Starhill Global REIT - OCBC Investment 2024-11-01: Stable Set Of Results; A Positive Start To The Year

• Starhill Global REIT’s 1QFY25 gross revenue grew 1.9% y-o-y to S$48m, on the back of higher contributions from assets in Singapore and Perth, as well as a stronger MYR.
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Shopper traffic not quite translating to tenant sales at Wisma Atria (retail)

• Starhill Global REIT’s overall portfolio committed occupancy remained stable, nudging down 0.1 ppt q-o-q to 97.6% as at 30 Sep 2024, as a 0.2 ppt improvement in occupancy for its Singapore portfolio was offset by a 0.2 ppt decline in occupancy in Australia. The remaining markets remained at full occupancy.
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Gearing unchanged at 37.2%

• In terms of capital management, Starhill Global REIT’s gearing remained unchanged q-o-q at 37.2% as at 30 Sep 2024, while cost of debt improved 6 basis points (bps) to 3.8%, with 81% of debt on fixed rates or hedged.

S$16.1m from divestment

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Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-11-01 SGinvestors.io

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