REITs 5 问:
Q1 什么是REITs？
不动产投资信托 (Real Estate Investment Trusts)
Q2 它是怎么产生的？
发行REITs的机构把办公大楼、购物中心、饭店……等等商用不动产，经过证券化的方式 分割成小单位的有价证券，卖给投资人， 发行机构每年会将这些不动产的租金收入，或不动产买卖利得，依照约定比例分配给投资人。
Q3 买进REITs的获利来源？
1 每年固定分派的现金利息
2 出售REITs时的资本利得。
Q4 REITs的价格为什么会涨？
REITs净价上涨时，会带动其股价上涨，净价上涨的原因为：
1 每年租金收入
2 每季重估不动产
价值，若不动产上涨，净值就成长。此外，若市场看好该标的
后加码涌入，也会推升股价。
Q5什么时候REITs价格会下跌？
1 利率若上扬，与REITs现金收益率差距缩小时，投资人
会卖出。
2 不动产价格及租金收益有下滑压力时。
REIT 是时下最热门的投资话题，而你对它了解有多深呢？房地产投资信托基金是一种房东概念的投资工具，REITs最主要的收益来自租金与买卖不动产的利润。投资于房地产投资信托基金，你不必再担心找房客、修水电等令人烦恼的工作。每一个房地产投资信托基金都有专业的产业管理公司负责，即使平凡的你也可以花小钱当地产大亨。1961年，美国就出现第一个房地产投资信托基金，过去十年，这类基金在美国造就了许多富豪，接着这股风潮传到欧洲、澳洲，进两年再延烧到亚洲。
当你对REITs有一定了解后，是不是也想成为REITs的一分子呢？要怎样挑选呢？在REITs投资最少有三大功课要做。
产业投资信托基金REITs的投资策略
功课一，商品组合：每一档的REITs都有一个投资组合，包含了几颗大楼，你要担心的是这些大楼
的营运风险。不动产投资信托投资标的以商业办公大楼和零售业为主，营运和经济活动及民生需求
直接相关，风险比较低。但是组合中如果有特殊资产，如饭店、物流中心等，由于有淡旺季，营收
较不稳定，就得注意经营管理的门栏、招租的困难程度，进而要求有较高的风险回酬。
功课二，租凭市场的荣枯：不动产投资信托基金的下档支撑看基金的配息,配息的现金来源是大楼
的租金，因此影响大楼租金稳定的变数便须\注意。
功课三，房价是否合理：不动产投资信托基金除了靠大楼的租金收益，每年分配股息，还可以
赚到房子增值的利润。但是，房价的增值空间取决于发行者设计产品时估列的房价是否合理，
因此评价基金是否值得投资，先看发行商设算的房价是否贴近市场价格，有(灌水)之嫌的标的，
就不值得投资。这时候谁负责鉴价，就是关键。不动产投资信托基金能不能让投资者赚钱，取决
于物业的‘现金流量’管理，因此，投资的物业是否有好的物业管理工司，投资人也须流意。
追求高报酬前，以上三大功课不可忽略，反之应该好好收集资料，那么风险就能大大地降低
当前马来西亚有13个REITs，而每一个都有不同的产业投资组合及目标。这一起为你介绍马来西亚其中一个REITs，那就是STARHIL REIT。每一期这专栏都会介绍其中一个马来西亚REITs以便让你对马来西亚REITs有更深一成的了解。
关于STARHILL REIT
STARHILL 房地产投资信托基金(简称" Starhill REIT")是目前马来西亚最大的房地产投资信托基金, 占据市场的资本大约RM9.52亿美元 (截至2006年6月30日) ， 它包含了三个位于吉隆坡金三角的主要房地产， 即 starhill画廊及毗邻的吉隆坡JW Marriott 酒店, 还有137块地和2块附属的零售地, 办公室,仓库及其他在Lot 10 商场之内的地段( "Lot 10房地产" ) (统称为"房地产" ) ¡£
总资产估计价值的百份比(不动产投资组合)
Starhill画廊 RM480万 41.7%
Lot 10 房地产 RM341万 29.7%
JW Marriott 酒店(吉隆坡) RM329 28.6%
Starhill REITs 建立于2005年11月18号，由Pintar Projek Sdn Bhd 和 Mayban Trustees Berhad 之间的一个信托协议开始，分别作为Starhill Reits 的经理人和托管人。 上市于2005年12月16日10月在马来西亚证券交易所的主板，Starhill REITs 的主要投资策略是投资多元化创收房地产， 主要用于零售,办公和招待用途,特别侧重于零售业和酒店物业。 Starhill REITs的主要目标是提供单位持有者一个具有潜力持续增长的稳定现金分布, 主要是从财产的归属权,和提高长期的单位价值。
而STARHILL REIT是由杨忠礼机构的子公司负责管理。
关于PINTAR PROJEK SDN BHD
Pintar Projek Sdn Bhd(简称"Pintar Projek " )成立于1994年, 70%是YTL Land Sdn Bhd的附属公司，而后者又是YTL Corporation Berhad的子公司，此公司的董事局及主要职员由富有经验和在各自专长的领域上表现突出的人才组成。
STARHILL REIT的投资组合是由3个产业组成。以下是这些产业的一些资料。
Starhill REIT's investment portfolio is composed of three properties; the following is the information of these three properties.
PROPERTY POTFOLIO
Property Starhill Gallery
Address: 181 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia
Property type: Shopping centre
Title: Freehold
Age of building Approximately: 11 years
Net lettable area: 293,727 square feet
Valuation: RM480,000,000
Occupancy rate: 99.5%
Major tenants Autodome Sdn Bhd, Cortina Watch Sdn Bhd, Apcot PP (M) Sdn Bhd
LOT 10 PROPERTY
Address: 50 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia
Property type: Shopping centre
Title: 99-year leasehold interest expiring on 29 July 2076
Age of building Approximately: 16 years
Net lettable area: 181,301 square feet
Valuation RM341,000,000
Occupancy rate: 96.0%
Major tenants Autodome Sdn Bhd, Esprit De Corp (Malaysia) Sdn Bhd, Timberland Lifestyle Brand
JW MARRIOTT HOTEL KUALA LUMPUR
Address: 183 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia
Property: type Hotel
Title: Freehold
Age of building Approximately: 9 years
Valuation: RM329,000,000
Tenancy details The JW Marriott Hotel Kuala Lumpur is presently leased to Star Hill Hotel Sdn Bhd, a wholly-owned subsidiary of YTL Corporation Berhad and the operator of the hotel, for a term expiring on 31 December 2023.
STARHILL REIT是马来西亚市值最大的产业信托基金，以下是JP摩根对STARHILL REIT今年下半年的展望及预测的分析报告。
JP Morgan以超重' 的推荐和目标价RM1.30发起复盖Starhill REIT行动 '
我们以OW评级和在07年12月有RM1.30的价格目标启动复盖 Starhill REIT行动。以RM1.28B 的资产规模, Starhill REIT 包含了4个位于金三角的物业， 即是 starhill画廊，Lot 10 (两者都是零售商场) , JW Marriott 酒店, 和'The Residences'服务公寓。
正面的价格驱动力
-Starhill, 作为M-REIT 市场流动性最好的代表， 在即将发表的财政预算，将会从股息预扣税的减低(可能性极高)中获利.
-大部分与Autodome最初签订的合约将在2007年11月逾期，Starhill REIT 应该会在租赁期更替时提高租金费率。
-独特的房产,良好的品牌,并处于黄金地段的零售商场(和酒店)可从正提高中的消
费能力和游客的到来中获利。
负面的价格驱动力和风险
-Starhill REIT 缺少强而有力的发展策略。
-对我们的论点最大的风险是利率波动。
-对Lot 10 来说,有着更激烈的竞争，占地1.37万平方的The Pavillion 将在2007年底/2008年头开张。
Real estate investment trusts (REITs) is among the most popular investment topic, and how deep do you know about it? Real Estate Investment Trust is type of "landlord-concept” investment means, the main incomes of REITs are from rentals and transactions of real estates. Investment in real estate investment trusts, you do not need to worry about finding tenants, repairing utilities etc... Each real estate investment trusts is managed by professional estate management companies, even ordinary people as you can also spend a little money and be a property tycoon. In year 1961, the first real estate investment trust was appeared in the United States, in the past decade, such investment trusts had created many millionaires in the United States, and then it spread to Europe, Australia and reached Asia within these two years.
After you have a certain understanding regarding REITs, are you thinking of becoming one of the investors of REITs? But... how to select? To invest in REITs, at least three major home works you have to done...
Homework 1, the commodities’ portfolio: each units of REITs have an investment portfolio, including a few buildings, what you should worry is about the operational risks of these buildings. Real estate investment trust mainly investing in commercial office and retail-based buildings, trading and economic activities directly related to people’s needs, the risk is relatively low. But if there is special assets in the portfolio, such as hotels, logistics centers, due to the existence of seasons (peak & low), revenues is relatively unstable, we must pay attentions to the operation and management, the difficulties of rent-out, and then request for a higher risk returns.
Homework 2, ups and downs of the leasing market : lower support of Real Estate Investment Trust depends on fund income distribution, source of cash of fund income distribution is the rental of building, and hence must pay attention to the variables that affecting the stability of building rental.
Homework 3, are prices reasonable？ From real estate investment trusts, you not only can earn profits from rentals of buildings, the annual distribution of dividends, you can also earn the profits from the increased-value of the housing. However, the value-added space of the real estate is depends on whether the estimated housing prices are reasonable, so, to evaluate whether it is worthwhile to invest REITs, we have to look at whether the issue price of the housing is close to the market price。 At this time, who is responsible for appraising the housing price, is crucial. Whether Real Estate Investment Trust can let investors to make money is depends on the management of the properties’ ‘cash flow’. Hence, whether the investment property has a good property management company, investor also needs to be attentive.
Before pursuing of high returns, you cannot lose sight of the above three major home works, but rather you should collect the information nicely, and then the risks can be greatly reduced.
Presently Malaysia has thirteen REITs, and each one has different property investment portfolio and objectives. This month would like to introduce you with one of the Malaysia REITs that is Starhill REIT. Each time, this column will introduce one of the 12 Malaysia REITs to you to allow you to have a better understanding about Malaysia REITs.
ABOUT STARHILL REIT
Starhill Real Estate Investment Trust (“Starhill REIT”) is currently Malaysia’s largest real estate investment trust, with a market capitalization of approximately RM952 million (as at 30 June 2006), and comprises three prime properties situated in the heart of Kuala Lumpur’s Golden Triangle, namely, Starhill Gallery and the adjoining JW Marriott Hotel Kuala Lumpur, and 137 parcels and 2 accessory parcels of retail, office, storage and other spaces within Lot 10 Shopping Centre (“Lot 10 Property”) (collectively, the“Properties”).
% of Total Property Appraised Value Real Estate Portfolio
Starhill Gallery RM480 million 41.7%
Lot 10 Property RM341 million 29.7%
JW Marriott Hotel Kuala Lumpur RM329 million 28.6%
Starhill REIT was established by a trust deed entered into on 18 November 2005 between Pintar Projek Sdn Bhd and Mayban Trustees Berhad, as manager and trustee, respectively, of Starhill REIT. Listed on 16 December 2005 on the Main Board of Bursa Malaysia Securities Berhad, Starhill REIT’s principal investment strategy is to
invest in a diversified portfolio of income-producing real estate, used primarily for retail, office and hospitality purposes, with particular focus on retail and hotel properties. The primary objectives of Starhill REIT are to provide unitholders with stable cash distributions with the potential for sustainable growth, principally from the ownership of properties, and to enhance long-term unit value.
And Starhill REIT is in-charged and managed by subsidiary of Agency Zhong-Li Yang.
ABOUT PINTAR PROJEK SDN BHD
Pintar Projek Sdn Bhd (“Pintar Projek”) was incorporated in 1994 and is a 70%-owned subsidiary of YTL Land Sdn Bhd, which in turn is wholly-owned subsidiary of YTL Corporation Berhad. Its Board of Directors and key personnel comprise experienced and prominent individuals in their respective fields of expertise.
Starhill REIT is Malaysia largest REIT in the market, below is outlook of the second half of this year and forecast analysis report by JP Morgan regarding Starhill REIT.
JP Morgan Initiates Coverage of Starhill REIT with 'Overweight' Recommendation & Target Price of RM1.30
We initiate coverage on Starhill REIT with an OW rating and a Dec-07 price target of M$1.30. With an asset size of M$1.28B, Starhill REIT consists of 4 properties in the Golden Triangle—Starhill Gallery, Lot 10 (both retail malls), the JW Marriott Hotel, and 'The Residences' service apartments.
Positive price drivers
-Starhill, as the most liquid proxy to the M-REIT market, will benefit from the strong possibility of withholding tax cuts on dividends in the upcoming Budget.
- Most contracts initially signed with Autodome will expire in November 2007; tenancies novated to Starhill REIT should boost rental rates.
- Unique properties, good brand name, and prime location for its retail malls (and hotels) to benefit from rising consumption spend and tourist arrivals.
Negative price drivers and risks to thesis
-Starhill REIT lacks an aggressive growth strategy.
- The main risk to our thesis is unexpected fluctuations in interest rates.
- Keener competition for Lot 10 with an upcoming 1.37 million sq ft The Pavillion by end-2007/early-2008.
REITs 5 Questions:
Q1. What is REITs?
Real Estate Investment Trusts
Q2. How it is been created?
The organization that issued REITs, divided the office buildings, shopping centers, hotels…… the commercial real estate, into small units of stocks and shares, and sold to investors, each year, this organization distributed the real estate rental income, or the sale of real estate profits to investors according to the agreed-ratio.
Q3 Profit sources of buying REITs?
1 Fixed annual cash interests. 2 Capital profits when REITs are sold.
Q4 Why REITs prices are raising?
When REITs net price rose, it would lead to their stock prices rising, the reasons of net price rising are: 1 annual rental income; 2 revaluation of real estate value quarterly, if the real estate rise, net worth growth. In addition, if the market seems promising outlook on the real estate, hence influx of funds, will also push up the share prices.
Q5 When REITs prices will fall?
1 when interest rates rise, and the gap between the interest rates and the REITs cash yield rate is narrowing, the investors will sell the REITs.
2 when real estate prices and rental yield have pressure of declining.
