- Starhill Global REIT’s 1HFY26 gross revenue was unchanged y-o-y at S$96.3m, but net property income (NPI) slipped 0.8% y-o-y to S$75.1m, driven by rental arrears provision mainly for the China property, as well as the divestment of strata units at Wisma Atria (office). Excluding the effects of the latter, NPI would have been 0.1% higher y-o-y.
A largely stable set of results
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- 1HFY26 Starhill Global REIT's DPU was flat y-o-y at 1.80 Singapore cents. This constituted 48.4% of our full year forecast, which we deem to be slightly below our expectations.
Overall portfolio committed occupancy fell 2.9 ppt q-o-q to 91.9%
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- Starhill Global REIT has signed a conditional lease with a replacement tenant for its China property in Jan 2026, following which committed occupancy in China and for the overall portfolio will recover to 100% and 96.5%, respectively.
- According to management, rental arrears of S$2.4m outstanding from Markor as at 31 Dec 2025 were substantially mitigated by security deposits of S$0.4m and existing provisions.
A mixed bag of developments
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