New Adelaide mall, Singapore portfolio boost Starhill Reit's Q1

STARHILL Global Reit on Tuesday reported a 3.1 per cent increase in distribution per unit (DPU) to 1.31 Singapore cents for its first quarter ended Sept 30, 2015.

Group revenue rose by 16.8 per cent year on year to S$56.8 million, while net property income rose 10.2 per cent to S$43.6 million.

The growth in revenue and earnings was mainly driven by the full-quarter contribution from the recently-acquired Myer Centre Adelaide and Singapore portfolio performance, partially offset by lower contributions from China and net foreign currency movements.

Income to be distributed to unitholders was S$28.6 million for Q1, 4.5 per cent higher than the S$27.3 million for the previous corresponding period.

Unitholders can expect to receive their Q1 DPU on Nov 27, 2015. The book closure date is on Nov 4, 2015 at 5pm.

Units of the Reit ended 1.5 Singapore cents or 1.8 per cent lower at S$0.80 on Tuesday.