Starhill Global REIT (Starhill REIT) has reported a net property income (NPI) of $34.3 million for 1QFY21/22, 15.1% higher y-o-y.
Gross revenue also grew 4% y-o-y to $44.8 million, mainly due to lower rental assistance to tenants of the portfolio and lower expenses. This is partially offset by lower contributions from Wisma Atria Property.
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Despite this, the REIT reports that tenant sales and shopper traffic at the Wisma Atria Property improved by 7.4% and 16.6% q-o-q respectively, as the mall continues to navigate through tightened Covid-19 measures.
Asset enhancement works for The Starhill are currently in progress with expected completion by December 2021. Its retail podium is partially operational and open to the public, with luxury retailers such as Louis Vuitton and Shiatzy Chen. Notably, Balmain opened its first store in Malaysia at the mall, the REIT highlights.
Retail portfolio occupancy remained resilient at 97.8%. As at end-Sept, Starhill REIT has a weighted average lease expiry of 7.7 years by net lettable area.
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Starhill REIT’s gearing stood at 36.3% as at end-Sept, with an average interest rate of 3.18% and an interest coverage of 3 times.
Units in Starhill REIT closed 0.78% higher at 64.5 cents on Oct 28.
Photo: Samuel Isaac Chua / The Edge Singapore
