Net property income (NPI) for the quarter similarly rose by 1.4% y-o-y to $37.9 million. That said, NPI was partially offset by higher operating expenses mainly for Myer Centre Adelaide.
As at Sept 30, weighted average lease expiry stood at 7.6 years, while expiring leases by gross rents in FY2024/2025 stood at 7.8%.
The REIT’s gearing stood at 37.2% as at Sept 30. Weighted average debt maturity stood at 2.8 years, and about 81% of the REIT’s borrowings were fixed or hedged as at Sept 30.
Currently, Starhill Global REIT has a portfolio valuation of $2.8 billion, and comprises nine mid- to high-end predominantly retail properties in six Asia-Pacific cities across Singapore, Australia, Malaysia, Japan and China.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
As at Oct 28, the REIT has recently completed the divestment of approximately 7,653 sqf of net lettable area (NLA) on level 12 of Wisma Atria Property office tower for a cash consideration of $16.1 million. According to the manager, the divestment is in line with its strategy to “rejuvenate its portfolio through selective divestments”.
Moving forward, the manager says it will continue its proactive asset management strategy to ensure the malls remain relevant for shoppers with “healthy” occupancies.
Units in Starhill Global REIT closed flat at 50.5 cents on Oct 29.
