Starhill Global Real Estate Investment Trust (SGREIT) reported net property income of S$150.3 million for the year ended Jun 30, 2026 (FY25/26), edging 0.1% higher year-on-year, as stronger contributions from Ngee Ann City and Kuala Lumpur’s Lot 10 mall, coupled with favourable Malaysian ringgit and Australian dollar movements, offset lower takings from selected assets and the absence of income following strata-office divestments at Wisma Atria.
Gross revenue rose 0.2% YoY to S$192.5 million. Distribution per unit (DPU) increased 0.8% to 3.68 Singapore cents, implying a 6.8% annual yield based on the Jun 30 closing price of S$0.545. The REIT will pay a second-half DPU of 1.88 cents on Sept 24, 2026, to unitholders on record as at Aug 6; a Distribution Reinvestment Plan will be offered.
Higher rental receipts from Ngee Ann City and Lot 10, together with lower operating expenses and currency gains, underpinned performance in the June half. Income available for distribution climbed 1.7% to S$89.3 million, while 2H FY25/26 distribution income rose 3.6% YoY to S$46.1 million. The manager retained S$4.0 million of FY25/26 distributable income for working capital.
Gains were partially offset by the loss of revenue from 14 divested office strata units at Wisma Atria, softer retail sales at Wisma Atria’s mall due to tenant transition works, lower contributions from Myer Centre Adelaide (Office) and the Chengdu property, and higher rental-arrears provisions. Portfolio valuation slipped marginally to about S$2.7 billion; excluding the Wisma Atria office sale, valuation would have inched up 0.2% YoY, with declines in Australia, China and Wisma Atria Retail countered by currency appreciation.
During the year, committed portfolio occupancy improved to 97.2%, and the Singapore assets reached full commitment. The manager refreshed tenant mixes—adding brands such as Christian Louboutin and Chow Tai Fook at Wisma Atria—and backfilled vacated space at Myer Centre Adelaide’s office tower with University Senior College and Synergy Construct. A favourable arbitration outcome against anchor tenant Myer Pty Ltd will see the landlord reimbursed for part of its legal costs.
Strategically, SGREIT advanced several asset-enhancement projects: S$2.2 million façade upgrades at Wisma Atria, a S$2.7 million refurbishment of Ngee Ann City’s Level 5 wellness floor, and the ongoing refresh of Myer Centre Adelaide’s lower-ground food court. About 63% of net lettable area now carries green certifications, aided by lighting retrofits and on-site solar installations.
Chairman Tan Sri (Sir) Francis Yeoh said the trust’s adherence to capital discipline kept gearing steady at 35.8%, preserving flexibility to pursue accretive opportunities despite heightened macroeconomic volatility. Chief executive Kemmy Tan noted that a pipeline of new-to-mall tenants and upcoming acquisitions should support growth, even as international retail consolidation continues.
Looking ahead, SGREIT plans to deploy recently secured six-year, unsecured sustainability-linked facilities totalling S$70 million and A$70 million to refinance maturing debt and fund potential deals. The manager will also explore further asset enhancement initiatives to bolster income resilience amid a “more multipolar” global operating environment.