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Starhill Global Reit Q3 NPI flat at S$37.9 million
Revenue for the period rose 0.7 per cent to S$47.9 million
[SINGAPORE] The manager of Starhill Global real estate investment trust (Reit) posted a net property income (NPI) of S$37.9 million for the third quarter ended Mar 31, unchanged from the previous corresponding period.
The performance was supported by stronger contributions from Ngee Ann City in Singapore and Lot 10 in Kuala Lumpur, as well as the appreciation of the Australian dollar and Malaysian ringgit against the Singapore dollar, the manager said in a bourse filing on Wednesday (Apr 29).
This was largely offset by the loss of contribution from the divestment of Wisma Atria office strata units and lower contributions from the Myer Centre Adelaide Office and Wisma Atria Retail, as well as higher operating expenses for China Property, a retail asset in Chengdu in the Sichuan province.
Revenue for the period rose 0.7 per cent to S$47.9 million. Gearing at the end of Mar 31 stood at 35.5 per cent.
Committed occupancy across the portfolio was 96.4 per cent as at Mar 31, an improvement from 94.6 per cent as at Jun 30, 2025. The weighted average lease expiry stood at 7.3 years.
In Australia, refurbishment works are under way for the Myer Centre Adelaide&rsquo s food court to modernise the space and enhance its attractiveness relative to newer concepts nearby.
One phase of the A$6 million (S$5.3 million) project is expected to be completed by the end of 2026 its next phase covers the east seating zone and southern amenities, slated for completion in June 2026.
The Reit&rsquo s China Property is now fully occupied following the commencement of a lease with a replacement tenant in March. The new tenant, a Chengdu interior design and renovation company, has taken over the premises for fit-out works.
The manager noted that global economic uncertainty and geopolitical tensions continue to pose challenges, though resilient tourism and consumer spending in Singapore are expected to support demand for prime retail space. It added that it will maintain a prudent capital management strategy.
At home, facade enhancement works in Wisma Atria&rsquo s Level 2 and Level 3 units commenced in March. The S$2.2 million project is targeted for completion by mid-2026, subject to approvals by the authorities.
Units of Starhill Global Reit fell 0.9 per cent to close S$0.005 lower at S$0.55 on Wednesday.
Middle East luxury expenditure down by up to 40% since war started at the beginning of this month. Some of that money will find its way to Wisma Atria
Starhill Global Reit CEO and executive director Ho Sing to step down in August
The search for his replacement is under way, says the trust&rsquo s manager
[SINGAPORE] Hospitality veteran Ho Sing is retiring and will step down as the chief executive officer and executive director of Starhill Global Real Estate Investment Trust : P40U +0.88% (Reit) on Aug 10.
The 59 year-old was appointed to his current position in 2010, the Reit manager said in a bourse filing on Wednesday (Feb 11). It added that the search for his successor was under way, with an announcement in due course.
On Jan 29, Starhill Global Reit posted a distribution per unit of S$0.018 for the first half ended Dec 31, unchanged from that in the year-ago period. Its revenue also remained flat at S$96.3 million for the half-year.
Its net property income fell 0.8 per cent on the year to S$75.1 million, from S$75.6 million previously. The manager attributed this to the loss of income from the divestment of Wisma Atria office strata units, as well as rental arrears provisions, mainly for its China properties.
Prior to the earnings release, the Reit manager announced on Jan 22 that it had won the arbitration proceedings initiated by department store chain Myer regarding a lease dispute at the Myer Centre Adelaide.
The manager said that the Reit incurred around A$5 million (S$4.4 million) in legal and related professional fees to date. The tribunal will decide on the allocation of these costs in a separate award.
&ldquo Should the costs award be favourable, the manager expects to be able to recover part of these costs,&rdquo it note
Starhill Global Reit : Hospitality veteran Ho Sing, 59, is retiring and will step down as the chief executive officer and executive director of Starhill Global Reit on Aug 10. The manager said on Wednesday that the search for his successor was under way, with an announcement in due course. Units of Starhill Global Reit ended S$0.005 or 0.9 per cent higher at S$0.575 before the news.
Starhill Global REIT
A happier chapter ahead
NPI declined marginally by 0.8% y/y to SGD75.1mn reflecting strata office divestment at Wisma Atria, rent arrears at China asset and AUD weakness DPU flat y/y at 1.80 scts and in line with our estimates
Occupancy at 91.9% on China tenants exit, but to rebound to 96.5% with replacement to start this month Strong income contribution from SG on a +1% increase in Toshin base rents
Arbitration case with Myer ruled in favor of SGREIT, potential clawback of AUD5mn in lawyer fees spent Expect further upside from new perpetuals on lower coupon rate (+1% DPU)
Maintain BUY with TP of SGD0.68
A happier chapter ahead
NPI declined marginally by 0.8% y/y to SGD75.1mn reflecting strata office divestment at Wisma Atria, rent arrears at China asset and AUD weakness DPU flat y/y at 1.80 scts and in line with our estimates
Occupancy at 91.9% on China tenants exit, but to rebound to 96.5% with replacement to start this month Strong income contribution from SG on a +1% increase in Toshin base rents
Arbitration case with Myer ruled in favor of SGREIT, potential clawback of AUD5mn in lawyer fees spent Expect further upside from new perpetuals on lower coupon rate (+1% DPU)
Maintain BUY with TP of SGD0.68
Alignment ( Date: 01-Feb-2026 21:51) Posted:
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That' s good news with the big chinese tenant signing on. H2 DPU should jump.
Starhill Global Reit H1 DPU flat at S$0.018
Revenue remains unchanged at S$96.3 million for the first-half period
[SINGAPORE] The manager of Starhill Global Real Estate Investment Trust : P40U +0.85% (Reit) on Thursday (Jan 29) posted a distribution per unit (DPU) of S$0.018 for the first half ended Dec 31, flat compared to the year-ago period.
Revenue also remained unchanged at S$96.3 million for the first-half period, compared to the corresponding period in the previous year.
Net property income (NPI) fell 0.8 per cent to S$75.1 million, from S$75.6 million a year ago.
The Reit manager attributed the fall in NPI to the loss of income from the divestment of Wisma Atria office strata units and rental arrears provisions mainly for its China properties.
It also cited lower contributions from its Australian property Myer Centre Adelaide office and depreciating Australian dollar against the Singapore dollar as additional headwinds.
&ldquo The decrease was offset by higher contributions from Ngee Ann City Property and Lot 10 Property, as well as appreciation of the Malaysian ringgit against the Singdollar,&rdquo said Starhill Global in a bourse filing.
It noted that excluding the effects of divestment, NPI for the first-half would have increased 0.1 per cent, compared to the previous year.
Income available for distribution for the first-half period fell 0.2 per cent to S$43.2 million, from S$43.3 million the corresponding period a year ago.
The company cited higher trust expenses attributed to legal and professional fees incurred for the ongoing arbitration case in Australia, as well as higher distribution on perpetual securities and lower NPI as reasons for the dip.
The manager will retain approximately S$1.5 million of income available in the first-half for distribution for working capital requirements, it noted.
This means that income distributable to unitholders increased 1 per cent to S$41.7 million, from S$41.3 compared to the previous year.
Unitholders can expect to receive their first-half DPU on Mar 27 the record date is on Feb 6 at 5pm.
The group&rsquo s first-half occupancy declined to 91.9 per cent, down from 94.6 per cent in June following the lease termination with the sole tenant in China in December last year.
A new replacement tenant has signed a conditional lease in January this year. Following this, committed occupancy in China is expected to be reinstated to 100 per cent, with committed portfolio occupancy rising to 96.5 per cent.
The portfolio weighted average lease term expiry remains at 7.4 years by gross rental income as at Dec 31 last year, noted the company.
The group&rsquo s gearing ratio stood at 35.4 per cent, slightly lower than the 36 per cent posted in June the same year. Average debt maturity remains &ldquo healthy&rdquo at 3.8 years, it added.
Francis Yeoh, chairman of Starhill Global noted that the Reit will focus on maintaining a strong balance sheet and delivering high-quality earnings.
The company will further strengthen the balance sheet through ongoing capital recycling, said Ho Sing, chief executive officer of Starhill Global.
Starhill Global Reit H1 DPU flat at S$0.018
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-h1-dpu-flat-s0-018
Yes back to 2022 levels. More upside now as the Toshin Master lease repricing kicks in and also Wisma Atria increased sqft.
SDEXXXXD ( Date: 08-Jan-2026 10:09) Posted:
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Back to 60cts territory
Good to see the tax ruling on the perps confirmed just before the year end.
Cost of debt falling also a tailwind for DPU, on top of property income rising. Perpetuals paying 3.85% interest being refinanced by new perpetuals only paying 3.25% interest.
Starhill Global Reit&rsquo s net property income edges up 0.2% to S$37.9 million in Q1 FY2026
The Reit&rsquo s improved performance was mainly driven by stronger contributions from its Singapore retail and Malaysia segment
[SINGAPORE] The manager of Starhill Global Reit reported a marginal rise of 0.2 per cent in the Real estate investment trust&rsquo s (Reit) net property income to S$37.9 million for the first quarter of the 2026 financial year ended Sep 30.
In a Wednesday (Oct 29) bourse filing, the Reit manager also recorded a 0.7 per cent increase in revenue to S$48.3 million in Q1, from S$48 million in Q1 FY2025.
Its Ngee Ann City property continues to make up the bulk of revenue and net property income, followed by its Wisma Atria property.
The Reit&rsquo s improved performance was mainly driven by stronger contributions from its Singapore retail and Malaysia properties.
This offset the loss of contribution from its divested Wisma Atria office strata units, rental arrears provision for its China Property segment, and depreciation of the Australian dollar against the Singapore dollar.
The Reit currently has a committed portfolio occupancy rate of 94.8 per cent, and gearing of 36.7 per cent with a weighted average debt maturity of 3.9 years.
The manager noted that prime retail rents in Orchard Road rose 2.4 per cent in Q3 2025, marking 13 consecutive quarters of growth since Q3 2022. Meanwhile, Grade A and B core central business district (CBD) office rents increased 2.1 per cent and 2.3 per cent, respectively, in Q3 2025.
In Australia, super prime CBD retail rents continued to rise year on year across its Adelaide and Perth properties in Q3 2025. Prime CBD office rents in Adelaide also grew in the same quarter.
i have held this REIT since 2015 when it was trading $0.7-$0.8 range.
Pros:
Solid SG assets with long and stable tenancy built in
cautious management
low mid-30s gearing
Cons:
ill timed investments into AU, JP and CN
Forex risk
declining DPU trend
With the turnaround in macro environments, this could be a recovery play for those who wish to own a piece of the iconic Orchard road shopping belt.
Pros:
Solid SG assets with long and stable tenancy built in
cautious management
low mid-30s gearing
Cons:
ill timed investments into AU, JP and CN
Forex risk
declining DPU trend
With the turnaround in macro environments, this could be a recovery play for those who wish to own a piece of the iconic Orchard road shopping belt.
Creeping up to 60 cts 😄
Vijay Natarajan of RHB Bank Singapore has maintained his " buy" call on Starhill Global REIT, calling it an " undervalued midcap" counter that has delivered stable distribution per unit in recent years despite " market challenges" .
With prospects of higher DPU ahead, he has raised his target price from 55 cents to 60 cents.
Natarajan' s optimism is based on how the REIT, which is 70% exposed to Singapore, will benefit from falling domestic rates and economic recovery.
SGREIT reports 0.6% increase in FY24/25 DPU
Representing annual yield of 7.2%1
HIGHLIGHTS
? Net property income in FY24/25 rose 0.8% year-on-year, despite loss of contribution from
divestment
? Portfolio valuation stable at S$2.8 billion
? Asset enhancement opportunities for overseas portfolio
Distribution per Unit (DPU) to Unitholders for 2H FY24/25 was 1.85 cents. On an annual basis, DPU for
FY24/25 increased by 0.6% y-o-y to 3.65 cents, which represents an annual yield of 7.2% based on the
closing unit price of S$0.51 as at 30 June 2025.
Representing annual yield of 7.2%1
HIGHLIGHTS
? Net property income in FY24/25 rose 0.8% year-on-year, despite loss of contribution from
divestment
? Portfolio valuation stable at S$2.8 billion
? Asset enhancement opportunities for overseas portfolio
Distribution per Unit (DPU) to Unitholders for 2H FY24/25 was 1.85 cents. On an annual basis, DPU for
FY24/25 increased by 0.6% y-o-y to 3.65 cents, which represents an annual yield of 7.2% based on the
closing unit price of S$0.51 as at 30 June 2025.
Emperor International the property business (HK stock exchange code 163) is in financial trouble but Emperor Watch and Jewellry (HK stock exchange code 887) a different company and the tenant of Starhill is doing well. Saying they cannot pay rent is a serious allegation - do you have evidence to support this?
eddyeddy ( Date: 16-Jul-2025 17:48) Posted:
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Emporor HK group is in big financial trouble , they rented 2 big units at Wisma Atria , believe connot pay rent to Starhill G REIT