Starhill Global REIT net property income up 2.2%; DPU is 1.98 cents for H2

Gross revenue rose 0.7% to S$187.8m in FY2022/23.

Starhill Global REIT (SGREIT) saw its net property income (NPI) rise to S$147.8m for the fiscal year 2022/23 ended 30 June. This is a 2.2% increase from the S$144.7m for FY2021/22, according to its latest financial statement.

In a bourse filing by its manager YTL Starhill Global, SGREIT attributed the rise to completion of asset enhancement works at The Starhill and lower rental assistance, offsetting foreign exchange weakness and loss of income from divestment.

Distribution per unit (DPU) to unitholders for H2 is 1.98 cents, 2% lower from H2 FY2021/22. For the whole year, DPU is 3.8 cents, representing a 7.4% annual yield based on the closing unit price of S$0.515 as of 30 June 2023.

DPU will be distributed in cash on 29 August 2023.

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Gross revenue rose 0.7% to S$187.8m in FY 2022/23, from S$186.4m previously.

NPI for the last six months of the fiscal year– January to June 2023– was S$73.6m, which is lower compared to the second half of FY21/22. YTL Starhill Global said that this was mainly due to net movement in foreign currencies and divestment of Daikanyama.

YTL Starhill said that it will retain S$0.7m of income available for distribution for working capital needs.

Overall, SGREIT’s total portfolio valuation is S$2.8b as of 30 June, a 4.3% decrease from last year, mainly due to a downward revaluation of its Australia properties and Wisma Atria Property, the divestment of Daikanyama, and net movement in foreign currencies.