SINGAPORE (Apr 26): The manager of Starhill Global Real Estate Investment Trust (SGREIT) announced distribution per unit (DPU) of 1.09 cents for the 3Q ended March, some 7.6% lower than DPU of 1.18 cents a year ago.
3Q18 revenue fell 3.0% to $51.7 million, from $53.3 million a year ago.
This was mainly due to weaker contributions from the office portfolio, disruption of income from asset redevelopment works at Plaza Arcade in Perth, and lower revenue at Myer Centre Adelaide.
Correspondingly, net property income (NPI) fell 2.3% to $40.3 million, from $41.2 million a year ago.
As at end March, cash and cash equivalents stood at $62.2 million.
“Our portfolio has been relatively resilient this quarter despite a challenging market landscape and income disruption from our asset redevelopment. While we continue to see softness in the retail market, the take-up for our Singapore office space has been encouraging, with occupancy rising to 90.7%,” says Ho Sing, CEO of the manager.
“We will continue to refresh and recalibrate our portfolio, including assessing further asset enhancements, with the aim of creating long-term value for our unitholders,” he adds.
Units of SGREIT closed half a cent higher at 72 cents on Thursday.
