Starhill Global REIT has reported gross revenue of $47.6 million, 6.2% higher y-o-y for the 1QFY2022/2023 ended Sept 30.
Net property income (NPI) for the quarter stood 8.4% higher y-o-y at $37.2 million.
The higher gross revenue and NPI were attributable to the cessation of rental rebates after the completion of the REIT’s asset enhancement works in December 2021. This was partly offset by the depreciation of the Australian dollar (AUD) and Malaysian ringgit, as well as lower contribution from Wisma Atria (retail).
As at Sept 30, the REIT’s committed portfolio occupancy stood at 96.9%. Its weighted average lease expiry (WALE) stood at 7.0 years by net lettable area (NLA).
As at the same period, the REIT had 10.5% in expiring leases by gross rent in the FY2022/2023
Gearing stood at 36.5% as at Sept 30. The REIT had 84% of fixed/hedged borrowings as at Sept 30 as well.
Units in Starhill Global REIT closed 0.5 cent higher or 0.98% up at 51.5 cents on Oct 27.
