31, 0.7% higher y-o-y. Net property income (NPI) for the quarter, however, fell 0.9% y-o-y to $37.7 million.

The REIT’s portfolio occupancy of 98.0% as at March 31 includes its Singapore properties maintaining full occupancy on a committed basis.

As at March 31, weighted average lease expiry stood at 7.8 years, while expiring leases by gross rents in FY2023/2024 ending June stood at 3.3%.

The REIT’s gearing rose to 37.2% as at March 31, up from 36.8% at end-2023. Weighted average debt maturity stood at 2.7 years, and about 77% of the REIT’s borrowings were fixed or hedged as at March 31.

With a portfolio valuation of $2.8 billion, Starhill Global REIT P40u has nine mid- to high-end predominantly retail properties in six Asia-Pacific cities across Singapore, Australia, Malaysia, Japan and China. One of the REIT’s properties is the Wisma Atria mall along Singapore’s Orchard Road shopping belt.

The global economic outlook remains uncertain with elevated interest rates, geopolitical conflicts and volatility in financial markets, says the REIT manager on April 29. “Despite these challenges, Starhill Global REIT mitigated headwinds with its portfolio of quality assets backed by master/anchor leases and prudent capital management.”

The manager says it will continue its proactive asset management strategy to ensure the malls remain relevant for shoppers and healthy occupancies are maintained, as well as exercise prudence in its capital management approach amid high interest rates and foreign exchange volatility.

Units in Starhill Global REIT closed 0.5 cents lower, or 1.04% down, at 47.5 cents on April 30.

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