Starhill Global REIT’s Distribution Per Unit Went Up By 1.7% To 1.13 Singapore Cents (US$0.0083)
YTL Starhill Global REIT Management Limited, the manager of SGREIT, is pleased to announce the results for the three months ended 30 September 2019 (1Q FY19/20). Revenue for SGREIT Group in 1Q FY19/20 was S$48.0 million, declining 7.8% over the previous corresponding period of three months ended 30 September 2018 (1Q FY18/19). Net property income (NPI) for SGREIT Group decreased by 8.7% over 1Q FY18/19 to S$36.9 million. The decline in revenue and NPI for 1Q FY19/20 was mainly in line with the partial income disruption from the planned asset enhancement of Starhill Gallery in Malaysia, which will be largely mitigated by the Manager receiving part of its base management fees in units.
Excluding Starhill Gallery, revenue and NPI for SGREIT Group in 1Q FY19/20 decreased by 2.4% and 1.7% over 1Q FY18/19 respectively, partly due to the depreciation of the Australian dollar against Singapore dollar during the current quarter.