Wisma and Ngee Ann City malls cushion Q1 earnings for Starhill Global Reit
Published on Apr 29, 2014 10:10 PM
A solid performance from the Wisma Atria and Ngee Ann City shopping malls helped lift earnings at Starhill Global Reit for the first quarter this year, factoring out exceptional items from last year.
Distribution per unit (DPU) for the three months to March 31 was 1.24 cents, which was 5.1 per cent higher than in the year before, the reit said on Tuesday.
Net property income for the period rose 2.5 per cent to $39.1 million and income available for distribution climbd 7.2 per cent to $27.9 million.
These figures all factor out a one-off payout that the real estate investment trust (reit) received in the first quarter last year. Including the one-off item, however, DPU tumbled 9.5 per cent, net property income fell 6.7 per cent and income available for distribution dropped 6.4 per cent from the preceding year.
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