Starhill Global REIT’s net income rises 8.4% YoY to $37.2m in Q1 FY22/23

The completion of asset enhancement work at The Starhill contributed to the increase.

Starhill Global REIT ended Q1 FY22/23 with an 8.4% YoY higher net income.

In a bourse filing, the REIT said its net income rose to $37.2m due to the completion of asset enhancement works at The Starhill and lower rental assistance.

The increase, however, was partially offset by the depreciation of Australian dollars (A$) and Malaysian ringgit (RM), and the lower contribution from Wisma Atria Property.

Wisma Atria is ongoing enhancement works which will be completed by the end of 2022.

Meanwhile, the REIT also had a resilient operating performance in Q1, with a 96.9% committed portfolio occupancy and a weighted average lease expiry (WALE) of 7.0 years.