Starhill Global ( former McQ Prime )

[tonylim]

Is there a way to know the scale of management fees charged by the Manager ?
By AUM , acqusition , etc. etc..

see latest AR09 pg 59

ppty mgr fee + commission = 3% of gross rentals

mgt fees = base fee of 0.5% per annum of value of trust ppty + perf fee (where accumulated return of trust index exceeds tat of accumulated return of benchmark index) per half-yr

acquisition fee = 1% of purchase px or value of real estate

divestment fee = 0.5% of sale px

tink still got some others ...

=================

from this yr's AR09 pg 85
their mgt fees = $10,787,000
no perf fees this yr

Thanks ichew.

[mojo_]

Notice that this reit and K-reit have been stagnating for the past 6-9 months, while most of the other reits have been going up in line with the market?

Is it a coincidence that these 2 reits previously did massive and very dilutive rights issues to bring down gearing to extremely low levels? Which will more easily allow them to justify injecting their parents' assets later, and they do have a lot in the pipeline. Yeah, it'll probably be yield accretive BUT existing unitholders have already been massively diluted. Good corporate governance?

ps: not vested in any way

[peter]

Starhill has been a laggard compared to other reits. Not sure whether the passing of the ceo delayed the upward move. It is only starting to move slowly. With the 6% appreciation of RM over Sin, may also improve results.

[mojo_]

There are no Malaysian assets currently in Starhill Global Reit's portfolio, so recent RM appreciation will not have any impact.

[peter]

Hi mojo,
I see, the KL acquisition must be not closed yet, thanks

[tonylim]

The financing of the acquisition of the two malls in Malaysia still not yet finalised. It has been already 6 months after they have signed the head of the agreement.

[tonylim]

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

[tonylim]

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

[Blackjack]

CPU issue price at S$1.00, conversion price at 30% premium to 5day VWAP, but what's the conversion ratio?

[tonylim]

7.1.
Pro Forma DPU and Distribution Yield
The table below sets out the pro forma financial effects of the Transactions on Starhill Global REIT’s DPU and distribution yield for FY2009, as if, as at 1 January 2009, (i) Starhill Global REIT acquired a 100% economic interest in the Properties through the subscription of the First Junior MTNs and the First NRPS, (ii) the Master Tenancy Agreements are in place and (iii) the Senior MTNs have been issued. For illustration purposes, the pro forma financial impact on Starhill Global REIT’s DPU and distribution yield are shown as if the CPUs are fully converted on 1 January 2009 even though the CPUs cannot be converted during the Restriction Period (as defined herein) save in certain limited circumstances.
19 Based on CPU issue size of S$177.0 million, the Exchange Rate and assuming that the CPU distribution is paid in full.

Notes:
(1)
Actual adjusted as if the Rights Issue had been completed on 1 January 2009 and borrowings of S$50.9 million had been repaid on that date.
(2)
Adjusted to include 963,724,106 rights Units as if the Rights Issue had been completed on 1 January 2009.
(3)
After taking into account the payment of the CPU distributions.
(4)Includes 236.4 million Units issued on conversion of the CPUs, based on the Exchange Rate assumed at the date of issuance of the CPUs

Conversion ratio should be around 1.33/1.34 , hope I got it right.