- Starhill Global REIT (SGX:P40U) reported FY22 full year revenue of S$186.4m (+2.8% y-o-y) and NPI of S$144.7m (+7.4% y-o-y). FY22 DPU of S$0.038 slightly behind estimates.
- Higher NPI was attributable to the cessation of rental rebates in Malaysia upon The Starhill’s completion, and lower portfolio expenses, partially offset by lower rental income from Wisma Atria Retail and depreciation of AUD.
- - Read this at SGinvestors.io -
- The lower distributable income on a y-o-y basis was also due to a higher base in FY21 from the release of S$7.7m deferred income during the pandemic year.
Portfolio occupancy at 95.4% supported by higher h-o-h occupancy from Singapore office.
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- Master and anchor leases with rent review made up ~53% of gross rents for the financial year.
- ~10.8% of retail leases by GRI will be up for renewal in FY23.
- Rental assistance across the portfolio decreased y-o-y to S$4.9m for the full financial year.
- Portfolio lease expiry stood at 7.2 years by NLA and 4.7 years by GRI respectively.
Tenant sales at 105% of pre-COVID levels in the latest quarter
- Read more at SGinvestors.io.
