89
88
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
Statements of Movements
in Unitholders’ Funds
18 months ended 30 June 2015
The accompanying notes form an integral part of these financial statements.
Investment Properties
Portfolio Statement
As at 30 June 2015
The accompanying notes form an integral part of these financial statements.
Group
Trust
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
18-month period
from 1 January 2014
to 30 June 2015
$’000
12-month period
from 1 January 2013
to 31 December 2013
$’000
Unitholders’ funds at the beginning
of the period/year
1,989,764
1,708,618
1,947,962
1,669,657
Operations
Change in unitholders’ funds resulting
from operations, before distributions
174,541
249,978
162,050
230,584
Increase in unitholders’ funds resulting
from operations
174,541
249,978
162,050
230,584
Foreign currency translation reserve
Translation differences from financial
statements of foreign entities
(23,981)
(8,530)
–
–
Exchange differences on monetary items
forming part of net investment in
foreign operations
(14,010)
(8,023)
–
–
Net loss recognised directly in
unitholders’ funds
(37,991)
(16,553)
–
–
Unitholders’ transactions
Distributions to CPU holder(s)
(1,549)
(5,092)
(1,549)
(5,092)
Distributions to unitholders
(162,354)
(100,252)
(162,354)
(100,252)
CPU conversion
(1)
20,380
153,065
20,380
153,065
(Decrease)/Increase in unitholders’ funds
resulting from unitholders’ transactions
(143,523)
47,721
(143,523)
47,721
Unitholders’ funds at the end of the
period/year
1,982,791
1,989,764
1,966,489
1,947,962
Note:
(1)
Represents the values of 152,727,825 CPU and the remaining 20,334,750 CPU being converted into ordinary units at a conversion price of $0.7266 per unit in
July 2013 and June 2015 respectively.
Group
Description of
property
Tenure Term of lease
Remaining
term of
lease Location
Existing use
Occupancy
rate
At
valuation
Percentage of
total net assets
30 June
2015
%
30 June
2015
$’000
31 December
2013
$’000
30 June
2015
%
31 December
2013
%
Wisma Atria
Property
Leasehold Leasehold estate
of 99 years expiring
on 31 March 2061
46 years 435 Orchard Road,
Singapore 238877
Retail/Office
98.1/98.3 987,500
(5)
961,500
49.8
47.8
Ngee Ann City
Property
Leasehold Leasehold estate
of 69 years expiring
on 31 March 2072
57 years 391/391B Orchard Road,
Singapore 238874
Retail/Office
100.0 1,084,000
(5)
1,074,000
54.7
53.4
Myer Centre
Adelaide
(1)
Freehold
–
–
14-38 Rundle Mall,
Adelaide, Australia
Retail/Office
96.7/91.6 297,288
(6)
–
15.0
–
David Jones
Building
(1)
Freehold
–
–
622-648 Hay Street Mall,
Perth, Australia
Retail
97.4 149,676
(7)
150,593
7.5
7.5
Plaza
Arcade
(1)
Freehold
–
–
650 Hay Street Mall and
185-191 Murray Street Mall,
Perth, Australia
Retail
92.5 53,161
(7)
57,531
2.7
2.9
Starhill
Gallery
(2)
Freehold
–
–
181 Jalan Bukit Bintang,
55100 Kuala Lumpur,
Malaysia
Retail/Office
100.0 243,066
(8)
262,253
12.3
13.0
Lot 10
Property
(2)
Leasehold Leasehold estate
of 99 years expiring
on 29 July 2076
61 years 50 Jalan Sultan Ismail,
50250 Kuala Lumpur,
Malaysia
Retail/Office
100.0 153,231
(8)
165,573
7.7
8.2
Renhe Spring
Zongbei
Property
(3)
Leasehold Leasehold estate of
40 years expiring on
27 December 2035
20 years No 19, Renminnan Road,
Chengdu, China
Retail
100.0 66,335
(9)
81,679
3.3
4.1
Ebisu Fort
(4)
Freehold
–
–
1-24-2 Ebisu-Minami,
Shibuya-ku,
Tokyo, Japan
Retail/Office
100.0 34,088
(10)
37,336
1.7
1.9
Roppongi
Terzo
(4)
Freehold
–
–
7-13-7 Roppongi,
Minato-ku,
Tokyo, Japan
F&B/
Entertainment
100.0 26,830
(10)
29,387
1.4
1.5
Daikanyama
(4)
Freehold
–
–
1-31-12 Ebisu-Nishi,
Shibuya-ku,
Tokyo, Japan
Retail/Office
100.0 12,975
(10)
14,212
0.7
0.7
Holon L
(4)
Freehold
–
–
3-12-13 Kita Aoyama,
Minato-ku,
Tokyo, Japan
NA
NA
–
11,659
–
0.6
Nakameguro
Place
(4)
Freehold
–
–
1-20-2 Aobadai,
Meguro-ku,
Tokyo, Japan
Retail
48.2 4,453
(10)
4,878
0.2
0.2
Harajyuku
Secondo
(4)
Freehold
–
–
1-19-1 Jingumae,
Shibuya-ku,
Tokyo, Japan
Retail
100.0 3,552
(10)
3,842
0.2
0.2
Investment properties at valuation
3,116,155
2,854,443
157.2
142.0
Other assets and liabilities (net)
(1,133,364)
(844,299)
(57.2)
(42.0)
Net assets
1,982,791
2,010,144
100.0
100.0
Notes:
(1)
David Jones Building, Plaza Arcade and Myer Centre Adelaide (the “Australia Properties”) were acquired on 20 January 2010, 1 March 2013 and 18 May 2015 respectively.
(2)
Starhill Gallery and Lot 10 Property (the “Malaysia Properties”) were acquired on 28 June 2010.
(3)
Renhe Spring Zongbei Property was acquired on 28 August 2007.
(4)
The Japan Properties comprise five properties (2013: six) as at 30 June 2015. Holon L was divested on 19 March 2014. Four of these properties (Roppongi Terzo,
Harajyuku Secondo, Daikanyama and Nakameguro Place) were acquired on 30 May 2007, whilst the fifth property, Ebisu Fort, was acquired on 26 September 2007.
(5)
Based on the valuation performed by Savills Valuation and Professional Services (S) Pte Ltd as at 30 June 2015.
(6)
Based on the valuation performed by CIVAS (VIC) Pty Ltd as at 30 June 2015 and translated at the exchange rate of A$0.97:$1.00.
(7)
Based on the valuation performed by Knight Frank Australia Pty Ltd as at 30 June 2015 and translated at the exchange rate of A$0.97:$1.00 (2013: A$0.89:$1.00).
(8)
Based on the valuation performed by Rahim & Co Chartered Surveyors Sdn Bhd as at 30 June 2015 and translated at the exchange rate of RM2.81:$1.00 (2013: RM2.59:$1.00).
(9)
Based on the valuation performed by DTZ Debenham Tie Leung Limited as at 30 June 2015 and translated at the exchange rate of RMB4.61:$1.00 (2013: RMB4.79:$1.00).
(10)
Based on the valuation performed by DTZ Debenham Tie Leung K.K. as at 30 June 2015 and translated at the exchange rate of JPY90.94:$1.00 (2013: JPY83.03:$1.00).
The Manager believes that the above independent valuers have appropriate professional qualifications and recent experience in the
location and category of the Group’s investment properties being valued.
