Starhill Global REIT reports net property income of $37.9 mil for 3QFY2024/5, up 0.5% y-o-y

This marginal increase is mainly due to the appreciation of the Malaysian ringgit against the Singapore dollar, and lower operating expenses.

This was largely offset by higher rental provision for its China property, loss of contribution from the divestment of certain Wisma Atria Office strata units, and depreciation of Australian dollar against the Singapore dollar.

As at end March, the REIT has a committed portfolio occupancy of 97.4%, a portfolio weighted average lease expiry (WALE) of 7.2 years, and expiring leases by gross rent of 2%.

The REIT's gearing as at end March stands at 36.6%, and its fixed and hedge debt is 83%.

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The REIT entered a five-year unsecured sustainability-linked club facility agreement for term loans of $300 million which will be utilised to redeem the $100 million MTN upon its maturity in June 2025.

This will also be used to refinance $170 million term loans in September 2025 ahead of their maturities in 2026 and 2027; and $300 million revolving credit facility (RCF) of which $200 million is committed from September 2025 and will replace the existing $200 million committed RCF expiring in February 2026.

Following the above refinancing exercise, the proforma debt maturity profile will extend to 3.6 years.

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The REIT has a total debt of $1.032 billion, and its interest coverage ratio is 2.9 times.