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Starhill Global REIT reports 19.2% lower NPI in 1QFY2020/2021 due to rental assistance

Felicia Tan
Felicia Tan • 2 min read
Starhill Global REIT reports 19.2% lower NPI in 1QFY2020/2021 due to rental assistance
For the same quarter, net property income (NPI) fell 19.2% y-o-y to $29.8 million.
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The manager of Starhill Global REIT reported gross revenue of $43.1 million, down 10.3% y-o-y for 1QFY2020/2021 ended September.

For the same quarter, net property income (NPI) fell 19.2% y-o-y to $29.8 million.

In its business update released on Oct 28, the manager says the decline in gross revenue and NPI was primarily attributable to rental assistance to eligible tenants affected by the Covid-19 pandemic. This includes allowance for rental arrears and rebates mainly for the REIT’s properties in Australia.

The lower figures were partially mitigated by higher contributions from The Starhill and the appreciation of the Australian dollar.

As at Sept 30, the REIT’s retail portfolio occupancy stood at 96.6% with a weighted average lease expiry (WALE) of 8.5 years.

According to the manager, tenants’ sales at Wisma Atria has recovered to some two-thirds of pre-Covid-19 levels while post-lockdown sales in its properties in Perth has hit pre-Covid-19 levels.

Most of its tenants across its portfolio are also open for business in 1QFY2020/2021.

The manager has secured new committed revolving credit facilities (RCF) with relationship banks of up to $90 million.

Its undrawn and committed RCF is “more than sufficient” to cover the $250 million from borrowings maturing in the next 12 months, it said.

Units in Starhill Global REIT closed 1 cent lower or 2.3% down at 42 cents on Oct 28.


See: Unitholders of Starhill Global REIT may now opt to receive new units instead of cash through distribution reinvestment plan

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