- Starhill Global REIT (SGX:P40U)’s 1HFY24 gross revenue declined by 0.1% y-o-y to S$94.6m, while NPI inched up 0.3% y-o-y to S$74.5m, as organic growth from its Singapore properties and Myer Centre Adelaide Retail property in Australia partially offset the effects of a stronger S$ and loss of income from its divested properties.
Results slightly missed our expectations due to one-off expenses and higher financing costs
- - Read this at SGinvestors.io -
- Together with the retention of S$1.7m for working capital requirements, DPU declined by 2.2% y-o-y to S$0.0178. This constituted 46.8% of our initial forecast, which we deem to have slightly missed our expectations.
Further improvement in underlying operational metrics
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- Separately, management also shared that tenant sales and shopper traffic for Wisma Atria (Retail) increased 7.8% and 5.8% y-o-y, respectively, in 1HFY24.
Toshin master lease renewed for 12 years
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