REIT Financial News - 26 APR 2010: Quarterly Earnings Report for Starhill Global

First quarter 2010 results for Starhill Global:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• 1Q 2010 income to be distributed was S$18.4 million, 2.0% higher than that of S$18.0 million in 1Q 2009.
• DPU for the period 1 January to 31 March 2010 is 0.95 cents.
• Gross revenue in 1Q 2010 was S$37.6 million, 9.6% higher than that achieved in 1Q 2009. 
• Net property income was higher at S$29.1 million, an increase of 7.7% over 1Q 2009, mainly attributed to contribution from the newly acquired David Jones Building in Australia, partially offset by weaker performance from the Japan properties.
• Outstanding debt was S$702.3 million as of 31 March 2010, of which S$570.0 million or 81.2% matures in September 2010.
• As of 1Q 2010, gearing is at 29.3% and its interest cover ratio stands at a
  4.6 times. 
• Moody’s and Standard & Poor’s have accorded Starhill Global REIT corporate family ratings of Baa2 and BBB respectively.
• Committed occupancy for the quarter:
• Singapore retail space was 99.3%.
• 100% occupancy for the Chinese property.
• 100% occupancy for the Australian property.
• Overall occupancy for the seven Japanese properties was 88.6%.

Author's Note
The DPU of 0.95 cents will XD on 3 May 2010 and will be paid on 27 May 2010. The DPU for the previous quarter was 0.97 cents.


Based on the lastest closing price of the Reit of $0.64 on 26 April 2010, the DPU of 0.95 cents translates to an annualised yield of about 5.94%.
 
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