Starhill Global Real Estate Investment Trust : REIT 3Q FY 2022/23 Business Updates

3Q FY 2022/23 Business Updates

26 April 2023

 Singapore  Australia  Malaysia  Japan  China

Contents

• Overview and Key Highlights
• Portfolio Updates
• Market Outlook

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Overview and Key Highlights

Ngee Ann City Singapore

Overview of Starhill Global REIT

Prime retail portfolio in key Asia Pacific cities

Quality Assets

• Portfolio of ~ S$2.9 billion
• 9 mid- to high-end predominantly retail properties in six key Asia Pacific cities

Strategic Locations

• Landmark assets at prime locations
• Excellent connectivity to transportation hubs
• Appeals to both local and international brands

Diversified Portfolio

• Core markets: Singapore, Australia, Malaysia
• Contribution to 3Q FY22/23 revenue: Retail (~85%) & Office (~15%)

Strong Sponsor

• YTL Group owns ~37.75% of SGREIT
• Has a combined market capitalisation of US$4.2 billion(1)

Income Visibility

• Master/anchor leases with periodic rental reviews make up ~53% of gross rents(2)
• Staggered portfolio lease expiry profile and resilient occupancy

Healthy Financials

• "BBB" credit rating affirmed by Fitch Ratings in February 2023(3)
• Gearing of 37.1%(2) and weighted average debt maturity of 2.7 years(2)

Notes:

1. Market capitalisation of YTL Corporation Berhad and its listed entities in Malaysia, as at 31 March 2023.

2. As at 31 March 2023.

3. Fitch Ratings placed SGREIT on rating watch negative following the Myer arbitration announcement subsequently in March 2023.

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Key Highlights for 3Q FY22/23

Financial

Performance

Gross Revenue

S$47.3 million

2.3% y-o-y

Net Property Income

S$38.0 million

1.3% y-o-y

Notes:

1. Based on commenced leases as at reporting date.
2. As at 31 March 2023.

Resilient

Operational Performance

Portfolio occupancy

96.7%(1)(2)

Long WALE

6.6 years(2)

by NLA

Expiring leases by gross rents in FY22/23

4.3%(2)

Prudent

Capital Management

Gearing

37.1%(2)

Secured new S$75 million and A$63 million unsecured term loan facilities to refinance debts maturing in 2023; no term debt refinancing requirements until September 2024

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