SGREIT NPI dips 0.8% in H1 2026 after asset divestments

Loss of income from sold assets offsets stable underlying performance.

Starhill Global Real Estate Investment Trust (SGREIT) reported net property income of $75.1m for the six months ended 31 December 2025 (H1 2026), down 0.8% year-on-year (YoY), according to a press release.

Excluding the impact of divestments, net property income would have increased 0.1% year on year, the trust said.

Earnings per share during the period were 1.89 cents, lower than the 1.90 cents the previous year.

The decline mainly reflected the absence of income contribution from the divestment of Wisma Atria Office strata units, rental arrears provisions largely relating to its China portfolio, lower contribution from the office component of Myer Centre Adelaide, and the depreciation of the Australian dollar against the Singapore dollar.

These were partly offset by higher contributions from Ngee Ann City and Lot 10, as well as the strengthening of the Malaysian ringgit.

Portfolio committed occupancy declined to 91.9% as at 31 December 2025 from 94.6% six months earlier, following a lease termination in China.

A conditional lease signed in January 2026 is expected to restore China's committed occupancy to 100% and lift overall portfolio committed occupancy to 96.5%, SGREIT said.

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