ALP REIT Pays first Sh120.5 million dividend to investors

Starhill Global Reit reported a 2.3% increase in net property income to S$38.8 million for the first quarter of 2027. The real estate investment trust's revenue also rose by 1.2% to S$48.9 million, up from S$48.3 million in the previous quarter. The improvements were primarily due to stronger contributions from its Singapore retail properties and Australia properties.

Ngee Ann City, which comprises a significant portion of revenue and net property income, remained at S$17.2 million and S$14.1 million respectively. The Australian property, Myer Centre Adelaide, saw a revenue increase from S$9.7 million to S$10.8 million. This was partially offset by losses from the divested Wisma Atria office strata units and reduced contributions from Wisma Atria retail due to tenant transitional downtime.

The REIT currently has a portfolio occupancy rate of 97.4% and a gearing ratio of 36%, with a debt maturity weighted average of 3.3 years as of September 30. Despite challenges such as weaker consumer confidence, inflationary pressures, and intense e-commerce competition, the REIT anticipates that demand for prime retail spaces will remain supported by tourism spending and office-worker footfall.