Starhill Global REIT has reported gross revenue of $47.1 million, 1% lower y-o-y for the 1QFY2023/2024 ended Sept 30.
According to the REIT, this was mainly from foreign exchange weakness and the loss of income from Japan divestment.
The REIT’s net property income (NPI) for the quarter came in at $37.4 million, 0.4% higher y-o-y, due to higher contributions from Singapore Properties and Myer Centre Adelaide Retail.
As at Sept 30, the REIT’s committed portfolio occupancy stood at 98.4%. Its weighted average lease expiry (WALE) stood at 6.3 years by net lettable area (NLA).
As at the same period, the REIT had 10.8% in expiring leases by gross rent in the FY2023/2024.
Gearing stood at 37.4% as at Sept 30. The REIT had 77% of fixed/hedged borrowings as at Sept 30 as well.
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In September 2023, the REIT extended its existing unsecured JPY2 billion ($18.3 million) term loan for another three years from September 2024.
The REIT has no term debt refinancing requirements until September 2024.
Units in Starhill Global REIT P40U closed flat at 45 cents on Oct 27.
