Starhill Global REIT's DPU in Q2 down 4.2%

Starhill Global REIT’s Q2 distribution per unit (DPU) was 0.91 cent, which is 4.2 percent lower compared with 0.95 cent in the first quarter.

Although property income rose 6.9 percent to S$28.9 million, its distributable income in the second quarter fell 3.6 percent to S$17.7 million.

Starhill said the increase in property income was attributed to the recently acquired David Jones property in Australia.

The company’s current portfolio includes 13 prime properties valued at approximately S$2.6 billion, which includes the acquisition of Lot 10 and Starhill Gallery in Kuala Lumpur.

Starhill Global noted that due to possible oversupply, it may face some challenges and downward pressure on rental and occupancy rates in the short- to medium-term, particularly in the office property market.