STARHILL REAL ESTATE INVESTMENT TRUST

STARHILL REAL ESTATE INVESTMENT TRUST the journey continues... annual report 2011 STARHILL REAL ESTATE INVESTMENT TRUST 1 annual report 2011 Table of Contents CoRpoRATE REVIEw FINANCIAL STATEMENTS 2 Financial Highlights 3 Fund Performance 4 Property Portfolio 24 Manager’s Report 36 Statement by Manager 36 Statutory Declaration • JW Marriott Hotel Kuala Lumpur • The Residences Properties 37 Trustee’s Report 38 Independent Auditors’ Report 10 Chief Executive Officer’s Statement 14 Corporate Information 15 Profile of the Board of Directors 17 Statement on Corporate Governance 21 Analysis of Unitholdings 22 Statement of Interests of Directors of the Manager 40 Statement of Comprehensive Income 42 Statement of Financial Position 44 Statement of Changes in Net Asset Value 45 Statement of Cash Flow 46 Notes to the Financial Statements 2 Financial Highlights Net revenue (RM’000) Income before tax (RM’000) Income after tax (RM’000) Total assets (RM’000) Net asset value (RM’000) Units in circulation (‘000) Net asset value per Unit (RM) Earnings per Unit (sen) Distribution per Unit (sen) 2011 30,148 59,923 58,239 1,586,102 1,356,659 1,178,889 1.151 4.94 6.4855 2010 109,823 31,077^ 31,077^ 1,618,702 1,374,877 1,178,889 1.166 2.64^ 6.4855 2009 110,483 355,847# 355,847# 1,656,676 1,420,257 1,178,889 1.205 30.18# 6.9121 2008 108,228 81,268 81,268 1,381,961 1,145,896 1,178,889 0.972 6.89 6.8936 2007 98,835 72,690 72,690 1,363,342 1,145,902 1,178,889 0.972 6.87 6.7019 # Includes the fair value adjustment on investment properties of RM274.36 million that arose from the revaluation of the Lot 10 Parcels, Starhill Gallery, JW Marriott Hotel Kuala Lumpur and The Residences Properties during the financial year ended 30 June 2009. ^ Includes the loss on disposal of the Lot 10 Parcels and Starhill Gallery of RM39.65 million mainly due to the decrease in fair value adjustment of RM24.66 million. Starhill Real Estate Investment Trust Fund Performance 3 (I) poRTFoLIo CoMpoSITIoN oF THE TRUST At 30 June 2011 % Real Estate – Lot 10 Parcels – – Starhill Gallery – – JW Marriott Hotel Kuala Lumpur 39 – The Residences Properties 16 55 Non-real estate-related assets – Convertible Preference Units in Starhill 45 Global REIT 100 2010 2009 % % – 26 – 43 39 22 16 9 55 100 45 – 100 100 2008 2007 % % 27 27 37 37 26 26 10 10 100 100 – – 100 100 (II) NET ASSET VALUE & UNIT INFoRMATIoN Total assets (RM’000) Total net asset value (“NAV”) (RM’000) Units in circulation (‘000) NAV per Unit (RM) – as at 30 June (before income distribution) – as at 30 June (after income distribution) ... - tailieumienphi.vn