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Starhill Global distribution per unit up 5.1% in Q1

Starhill Global Real Estate Investment Trust (SGREIT) will pay a larger distribution for the first quarter of this year, helped by higher rental income from Wisma Atria and Ngee Ann City.

SINGAPORE: Starhill Global Real Estate Investment Trust (SGREIT) will pay a larger distribution for the first quarter of this year, helped by higher rental income from Wisma Atria and Ngee Ann City.

SGREIT will pay 1.24 Singapore cents per unit for the period, up 5.1 per cent from 1.18 cents in the same period a year ago.

The distribution is, however, lower if a one-time payout of 0.19 cent a unit is included in the year-ago figure.

The one-off payment stemmed from the receipt of the accumulated rental arrears net of expenses from Japanese company Toshin for the period June 2011 to December 2012.

SGREIT's revenue for the quarter was S$49.2 million -- down from S$53.6 million a year ago when revenue was boosted by the Toshin payment but up from S$48.3 million if that payment is excluded.

SGREIT said revenue from its share of Ngee Ann City's retail outlets gained 5.7 per cent year-on-year, largely driven by the upward rent reversion following the review with Toshin, which holds the master lease.

Revenue from Wisma Atria's retail portion increased 5.3 per cent year-on-year, despite ongoing tenant relocations and renovations which led to a three per cent on-year decrease in tenant sales.

Income from Wisma Atria and Ngee Ann City accounted for about two-thirds of SGREIT's total revenue in the first quarter.

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