Financial Statements And Related Announcement :: Full Yearly Results

Starhill Global Real Estate Investment Trust

and its Subsidiaries

(Constituted in the Republic of Singapore pursuant to a trust

deed dated 8 August 2005 (as amended))

Interim Financial Statements

For the second half and full year ended 30 June 2022

Table of Content

Description	Page
Summary of results	FS1
Distribution details	FS1
Balance sheets	FS2
Statements of total return and distribution statements	FS3
Statements of movements in unitholders' funds	FS9
Investment properties portfolio statement	FS13
Consolidated cash flow statement	FS15
Notes to the Financial Statements	FS17
Other Information Required By Listing Rule Appendix 7.2	FS31

Starhill Global Real Estate Investment Trust and its subsidiaries

Unaudited interim financial statements

Second half and full year ended 30 June 2022

Summary of results

					Group	Group		Group	Group
					01/01/22 to	01/01/21 to	Increase /	01/07/21 to	01/07/20 to	Increase /
					30/06/22	30/06/21	(Decrease)	30/06/22	30/06/21	(Decrease)
					$'000	$'000	%	$'000	$'000	%
Gross revenue					95,463	92,867	2.8%	186,434	181,287	2.8%
Net property income	(a)				75,071	69,751	7.6%	144,710	134,737	7.4%
Income available for distribution	(b)			47,121	44,939	4.9%	89,779	88,177	1.8%
Income to be distributed to unitholders	(c)		45,257	45,909	(1.4%)	84,996	87,339	(2.7%)
Distribution per unit ("DPU")				Cents per unit	%	Cents per unit	%
DPU (excluding effects of deferred amount)	(c), (d), (e)	2.02	1.86	8.6%	3.80	3.60	5.6%
DPU (including effects of deferred amount)	(c), (d), (e)	2.02	2.07	(2.4%)	3.80	3.95	(3.8%)

Footnotes:

1. The increase in net property income ("NPI") for second half year ended 30 June 2022 ("2H FY21/22") was mainly due to the cessation of rental rebates in Malaysia following the completion of asset enhancement works at The Starhill in December 2021, as well as lower operating expenses, partially offset by lower rental contribution from Wisma Atria Property (Retail) and depreciation of A$ against S$.
2. The increase in income available for distribution for 2H FY21/22 and full year ended 30 June 2022 ("FY21/22") were mainly in line with the higher NPI including straight-lining adjustment, as well as lower finance costs and other non-property items, partially offset by one-off adjustment to reflect the timing difference of Singapore property tax refunds in the full year ended 30 June 2021 ("FY20/21"), as well as lower management fees paid/payable in units and full period of distribution to perpetual securities holders in FY21/22.
3. Approximately $1.9 million and $4.8 million (second half year ended 30 June 2021 ("2H FY20/21") and FY20/21: $3.6 million and $8.5 million) of income available for distribution for 2H and FY21/22 has been retained for working capital requirements respectively. Included respectively in 2H and FY20/21 income to be distributed to Unitholders is the release of $4.6 million (or 0.21 cents per unit) and $7.7 million (or 0.35 cents per unit) relating to FY19/20's deferred distributable income.
4. The computation of DPU for 2H FY21/22 is based on the number of units entitled to distributions comprising issued and issuable units of 2,240,430,617 (2H FY20/21: 2,217,585,902).
5. The computation of DPU for FY21/22 is based on the number of units entitled to distributions comprising of (i) 2,232,571,530 units for first half year ended FY21/22 ("1H FY21/22"), and (ii) issued and issuable units of 2,240,430,617 for 2H FY21/22 (FY20/21: 2,203,594,600 for first half year ended FY20/21 ("1H FY20/21") and 2,217,585,902 for 2H FY20/21).

Distribution details

Distribution period	1	January 2022 to 30 June 2022
Distribution amount to Unitholders	2.02 cents per unit
Record date	5	August 2022
Payment date	23 September 2022

The Manager has determined that the distribution reinvestment plan ("DRP") will apply to the distribution for the period from 1 January 2022 to 30 June 2022. The issue price of each new unit for this DRP will be set at a discount of approximately 2% to the volume-weighted average traded price per unit for all trades on the SGX-ST for each of the market days during the period of 10 market days prior to and ending on the record date. The Manager will announce further details on the issue price of the new units for the DRP on or around Friday, 5 August 2022.

FS1

Starhill Global Real Estate Investment Trust and its subsidiaries

Unaudited interim financial statements

Second half and full year ended 30 June 2022

Balance sheets (1)

As at 30 June 2022

		Group		Trust
	Note	2022	2021	2022	2021
		$'000	$'000	$'000	$'000
Non-current assets
Investment properties	4	2,893,294	2,964,648	1,969,955	2,008,704
Plant and equipment		14	29	13	21
Interests in subsidiaries		-	-	667,224	659,123
Derivative financial
instruments		15,163	1,303	14,426	1,303
Trade and other receivables		-	185	-	-
		2,908,471	2,966,165	2,651,618	2,669,151
Current assets
Derivative financial
instruments		436	91	391	91
Trade and other receivables		2,855	5,008	2,865	5,386
Cash and cash equivalents		85,663	108,323	33,820	50,913
		88,954	113,422	37,076	56,390
Total assets		2,997,425	3,079,587	2,688,694	2,725,541
Non-current liabilities
Trade and other payables		21,413	22,799	17,382	18,093
Derivative financial
instruments		-	7,324	-	5,020
Deferred tax liabilities		6,844	6,795	-	-
Borrowings	5	955,962	1,105,353	784,932	927,150
Lease liabilities		580	341	500	248
		984,799	1,142,612	802,814	950,511
Current liabilities
Trade and other payables		38,894	41,514	26,522	28,467
Derivative financial
instruments		213	2,489	199	689
Income tax payable		1,163	2,418	-	-
Borrowings	5	124,974	-	124,974	-
Lease liabilities		355	457	355	457
		165,599	46,878	152,050	29,613
Total liabilities		1,150,398	1,189,490	954,864	980,124
Net assets		1,847,027	1,890,097	1,733,830	1,745,417
Represented by:
Unitholders' funds		1,747,408	1,790,478	1,634,211	1,645,798
Perpetual securities holders'
funds	6	99,619	99,619	99,619	99,619
Units in issue ('000)	7	2,239,028	2,214,204	2,239,028	2,214,204
Net asset value and net
tangible asset per unit ($)
based on:
Units issued and issuable at the
end of the year	8	0.78	0.81	0.73	0.74

Note:

1. Please refer to FS36-37 for the key explanatory notes on the above items.

The accompanying notes form an integral part of these

unaudited interim financial statements.

FS2

Starhill Global Real Estate Investment Trust and its subsidiaries

Unaudited interim financial statements

Second half and full year ended 30 June 2022

Statements of total return

Year ended 30 June 2022

		Group	Trust
		12 months	12 months	12 months	12 months
		ended 30	ended 30	ended 30	ended 30
	Note	June 2022	June 2021	June 2022	June 2021
		$'000	$'000	$'000	$'000
Gross revenue	9	186,434	181,287	113,225	114,006
Property operating expenses	10	(41,724)	(46,550)	(24,234)	(26,638)
Net property income		144,710	134,737	88,991	87,368
Interest income from fixed
deposits and bank balances		387	451	67	119
Interest income from subsidiaries		-	-	8,988	5,711
Dividend income from
subsidiaries		-	-	20,207	4,989
Management fees		(15,288)	(15,500)	(14,278)	(14,524)
Performance fees (1)		-	-	-	-
Trust expenses	11	(3,920)	(3,924)	(2,495)	(2,763)
Finance expenses	12	(37,849)	(41,411)	(27,982)	(28,021)
		88,040	74,353	73,498	52,879
Change in fair value of derivative
instruments		19,953	12,755	15,523	8,466
Foreign exchange loss		(2,358)	(1,033)	(12,116)	(543)
Change in fair value of investment
properties	4	(49,587)	(28,095)	(45,811)	(59,043)
Reversal of allowance on interests
in subsidiaries		-	-	31,057	-
Total return for the year before tax
and distribution		56,048	57,980	62,151	1,759
Income tax		(2,251)	(1,462)	(1,316)	(698)
Total return for the year after
tax, before distribution		53,797	56,518	60,835	1,061
Less: Amount reserved for
distribution to perpetual
securities holders		(3,850)	(2,088)	(3,850)	(2,088)
Non-tax deductible items and
other adjustments		39,832	33,747	32,794	89,204
Income available for
distribution		89,779	88,177	89,779	88,177
Earnings per unit (cents)
Basic	13	2.24	2.47	2.55	(0.05)
Diluted	13	2.24	2.47	2.55	(0.05)

Note:

1. Performance fees are calculated annually as at 30 June. There is no performance fee for the year ended 30 June 2022 as the performance of Starhill Global REIT's trust index is approximately 115% below the benchmark index as at 30 June 2022.

The accompanying notes form an integral part of these

unaudited interim financial statements.

FS3