Starhill Global REIT’s revenue surges 9% to S$180m in FY11

As its Singapore portfolio contributed more than half of its total revenue in 4Q11.

YTL Starhill Global REIT Management Limited, the manager of Starhill Global REIT, announced FY 2011 revenue of S$180.1 million, 8.7% higher than that achieved in FY 2010. Net property income was S$143.6 million, representing an increase of 10.1% over FY 2010, primarily due to full year contributions from Starhill Gallery and Lot 10 in Kuala Lumpur, Malaysia, which were acquired in June 2010.

Income to be distributed to Unitholders in 4Q 2011 was S$19.6 million, 2.9% lower than 4Q 2010. For FY 2011, income to be distributed to Unitholders increased by 5.7% to S$80.1 million over FY 2010. Distribution Per Unit for the period 1 October 2011 to 31 December 2011 was 1.01 cents, 2.9% lower compared to the 1.04 cents achieved for the previous corresponding period. This brings DPU to 4.12 cents for the year ended 31 December 2011, exceeding the corresponding period in FY 2010 DPU of 3.90 cents by 5.6%. Unitholders can expect to receive their 4Q 2011 DPU on 29 February 2012.

SGREIT’s Singapore portfolio, comprising interests in Wisma Atria and Ngee Ann City on Orchard Road, contributed 58.9% of total revenue, or S$27.1 million in 4Q 2011. The Singapore portfolio’s net property income for 4Q 2011 was S$21.1 million, 0.9% lower than in 4Q 2010. The lower NPI was mainly attributed to negative rental reversions of new and renewed office leases from the levels achieved in 2007 and 2008, and rental disruption from the asset redevelopment at Wisma Atria as committed leases will commence only upon taking possession.

However, take up rate for office space in our properties continue to be healthy as occupancy level for Wisma Atria and Ngee Ann City offices rose to 95.8% and 94.9% respectively as at 31 December 2011. Demand for retail space at Wisma Atria and Ngee Ann City is also strong as leases expiring in 2011 that were taken by new and renewed tenants secured positive rental reversions.

Also Read

Centurion JV inks 5-year master lease for HK property

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit