Starhill Global REIT has reported gross revenue $47.1 million, 1% lower y-o-y for the 1QFY2023/2024

The REIT’s net property income (NPI) for the quarter came in at $37.4 million, 0.4% higher y-o-y, due to higher contributions from Singapore Properties and Myer Centre Adelaide Retail. 

As at Sept 30, the REIT’s committed portfolio occupancy stood at 98.4%. Its weighted average lease expiry (WALE) stood at 6.3 years by net lettable area (NLA).

As at the same period, the REIT had 10.8% in expiring leases by gross rent in the FY2023/2024.

Gearing stood at 37.4% as at Sept 30. The REIT had 77% of fixed/hedged borrowings as at Sept 30 as well.

See also: Fortress Minerals earnings decline to US$4.44 mil in 1HFY2026 from lower average realised selling price of iron ore

In September 2023, the REIT extended its existing unsecured JPY2 billion ($18.3 million) term loan for another three years from September 2024. 

The REIT has no term debt refinancing requirements until September 2024.

Units in Starhill Global REIT (SGX:P40U) closed flat at 45 cents on Oct 27.