- 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.
- - Read this at SGinvestors.io -
- 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.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2022-07-29
Read also DBS's most recent report:
2023-07-31 Starhill Global REIT - Strutting Down The Orchard Recovery Runway.
Previous report by DBS:
2023-01-30 Starhill Global REIT - Wisma Atria Sales Going Through The Roof.
Price targets by 3 other brokers at Starhill Global REIT Target Prices.
Listing of research reports at Starhill Global REIT Analyst Reports.
Relevant links:
Starhill Global REIT Share Price History,
Starhill Global REIT Announcements,
Starhill Global REIT Dividends & Corporate Actions,
Starhill Global REIT News Articles
