Starhill Global Reit's Q3 distribution per unit rises 9% to 1.21 cents

Starhill Global Real Estate Investment Trust has achieved a 20.8 per cent increase to $26.1 million in income to be distributed to unitholders in the third quarter.

Its revenue for the three months to Sept 30 was up 5.5 per cent at $48.8 million. Net property income climbed by 4.4 per cent to $38 million, mainly attributable to the continued strong performance of the Singapore portfolio.

Starhill Global Reit has grown its initial portfolio from interests in two landmark properties on Orchard Road - Wisma Atria and Ngee Ann City - to 13 properties in Singapore, Malaysia, Australia, China, and Japan, valued at about $2.8 billion.

Distribution per unit rose by 9 per cent to 1.21 cents, which will be paid on Nov 25.

On an annualised basis, the latest distribution represents a yield of 6.04 per cent.

Mr Ho Sing, chief executive of YTL Starhill Global, which manages the Reit, said the Singapore portfolio continued to benefit from the Wisma Atria asset redevelopment and upward rent reviews for the master tenant at Ngee Ann City Retail.

"The office segment also recorded positive rental reversions. Step-up rent of 7.2 per cent for the Malaysia portfolio and the Plaza Arcade acquisition contributed positively to the overseas portfolio," he noted.