This was highly caused by a decline in office assets in Singapore and Australia.
OCBC Investment Research reported that Starhill Global REIT (SGREIT)’s net property income (NPI) fell down by 2.2% YoY, from $41.4m to $40.5m in 2Q2018.
The NPI decline was caused by a 20% decrease in NPI for Singapore office assets, whilst 12.4% for Australia.
On a half-year basis, NPI decreased by 2.9% to $81.9m, forming OCBC’s NPI forecast of 48.1% in 2018.
Further, DPU was lower by 7.1% YoY to 1.17 singapore cents, because there were higher withholding taxes for SGREIT’s Malaysia and Australia properties.
Gross revenue also went down by 3% YoY to $52.5m in 2Q2018, falling 3.6% to $105.4m on a half-year basis.
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