Starhill Global REIT’s FY19/20 DPU Down 33.9% Year-on-Year
July 29, 2020 — Revenue for Starhill GLobal REIT Group for FY19/20 eased 12.3% over the previous financial year ended 30 June 2019 (FY18/19) to S$180.8 million and net property income (NPI) for FY19/20 inched down by 17.1% over FY18/19 to S$132.1 million.
Excluding Starhill Gallery where rental rebate was extended to the master tenant during the asset enhancement period of the mall in Malaysia, revenue and NPI for SGREIT Group in FY19/20 decreased by 8.4% and 12.4% over FY18/19 respectively.
As per the Circular to Unitholders dated 25 April 2019, the income disruption resulting from the asset enhancement of Starhill Gallery will be partially mitigated by the Manager receiving part of its base management fees in units.
DPU for FY19/20 stood at 2.96 cents, 33.9% lower than FY18/19 largely due to rental assistance for its tenants affected by the COVID-19 pandemic.
Portfolio actual occupancy remains resilient at 96.2% as at 30 June 2020, with stable retail portfolio occupancy of 97.4%.
Read more here..