Starhill Global REIT Reports Lower Income For 3Q FY19/20

April 29, 2020 — YTL Starhill Global REIT Management Limited, the manager of SGREIT, announced the results for the three months ended 31 March 2020 (3Q FY19/20).

Revenue for SGREIT Group in 3Q FY19/20 was S$46.7 million, declining 8.9% over the previous corresponding period of three months ended 31 March 2019 (3Q FY18/19). Net property income (NPI) for SGREIT Group decreased by 11.1% over 3Q FY18/19 to S$35.2 million. Excluding the rental rebate extended to the master tenant during the asset enhancement period of Starhill Gallery in Malaysia, revenue and NPI for SGREIT Group in 3Q FY19/20 decreased by 5.2% and 6.4% over 3Q FY18/19 respectively.

The decline in revenue and NPI for 3Q FY19/20 was mainly attributed to the rental assistance extended to tenants in Singapore, Malaysia and China to assist tenants in cushioning the impact of the COVID- 19 pandemic, as well as the depreciation of the Australian dollar against Singapore dollar.

As per the Circular to Unitholders dated 25 April 2019, the income disruption resulting from the planned asset enhancement of Starhill Gallery will be largely mitigated by the Manager receiving part of its base management fees in units.Income available for distribution for 3Q FY19/20 stood at S$24.0 million, lower by 4.1% from 3Q FY18/19. SGREIT has announced the change of its distribution frequency to semi-annual distributions from its current quarterly distributions with effect from 3Q FY19/20.

Hence, the next distribution will be for the six-month period from 1 January 2020 to 30 June 2020. SGREIT will also be adopting the announcement of half-yearly reporting of financial statements with effect from the financial year ending 30 June 2021. The switch to semi-annual distributions will offer SGREIT greater financial flexibility and achieve cost savings.

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