Starhill Global suffered from weak Japan assets

But NPI still jumped 12%.

According to DBS, 1Q13 revenue and NPI grew 16% and 12% yo-y respectively. The trust enjoyed higher income from its Singapore properties as well as S$3.8m rental arrears from Toshin lease and 1 month contribution from Plaza Arcade in Australia.

This helped to offset weaker contributions from Chengdu (-8% y-o-y), lower Japan income due to sale of Roppongi Primo in Feb 13 and Yen depreciation. Setting aside c$1m of retained earnings and netting off CPU distribution, DPU came in at 1.37cts (+28% y-o-y).

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Boosted by positive rental reversion. Growth in the coming quarters will come from positive rental reversions as well as contributions from the recently acquired Plaza Arcade in Australia.

Wisma Atria is enjoying full occupancy for its retail and office space. While shopper traffic was down 5% y-o-y in 1Q13, tenant sales jumped 49% on the back of new tenant mix of mid to high end positioning by bringing in new-to market brands and concept stores
such as i.t, Etam, Lio.Jo and Lacoste concept store.

The trust would continue to reposition the mall to optimize tenant sales. In addition, demand for office remains robust with >50% of lease expiries in FY13 renewed.

Meanwhile, Toshin has renewed its master lease for another 12 years, thus extending visibility of sustainable earnings going forward. Its Malaysian property is expected to have a 7% upward rental revision in June 2013.

Low gearing of 30.5%. Recent refinancing of JPY7bn and S$600m unsecured 3-year and 5-year loan facilities due this year has extended the trust’s debt maturity profile, with no refinancing requirement till June 2015. This puts the trust in a good position to look for inorganic growth.