Starhill Global REIT: Rev at $44.0m -2.6% yoy flat qoq with net loss compared to $20.9m profit prev quarter. NPI at $34.4m was also -3.7% yoy -3.2% qoq. Loss was due to unrealized loss in cross currency swaps which was entered in relation to acquisition of Japan properties. Co has also announced news for a JPY13b term loan to finance the swaps and provide a natural currency hedge for its Japanese properties. The SGD received from the swaps will be used to reduce loans. Co expects its gearing to increase from 30% to 32%.
DPU remained unchanged at 1.0c same as prev quarter with annualized yield of 6.8%
Co has an ongoing dispute with Toshin Development, its master tenant in Ngee Ann City, which contributes 19.5% of gross portfolio rental. Co has brought the matter to court which was dismissed and is intending to appeal again.
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