Starhill Global REIT (SGREIT) owns a property portfolio of retail malls and office buildings located in Singapore, Malaysia, Australia, China, and Japan. As at 30 June 2019, its portfolio was valued at S$3.06 billion.
Amid a challenging retail environment, SGREIT’s revenue and net property income (NPI) have been slowly falling since FY2016. As a result, SGREIT’s unit price has been trending sideways over the last four years.
As a long-timer unitholder, I attended SGREIT’s recent annual general meeting to learn about the management’s plans to reboot the REIT’s performance and navigate the tough times ahead.
Here are 10 things I learned from the 2019 Starhill Global REIT AGM:
1. Gross revenue fell 1.2% year-on-year to S$206.2 million in FY2019. Likewise, NPI fell 1.7% y-o-y to S%159.4 million. This was mainly due to lower contributions from Wisma Atria and the weakness of the Australian dollar against the Singapore dollar. Two