Starhill Global REIT’s (SGREIT) manager has reported income to be distributed to unitholders hit $26.9 million for 2Q 2014, 5% higher than that of $25.6 million in 2Q 2013.
Distribution Per Unit (DPU) for the period from 1 April 2014 to 30 June 2014 was 1.25 cents, 5.0% higher compared to the 1.19 cents achieved for the previous corresponding period. On an annualised basis, the latest distribution represents a yield of 6.07%.
Unitholders can expect to receive their 2Q 2014 DPU on 28 August 2014. Book closure date is on 6 August 2014 at 5.00 pm.
Revenue for SGREIT group declined marginally by 1.4% to $48.4 million in 2Q 2014. While revenue from the Singapore operations increased by 3.6% to $32.4 million and its net property income (NPI) was up by 5.5% to S$25.6 million in 2Q 2014, it was offset by weaker overseas contributions mainly due to declining revenue from Renhe Spring Zongbei in Chengdu, China, loss of income contribution from Japan divestment in March 2014 and net foreign currency movements. NPI for 2Q 2014 rose by 0.2% to $39.2 million as operating expenses for Singapore, Japan and China properties declined.
SGREIT’s Singapore portfolio, comprising interests in Wisma Atria and Ngee Ann City on Orchard Road, contributed 67.0% of total revenue, or $32.4 million in 2Q 2014. The Singapore portfolio’s NPI for 2Q 2014 increased by 5.5% y-o-y to $25.6 million, led by positive rental reversions for both the retail and office units.
SGREIT’s Malaysia portfolio, comprising Starhill Gallery and interest in Lot 10 along Bukit Bintang in Kuala Lumpur, contributed 15.3% of total revenue, or $7.4 million in 2Q 2014. NPI for 2Q 2014 was $7 million, 6.2% lower than in 2Q 2013, mainly due to the depreciation of the Malaysian Ringgit against the Singapore Dollar and higher property taxes accrued in 2Q 2014.
SGREIT’s Australia portfolio, comprising the David Jones Building and adjoining Plaza Arcade in Perth, Western Australia, contributed 10.2% of total revenue, or $4.9 million in 2Q 2014. NPI for 2Q 2014 was $3.9 million, a decrease of 3.3% y-o-y, mainly due to the depreciation of the Australian Dollar against the Singapore Dollar.
Renhe Spring Zongbei in Chengdu, China, contributed 5.1% of total revenue, or $2.5 million in 2Q 2014. NPI for 2Q 2014 was $1.5 million, a decline of 35.7% from 2Q 2013. The decline was largely attributed to lower revenue amidst contraction of the high-end and luxury retail segment resulting from the central government’s austerity drive and intensified competition from new and upcoming retail developments in the city.
In 2Q 2014, SGREIT’s Japan portfolio, which comprises five properties located in central Tokyo, contributed 2.4% of total revenue. NPI for 2Q 2014 was $1.0 million, 21.1% higher than in 2Q 2013, mainly due to the reversal of rental arrears provision in 2Q 2014, partially offset by the depreciation of the Japanese Yen against the Singapore Dollar and the loss of income contribution from Holon L which was divested in March 2014.
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