Thursday, April 25, 2019

Starhill Global Reit - Q3FY19 Results and Thoughts

Starhill Global Reit posted their Q3FY19 results yesterday evening which saw their revenue and NPI dropped slightly by 0.9% and 1.8% YoY.

As a result, this brings a lower income available for distributional from the previous year quarter of $25.4m to $25m, a marginal drop. What is interesting is they decide to retain less for this quarter, citing lesser tax expense for this quarter and as such decided to distribute more payout to shareholders. As such, DPU has marginally increased from 1.09 cents the previous year to 1.10 cents this quarter.

Based on the current share price of 75 cents, this brings about an annualized yield of about 6%.

If we look at the details, the occupancy for the Adelaide Myer Center actually went higher this quarter, up from 84.4% to 89.9% while contributions from the rest of the office sectors are up year on year.

Still, the retail component takes up the majority of the revenue stream so it still very much depends on them.

While Ngee Ann retail continues to be fully occupied, Wisma retail continues to see changes in tenants as management continues to reshuffle the portfolio of the tenants coming in and out. Commenced leases as of 31 Mar 2019 stands at 91.7%, which most likely explains the drop in revenue and NPI this quarter, but they have committed leases up to 99% occupancy which is slated to commence in next quarter, so technically we should see better NPI in the upcoming quarters to come once they operate optimally.

There's also the Toshin review coming up in Jun 2019 later this year for the Ngee Ann retail side, so there's a prospect the agreement might come up to be better.

The Reit has also convened for a special agm on the new master lease agreement on their Malaysian properties, Starhill Gallery and Lot 10 Property which I previously blogged here.

There will be rent rebates during the AEI so there will be minimal impact during the interim.

The WALE will improve from 5.7 years and 4.2 years respectively to 9.8 years and 6.4 years.

Overall, I think performance is still soft while the Reit is in the midst of transition into many things.

Still a hold for me at current valuation while waiting for a better tomorrow to come.

Thanks for reading.

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