- Starhill Global REIT (SGX:P40U) reported a gross revenue of S$47.6m for 3QFY24, up 0.7% y-o-y as improved contributions from its Singapore assets more than offset FX headwinds and loss of income from the divestment of Daikanyama in Japan.
3QFY24 in line with expectations
- - Read this at SGinvestors.io -
- Altogether, Starhill Global REIT's 9MFY24 NPI came in at S$112.2m, accounting for 74.6% of our FY24 forecast and in-line with our expectations.
A generally positive set of operating metrics, boosted by Taylor Swift’s The Eras Tour
- Starhill Global REIT’s overall portfolio committed occupancy slipped 0.7 percentage points (ppt) from 98.7% as at 31 Dec 2023 to 98.0% as at 31 Mar 2024. This was driven by a 1.8 ppt drop in occupancy for its Australia portfolio, while all other markets remained at 100% committed occupancy.
- - Read this at SGinvestors.io -
- Starhill Global REIT was certainly a beneficiary of Taylor Swift’s concerts in Singapore, with shopper traffic up nearly 20% y-o-y in March, likely due to tourism inflows.
Gearing at 36.8%
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-04-30
Read also OCBC's most recent report:
2024-11-01 Starhill Global REIT - Stable Set Of Results; A Positive Start To The Year.
Previous report by OCBC:
2024-07-31 Starhill Global REIT - Treading Water.
Price targets by 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
