Starhill Global REIT has reported a net property income (NPI) or $37.9 million for the 1QFY2025/2026 ended Sept 30, up 0.2% y-o-y.
Gross revenue for the reporting period came in 0.7% y-o-y higher at $48.3 million.
The performance for this quarter was mainly driven by stronger contributions from Singapore retail and Malaysia properties. However this was largely offset by loss of contributions from divested Wisma Atria office units, rental arrears from China property, and depreciation of the Australian dollar against the Singapore dollar.
The REIT’s portfolio occupancy stood at 94.8% for the quarter, and retail portfolio occupancy at 97.6%.
The portfolio weighted average lease expiry stood at 7.4 years.
The REIT’s gearing as at Sept 30 was 36.7%, and average debt maturity 3.9 years. About 77% of its debt is fixed/hedged.
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In Sept, the REIT utilised its 6-year A$100 million unsecured sustainability-linked debt facility to refinance its unsecured term loan, ahead of its maturity in 2026; and drew down $200 million from its 5-year unsecured sustainability-linked club debt facilities mainly to refinance its unsecured term loans ahead of their maturities in 2026 and 2027.
The REIT’s FY2025/2026 debt profile excludes $100 million perpetual securities (classified as equity instruments at a fixed distribution rate of 3.85% per annum) issued in December 2020, with the first distribution rate reset falling on Dec 15.
This is expected to be redeemed in December 2025 from the proceeds of the new $100 million perpetual securities issued on 10 October 2025 at a fixed distribution rate of 3.25% per annum.
Units in Starhill Global REIT closed flat at 59 cents on Oct 29.
