Starhill Global REIT DPU down 6.6%, NPI up 1.3%

The DPU drop resulted from weaker currencies, higher costs and taxes, and a leasing fee.

Starhill Global REIT’s distribution per unit (DPU) for H2 FY23/24 stood at $0.0185, down 6.6% from a year ago.

The decrease was due to weaker foreign currencies, higher net finance costs and taxes, and the one-off leasing commission fee for the lease renewal with Toshin Development Singapore at Ngee Ann City.

Income available for distribution also fell, dropping 5.7% YoY. The manager will retain $0.9m of income available for distribution for 2H FY23/24 for working capital requirements.

On the flip side, the REIT’s net property income rose slightly by 1.3% to $74.5m from $73.6m in H2 FY22/23.

The REIT’s manager said the increase is mainly attributed to the Singapore properties, partially offset by net movement in foreign currencies. 

Revenue for the period also rose 2.3% YoY to $95.2m, whilst portfolio valuation remained stable at $2.8b.

Meanwhile, the REIT maintained a stable 97.7% occupancy rate as of 30 June, with 99.2% occupancy in Singapore properties.