Divestment of Daikanyama hits Starhill Global REIT’s NPI

The net property income (NPI) declined 1.3% YoY in 3Q FY22/23.

Starhill Global REIT’s NPI went down 1.3% year-on-year to $38m in the 3Q FY22/23 following net movement in foreign currencies and divestment of Daikanyama.

This was partially offset by higher gains from Singapore properties. 

“Divestment of Daikanyama at a premium of 39.1% and 2.9% over the latest valuation(2) and acquisition price(2) respectively. Completed in January 2023,” read the report.

Its portfolio occupancy rate remained healthy at 96.7%. The Wisma Atria shopper traffic and tenant sales grew by 24.6% and 13.6% YoY, respectively in 3Q FY22/23, due to the completion of enhancement works of its main retail area in December 2022.

There is also the ongoing façade upgrading at Myer Centre Adelaide.