Starhill Global REIT

Starhill Global REIT: Overall results were inline, with 3Q14 DPU up 5% to 1.27¢ taking 9M14 DPU to 3.76¢ (+5.0%). Despite gross revenue inching down 0.4%, mainly due to weaker contribution from Renhe Spring Zongbei Property and Japan Properties, NPI rose 4.1% to $39.6m, due to lower operating expenses incurred by the group. Going forward, operations are expected to remain stable, and the group will continue to pursue acquisitions both locally and overseas. Fundamentals remain sound with overall occupancy at 99.7%, while annualized 3Q14 DPU yield stands at 6.38% and P/B valuation is undemanding at just 0.85x P/B.