NEWS & PRESS RELEASES
Starhill REIT Records Half-Year Revenue of RM54 Million
Kuala Lumpur, 21 January 2010
Starhill Real Estate investment Trust ("Starhill REIT") today announced revenue of RM54.014 million for the six months ended 31 December 2009, a marginal decrease compared to RM55.074 million for the previous corresponding 6 months ended 31 December 2008.
Realised income for the period stood at RM38.744 million this year compared to RM40.737 million last year (which excludes a revaluation surplus of RM254.36 million required to be made last year under fair value accounting standards arising from the revaluation of the REIT's properties, namely, Starhill Gallery, Lot 10, and the JW Marriott Hotel Kuala Lumpur.
An interim distribution of 3.2865 sen per unit, amounting to RM38.744 million, representing approximately 100% of Starhill REIT's distributable income for the six-month period ended 31 December 2009, was also declared by the Board of Directors of Pintar Projek Sdn Bhd, the manager of the Trust.
Based on Starhill REIT's 5-day volume weighted average unit price of RM0.87, the distribution represents an annualised yield of 7.56%.
Commenting on the half-year results, Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, Chief Executive Officer of Pintar Projek Sdn Bhd, said, "Starhill REIT's portfolio of properties continues to perform well, supported by its balance of medium-term and fixed long-term tenancies which bring stability to the Trust's earnings".
In November 2009, Starhill REIT announced that it was embarking on a rationalisation exercise to reposition the Trust as a global hospitality REIT. The first stage of this process was the entry into a Heads of Agreement relating to the proposed disposal of Starhill Gallery and the Trust's parcels in Lot 10 Shopping Complex to Starhill Global REIT in Singapore, for which the necessary regulatory approvals are currently pending. Subsequent stages will involve injections of further hotel assets into the streamlined Trust, the details of which will be determined and announced in due course.
About Starhill REIT
Starhill REIT owns 4 prime properties in the heart of Kuala Lumpur’s Golden Triangle, namely, 137 parcels and 2 accessory parcels of retail, office, storage and other spaces within Lot 10 Shopping Centre, Starhill Gallery and the adjoining JW Marriott Hotel Kuala Lumpur, as well as 60 units of serviced apartments, 4 levels of commercial podium and 2 levels of car parks located within The Residences at The Ritz-Carlton, Kuala Lumpur. The combined approved valuation of the Trust’s property portfolio currently stands at RM1,549.36 million.
The Trust was established on 18 November 2005 and Starhill REIT was listed on the Main Board of Bursa Malaysia Securities Berhad on 16 December 2005.
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