Starhill Global REIT's NPI dips 0.9% YoY amidst currency challenges

NPI for the period was $37.7m.

Starhill Global REIT's gross revenue rose slightly by 0.7% YoY to $47.6m in 3QFY23/24, mainly driven by higher contributions from its Singapore properties.

However, its net property income fell by 0.9% YoY to $37.7m due to weaker foreign currencies, the divestment of Daikanyama asset, and rising operating costs at Wisma Atria and Myer Centre Adelaide Retail.

Despite renovations, its Wisma Atria property's tenant sales and shopper traffic grew by 6.5% and 12.7% YoY, respectively.

Meanwhile, the REIT maintained a stable 98.0% occupancy rate as of March 31, with full occupancy in Singapore properties.

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