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Starhill Global REIT (SGX:P40U)’s 3QFY26 gross revenue nudged up 0.7% y-o-y to S$47.9m, while NPI was flat at S$37.9m. Excluding the impact of the divestment of Wisma Atria Office strata units, NPI for the quarter would have grown 1.2% y-o-y.
A stable and in-line set of results.
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In terms of capital management, Starhill Global REIT’s gearing was broadly stable at 35.5% as at 31 Mar 2026 (31 Dec 2025: 35.4%). Cost of debt moved up 10bps q-o-q to 3.65%, with an unchanged 80% of debt on fixed rates or hedged.
Replacement tenant fitting out space at the China Property with operations targeted to commence by Jun 2026.
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Overall Singapore occupancy was flat q-o-q at 99.6% (Retail: +0.1ppt q-o-q to 99.6%; Office: -0.3ppt q-o-q to 99.5%). For 9MFY26, tenant sales were flat but shopper traffic fell 0.8% y-o-y at Wisma Atria (retail).
Maintain fair value estimate of S$0.525.
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