Starhill Global Real Estate Investment Trust (REIT) has announced that its distributable income for Q3 rose 5.8 percent to $19.4 million, up from $18.4 million in 2009, while Q3 distribution per unit (DPU) climbed 5 percent to one cent, from 0.95 cent over the same period last year.
The latest distribution represents a 6.84 percent yield on an annualised basis, said YTL Pacific Star, the trust’s manager.
The trust also saw a 37 percent year-on-year increase in net property income to $35.8 million from $26.1 million, while gross revenue also leapt 38.7 percent to $45.5 million from $32.6 million. These increases were attributed to the “contributions from the recently acquired Starhill Gallery and Lot 10 in Malaysia, and the David Jones Building in Australia”, said the trust’s manager.
Francis Yeoh, executive chairman of YTL Pacific Star, said: “Our endeavours to grow Starhill Global Reit and create value for our stakeholders have led us to complete three quality acquisitions in 1H 2010 and diversify geographically into the best one-third retail stretch in two key cities – Perth, Australia and Kuala Lumpur, Malaysia.”
The trust’s portfolio comprises 13 prime properties in five countries, which are worth $2.6 billion.
Ho Sing, chief executive of YTL Starhill Global, said: “With the inclusion of the Malaysian properties, retail contributed 87 percent of our portfolio’s 3Q 2010 revenue, up from 84 percent in the previous quarter. This increase provides our portfolio with a stronger revenue mix supported by the relatively robust retail sector.”
The trust’s local portfolio, which comprises stakes in Ngee Ann City and Wisma Atria on Orchard Road, accounted for 60.8 percent of the total revenue or $27.5 million in Q3 this year.