STARHILL Global Reit : P40U 0% reported net property income (NPI) of S$37.4 million for the first quarter ended Sep 30, 2023, up 0.4 per cent from S$37.2 million a year earlier.

This was due mainly to higher contributions from Starhill’s properties in Singapore and from the Myer Centre Adelaide mall in Australia, the manager said in a business update on Friday (Oct 27).

However, it was partially offset by the depreciation of foreign currency and the loss of income from the divestment of a property in Japan, the manager added.

Gross revenue for the real estate investment trust (Reit) dipped 1 per cent to S$47.1 million, from S$47.6 million in the previous year.

Starhill’s core assets in Singapore include Ngee Ann City and Wisma Atria, which both posted higher gross revenue contributions during the quarter.

Gross revenue for Ngee Ann City came in at S$16.3 million, compared with S$15.9 million in the same period a year ago.

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Wisma Astria, meanwhile, registered a gross revenue of S$12.9 million in Q1, up from S$12.7 million in the previous year.

Tenant sales and shopper traffic at Wisma Atria improved by 14.5 per cent and 6.5 per cent respectively in Q1, the manager said.

Renovation works in the mall’s basement, which commenced in August this year, are expected to conclude by March 2024.

As at end-September, the Reit’s portfolio occupancy stood at 98.4 per cent, up from 97.7 per cent as at end-June.

Units of Starhill Global Reit closed unchanged at S$0.45 on Friday, prior to the announcement.