Real Estate Investment Trust
(REIT) can be classified as a mutual fund. They are allowed to be traded in the
form of shares within the capital secondary market which provides investors
with liquidity advantage as compare to direct investing in real estate. YTL
Hospitality Real Estate Investment Trust (YTLREIT) main income streams are from
fixed rental income (Malaysia & Japan) based on master lease contract and
hotel business’ income (Australia) based on management contract. YTLREIT’s
investment properties are located in 3 countries – Australia, Japan and
Malaysia. Australia is the largest portion of YTLREIT's portfolio with 43% of
the trust’s fund allocated.
YTLREIT's Properties
Hotel Brands under Management
International Brands
- JW Marriot
- Marriot
- Ritz Carlton
- Hilton
Local Brands
- Vistana
- Cameron Highlands Resort
- Pangkor Laut Resort
- Tanjong Jara Resort
YTLREIT
Group Structure
Source: YTL Hospitality
REITs
The
Trust Manager
Pintar Projek was
incorporated in 1994 and is a 70%-owned subsidiary of YTL Land Sdn Bhd, which
is a wholly-owned (100%) subsidiary of YTL Corporation Berhad.
Key active
personnel in managing YTLREIT:
·
Francis Yeoh Sock Ping
·
Mark Yeoh Seok Kah
YTLREIT’s Ownership
Structure^
Top 30 shareholders
– 79.28% or 1,049,996,489/1,132,330,089 shares.
Minority Shareholders – 20.72% or 82333600/1,132,330,089 shares.
Level of
ownership concentration: High*
*69.04% or
914,303,689 of the total shares hold by YTL Corporation Bhd
Yeoh Family
Holdings
Direct &
Indirect Shareholdings via companies listed below:
YTL
Corporation Bhd – 56.44% or 639,087,102 shares.
East-West
Ventures Sdn Bhd – 4.72% or 62,500,000 shares.
YTL Power
International Berhad – 3.25% or 36,800,727 shares.
Syarikat
Pelanchongan Pangkor Laut Sendirian Berhad – 1.83% or 24,250,000 shares.
Business
& Budget Hotels (Kuantan) Sdn Bhd – 1.42% or 18,750,000 shares.
Megahub
Development Sdn Bhd – 1.38% or 18,250,000 shares.
Other Key
Shareholders:
EPF (Malaysia
sovereign fund) Shareholdings
#Key shareholders
who are expected to play a monitor role in overseeing the substantial
shareholders.
^ As at 16 July 2014
^ As at 16 July 2014
Comments:
· YTLREIT’s competitors – SUNREIT and ARREIT, but they have
different focus. E.g. SUNREIT focus on retail segment of their properties.
· Hospitality focuses REIT with a
geographically and brand diversified portfolio.
· Fixed and stable income stream
from master lease’s lessee with 5% increment in lease fee every 5 years time, although foreign exchange risk exists.
· Seasonal cycle in Australian
hotel business.
· Sign of weak corporate
governance – high family ownership
concentration through individuals, public and private corporation holdings. (Threats
to minority/retail shareholders)
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Disclaimer:
The information
in this article has been obtained from sources believed to be reliable. Its
accuracy or completeness is not guaranteed and opinions are subject to change
without notice. This report is for information only and not to be construed as
a solicitation for contracts. The blog’s owner accept no liability for any
direct or indirect loss arising from the use of this article.
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