Starhill Global REIT saw 10.3% fall in revenue in Q1

Net property income crashed to 19.2% over the first three months of the year.

Starhill Global REIT gross revenue fell by 10.3% with the net property income crashing to almost double that number at 19.2%.

Gross revenue dropped from $48m in Q1 FY19/20 to $43.1m Q1 FY20/21 whilst NPI was cut down from $36.8m in Q1 FY19/20 to $29.8m Q1 FY20/21.

The drop was mainly due to rental assistance to eligible tenants affected by the COVID-19 pandemic, including allowance for rental arrears and rebates mainly for Australia Properties.

They were partially offset by higher contributions from The Starhill and appreciation of Australian dollar.

As of 30 September, their Singapore property earned 62.4% in gross revenue. Properties in Australia earned 24.3% whilst properties located in Malaysia earned 10.6%.

Other properties located in China and Japan earned 2.7% in total.

Starhill Global REIT’s total assets as of 30 September is estimated at $3.1b.