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Starhill Global Real Estate Investment Trust’s Annual Report: 20 Key Numbers Investors Should Know

Credit: Calvin Teo

Starhill Global Real Estate Investment Trust  (SGX: P40U) was listed on the Singapore stock market over 10 years ago.

The REIT has come a long way since its initial public offering on 20 September 2005. Starhill Global REIT’s portfolio currently extends from Singapore to Australia and from Malaysia to China and Japan. We can learn more from the REIT’s latest annual report for its fiscal year ended 30 June 2016. Here are 20 key figures from the report investors should note of:

  1. Starhill Global REIT has 12 properties under its umbrella. The group of properties have a combined net asset value of S$3.1 billion (as of 30 June 2016). The REIT’s portfolio has total retail and office space of 2.2 million square feet. Starhill Global REIT’s sponsor, YTL Corporation, has a combined market capitalisation of US$7.4 billion across all its listed entities.
  2. The REIT included an overview of its five-year business performance in its annual report. Gross revenue had grown at a 5.1% compound annual growth rate (CAGR). Net property income was not far behind with a CAGR of 4.4%. Growth in distribution per unit (DPU) was the fastest with a CAGR of 5.9%. As a reminder, Starhill Global REIT had changed its financial year end in 2014 and its numbers for FY14/15 (the 18 months ended 30 June 2015) had been annualised for the calculation.
  3. Starhill Global REIT derives its gross revenue from retail malls and offices, as alluded to earlier. The former accounted for 86.3% while the latter contributed 13.6%.
  4. If we segment by country, Singapore contributed 61.1% of the REIT’s gross revenue while Australia pitched in with 22.7%. Meanwhile, Malaysia accounted for 11.7%, China accounted for 2.7%, and Japan accounted for 1.8%.
  5. Starhill Global REIT may have 12 properties, but its revenue is fairly concentrated in the hands of just a few tenants. The REIT’s top 10 tenants accounted for 55.6% of its total gross rent. Toshin Development Singapore and YTL Group are the largest tenants at 20.6% and 14.5%, respectively, of Starhill Global REIT’s gross rent.
  6. It’s worth noting that 44.6% of the REIT’s gross rental comes from master leases and long-term leases. For the rest of the trade segments, Fashion and Office make up significant pieces at 13.8% and 13.6%, respectively.

The data above provide a useful overview of Starhill Global REIT’s business. To find out more, you can check out its annual report.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chin Hui Leong does not own shares in any companies mentioned.