Starhill Global REIT announces $18.3m in distributable income for 3Q, 7.8% higher

Starhill Global REIT today announced a distributable income $18.3 million for 3QFY2009, 7.8% higher than the $17 million in 3QFY2008.

Post rights issue, Distribution Per Unit (DPU) for the period from Jul 1 to Sept 30, 2009 was 0.95 cents, 6.7% higher compared to the adjusted 0.89 cents achieved for the previous corresponding period.

On an annualised basis, the latest distribution represents a yield of 6.28%.

Gross revenue in 3Q09 was $32.6 million, same as that achieved in 3Q08.

Net property income was higher at $26.1 million, an increase of 10.4% over 3Q08, led by better performance from its Singapore properties, but offset by lower contribution from the Chengdu property.

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.

Listed on the SGX Mainboard since 2005, Starhill Global REIT owns two landmark properties on Orchard Road — a 74.23% strata title interest in Wisma Atria and a 27.23% strata title interest in Ngee Ann City.

In 2007, Starhill Global REIT enlarged its geographical footprint with the acquisition of seven properties in the prime areas of Roppongi, Shibuya-ku, Minato-ku and Meguro-ku in Tokyo, Japan and a premier retail property in Chengdu, China.

Starhill Global REIT’s portfolio now comprises 10 properties in the three countries, valued at about $2 billion.

Source : The Edge – 28 Oct 2009

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