Starhill Global ( former McQ Prime )

[winston]

Starhill Global REIT announced financial results for the quarter ended 30 June 2009.

Gross revenue in 2Q 2009 was S$33.4 million, or 10.5% higher than that of S$30.2 million in 2Q 2008.

Net property income was higher at S$27.0 million, an increase of 16.4% over 2Q 2008.

Distributable income was S$18.4 million. Approximately S$0.4 million of income available for distribution for the second quarter ended 30 June 2009, comprising mainly overseas income, has been retained to satisfy certain legal reserve requirements in China and for prudency.

Distribution Per Unit (DPU) for the period 1 April to 30 June 2009 was 1.90 cents, 6.7% higher compared to the 1.78 cents achieved
for the previous corresponding period.

[winston]

STARHILL GLOBAL REIT INVESTMENT TRUST - Starhill reported on Wednesday that third quarter distributable income rose 7.8 percent from a year ago, while distribution per unit rose 6.7 percent to 0.95 cents per unit.

[winston]

Starhill to stop master leases in 7 Japan pties By ANGELA TAN

YTL Pacific Star REIT Management Limited, as manager of Starhill Global REIT, said on Wednesday Starhill Global REIT One TMK has signed a conditional agreement with Mizuho Trust & Banking Co, Ltd and Future Revolution K. K. to terminate the master leases and property management agreements for Starhill Global REIT's portfolio of seven properties in Japan.

This will mitigate tenant concentration risks with Future Revolution.

Starhill Global REIT has acquired a new special purpose vehicle, Starhill Global ML K.K., to step in as master lessee and assume the position of sub-lessor under the lease agreements with the end-tenants.

It is proposed that Savills Japan K.K. will replace Future Revolution as the local property manager for the seven properties.

Source: Business Times Singapore

http://www.businesstimes.com.sg/sub/lat ... 95,00.html?

[winston]

Not vested.

Starhill Global Reit in S$571.3 mln acquisition plan By ANGELA TAN

YTL Pacific Star, the Manager of Starhill Global REIT said on Wednesday that Starhill Global REIT plans to acquire David Jones Building in central Perth, Australia for A$114.5 million (about S$148.0 million) from Centro, a fully integrated real estate company based in Australia.

The company added that a heads of agreement has also been entered into with the trustee of Starhill REIT of Malaysia, to indirectly acquire Starhill REIT's interests in Starhill Gallery and Lot 10 Shopping Centre on Bukit Bintang, Kuala Lumpur's main shopping street, through an asset backed securitisation (ABS) structure, for a total of RM1,030 million (about S$423.3 million).

The proposed Australian acquisition is expected to be completed in January 2010 and will be funded by a combination of debt and proceeds raised from Starhill Global REIT's recent rights issue.

The acquisition is expected to be accretive to Starhill Global REIT's distribution per unit (DPU). The pro forma financial effect of the acquisition on the DPU for the financial year ended 31 December 2008 is an additional 0.22 Singapore cents per unit.

With the signing of the heads of agreement for the acquisition of the properties in Malaysia, both parties agree that they shall negotiate in good faith and use their best efforts to finalise the definitive agreements in relation to the properties. Further details will be announced at the appropriate time in due course.

http://www.businesstimes.com.sg/sub/lat ... 91,00.html?

[winston]

Not vested. From DBS:-

Starhill Global REIT finally announces the deployment of their war-chest with:-
(i) purchase of David Jones Building (DJB) in Perth for S$148.0m and
(ii) signing of agreements to purchase Lot 10 and Starhill Gallery for S$423.3m from Starhill REIT.

The combined injection yields is estimated to be c7.2%, which compares favorable to current yield on book (5.5%). However, Starhill Global REIT is still assessing funding options for its Malaysian purchases and this could cap share price performance.

Maintain HOLD, TP S$0.65 (Prev S$ 0.63).

[winston]

From UOBKH:-

Valuation/Recommendation

Maintain BUY as SGREIT is the prime beneficiary of increase in visitor arrivals on opening of the integrated resorts (IRs) in 2010. We raise our target price for SGREIT from S$0.64 to S$0.71, based on the Dividend Discount Model (required rate of return: 7.7%, terminal growth: 2.5%) after factoring the contributions from David Jones Building and higher occupancy at Wisma Atria.

[winston]

Vested.

STARHILL GLOBAL REIT - Starhill Global, whose assets include stakes in Wisma Atria and Ngee Ann City, two large properties along Singapore's Orchard Road, said its CEO Franklin Heng passed away on Dec 30 following surgery.

Source: Reuters

[winston]

Vested. From DMG:-

Our thoughts: The sudden departure of Franklin comes as a shock to the investor community. We expect a new CEO to be appointed quickly. We do not expect any implications on its leasing operations as leases are already locked-in. For instance, its master lease with Toshin Development of 226,000 sqft of retail space in Ngee Ann City was locked-in at 19.75% higher than the prevailing rate for a period of three years, commencing 8 June 2008.

However, with regards to its proposed acquisition of David Jones building in Perth (S$148m) and the heads of agreement to acquire Starhill Gallery and Lot 10 in Malaysia (S$423m), we do not rule out the possibility of delays in these acquisitions as funding arrangements are being put in place, while the REIT manager initiates its search for a replacement CEO.

The stock now trades at a yield of 7.2%. We do not have a rating on the stock.

[Blackjack]

I am looking forward to see how the new CEO is able to integrate with the trust and enhance it going forward, and his background. This may provide a new "story" to possibly drive the REIT.

Vested

[Blackjack]

Completion of acquisition of David Jones Building in Perth, Australia.

http://www.sgx.com/wps/portal/marketplace/mp-en/listed_companies_info/company_announcements

vested