Reported in The Star:

“Starhill Real Estate Investment Trust’s (Starhill REIT) after-tax income of RM35.91mil for the year ended June 30 has exceeded its initial public offering profit forecast of RM32.3mil by 11.15%. This was achieved on revenue of RM50.74mil, trust manager Pintar Projek Sdn Bhd said in a statement yesterday A distribution of 3.4564 sen per unit, representing 100% of Starhill REIT’s income after taxation, was recommended.

Starhill REIT, which was listed on Bursa Malaysia main board on Dec 16, 2005, comprises Starhill Gallery, Lot 10 Shopping Complex and the JW Mariott Hotel.

Chief executive officer Tan Sri Francis Yeoh Sock Ping said Starhill was off to an excellent start just seven months into its operations.

“We will continue to explore acquisition opportunities of suitable properties, the key requirement being that they are yield-enhancing and will complement the trust’s existing portfolio,”

Results seem to reflect the correct YTL’s strategy of disposing of its prestigeous properties into the REIT and retaining part of the major unit shareholding. A win-win scenario where the disposal created a surplus cash situation and a sizeable net realisable gain coupled with the aftermath successful financial results of the REIT for all its shareholders

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