Starhill Global Reit’s net property income up 2.3% at S$38.8 million in Q1 FY2027
Its improved performance is driven by stronger contributions from its Singapore retail and Australia properties
[SINGAPORE] The manager of Starhill Global Reit reported a 2.3 per cent rise in the real estate investment trust’s (Reit) net property income to S$38.8 million for the first quarter of 2027.
In a Thursday (Oct 29) bourse filing, the Reit manager also recorded a 1.2 per cent increase in revenue to S$48.9 million, from S$48.3 million in the previous corresponding period.
The Reit’s improved performance was mainly driven by stronger contributions from its Singapore retail and Australia properties.
Its Ngee Ann City property continues to make up the bulk of revenue and net property income at S$17.2 million and S$14.1 million, respectively.
Its Australian property, which includes Myer Centre Adelaide, showed improvement as revenue increased from S$9.7 million to S$10.8 million.
This is partially offset by loss of contribution from divested Wisma Atria office strata units, and lower contributions from Wisma Atria property (retail) due to tenant transitional downtime.
The Reit currently has a committed portfolio occupancy rate of 97.4 per cent, and gearing of 36 per cent with a weighted average debt maturity of 3.3 years as at Sep 30.
The manager said that despite weaker consumer confidence and inflationary pressures, demand for prime retail spaces will continue to be supported by tourism spending and office-worker footfall.
However, retailers remain challenged by manpower shortages, rising operating costs amid the Middle East conflict and intense e-commerce competition.
Meanwhile, both Grade A and B core central business district office rents increased 4.5 per cent in Q3 2026.
Units of Starhill Global Reit closed unchanged at S$0.495 on Thursday.
