COMMERCIAL PROPERTY | Staff Reporter, Singapore

Starhill Global REIT's property income dipped 2.2% to $40.5m in Q2

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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