Starhill REIT payout up 18%

KUALA LUMPUR (July 13): Starhill Real Estate Investment Trust (Starhill REIT) on Thursday announced a final income distribution of 3.62 sen per unit for the second half of fiscal year ended June 30, 2012, bringing total distribution for the full year to 7.64 sen per unit.

That is up 17.7% from 6.49 sen per unit distributed last year, representing a yield of 7.2% per annum using its five-day volume weighted average unit price of RM1.06, it said in a statement.

Tan Sri Francis Yeoh, CEO of REIT manager Pintar Projek Sdn Bhd, said the 32% year-on-year increase in total income distribution to RM101.1 million and 17.7% increase in dividend were aided by “the rationalisation of Starhill REIT’s property portfolio to focus on prime, yield-accretive hotel and hospitality-related assets”.

This story appeared in The Edge Financial Daily on July 13, 2012.