Starhill Global REIT Q1 revenue dip 1% to $47.1m

NPI slightly increased by 0.4% YoY at $37.4m.

Starhill Global REIT reported a gross revenue of $47.1m for the 1QFY2023/24, 1% lower than a year ago. The decrease was due to forex weakness and income loss from Japan divestment.

Net property income (NPI) saw a slight increase of 0.4% YoY at $37.4m. The increase is due to higher contributions from Singapore Properties and Myer Centre Adelaide Retail.

ALSO READ: Potential influx of expats from Hong Kong to spark demand for homes in prime districts

As of September 2023, portfolio occupancy remained at 98.4% with 10.8% expiring leases by gross rent in FY 23/24.

In the same period, gearing settled at 37.4%.

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