- Starhill Global REIT (SGX:P40U)'s top line gross revenue for 2HFY23/24 rose 2.3% y-o-y to S$95.2mil, while NPI rose 1.3% y-o-y to S$74.5mil. Correspondingly, full year gross revenue and NPI rose 1.1% and 0.8% y-o-y, respectively, to S$189.8mil and S$149mil.
FY2023/2024 results - DPU slightly below estimates.
- - Read this at SGinvestors.io -
- On the expense side, full year finance expenses rose ~9% y-o-y, and a one-off leasing commission fee for Toshin’s master lease renewal (approximating ~0.25 months’ worth of rent at >S$1mil) was also reflected in this financial year.
- Full year FY23/24 Starhill Global REIT's DPU declined 4.5% y-o-y to 3.63 cents, falling behind our estimate of 3.85 cents.
Decline in Singapore per basket spend.
- - Read this at SGinvestors.io -
- Full year revenue contribution from Australia rose 2.0% y-o-y, while Malaysia income declined 5.1% y-o-y primarily on forex translation.
- Portfolio occupancy remains stable at 97.7% as of end-FY23/24, a 0.3ppt q-o-q decline. 2H24 tenant sales and shopper traffic at Wisma Atria rose 2.8% and 8.2% y-o-y. Similar to operational trends reported by the retail landlords, the phenomena of a decline in per basket spend, where shopper traffic tracks ahead of tenant sales recovery, may be something to watch in the coming quarters.
- On a full year basis, reversionary rents from Singapore landed within the mid-to-high positive single-digit range.
Portfolio valuation stable on strong rental growth in SG.
- Read more at SGinvestors.io.
