1H FY 2024/25 Financial Results

23 January 2025

Contents

Page

Overview and Key Highlights

04

Financial Performance

07

Portfolio Updates

17

Strategy and Market Outlook

32

Appendix

36

Overview and Key Highlights

Ngee Ann City, Singapore

Overview

Quality Assets

  • Portfolio of ~S$2.8 billion
  • 9 mid- to high-end predominantly retail properties in six key Asia Pacific cities

Strong Sponsor

  • YTL Group owns ~38.0% of
    SGREIT
  • Has a combined market capitalisation of US$21 billion(1)

Strategic Locations

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

Income Visibility

  • Master/anchor leases with periodic rental reviews make up ~51.7% of gross rents(2)
  • Committed portfolio occupancy of 97.7%(2)

Diversified Portfolio

  • Core markets: Singapore, Australia, Malaysia
  • Contribution to 1H FY24/25 revenue: Retail (85%) &
    Office (15%)

Healthy Financials

"BBB" credit rating with

stable outlook by Fitch

Ratings

Gearing of 36.2%(2) and

weighted average debt

maturity of 3.0 years(2)

Component stock of FTSE

EPRA NAREIT Global

Developed Index

Notes:

  1. Market capitalisation of YTL Corporation Berhad and its listed entities in Malaysia, as at 31 December 2024.
  2. As at 31 December 2024.

5

1H FY24/25 Key Highlights

Financial

Performance

Gross Revenue

S$96.3 million

1.7% y-o-y

Net Property Income

S$75.6 million

1.6% y-o-y

Distribution per Unit

1.80 cents

1.1% y-o-y

Notes:

Resilient

Operational Performance

Committed Portfolio

Occupancy

97.7%(1)

Portfolio WALE

(by NLA)

7.4 years(2)

Expiring leases by gross rent in FY24/25

4.9%(1)

Prudent

Capital Management

Gearing

(as at 31 December 2024)

36.2%

Fixed/hedged debt

(as at 31 December 2024)

83%

Sufficient undrawn long- term committed RCF lines to cover the remaining debts maturing in FY24/25

1. Based on committed leases as at 31 December 2024.

2. Based on committed leases as at 31 December 2024, including leases commencing after 31 December 2024. Based on the date of commencement of leases, portfolio WALE was 5.5 years by NLA.

6

Financial Performance

Wisma Atria, Singapore

1H FY24/25 Financial Highlights

Period: 1 Jul - 31 Dec

1H FY24/25

1H FY23/24

% Change

Gross Revenue

$96.3 mil

$94.6 mil

1.7%

Net Property Income (NPI)

$75.6 mil

$74.5 mil

1.6%

Income Available for Distribution

$43.3 mil

$41.9 mil

3.3%

Income to be Distributed to Unitholders(1)

$41.3 mil

$40.2 mil

2.6%

Distribution per unit (DPU)

DPU(2)

1.80 cents

1.78 cents

1.1%

  • NPI for 1H FY24/25 increased 1.6% y-o-y mainly in line with higher contributions from the Singapore and Perth Properties, as well as appreciation of the RM against SGD, partially offset by weaker contribution from Myer Centre Adelaide and higher operating expenses from the Australia Properties.
  • DPU for 1H FY24/25 increased 1.1% y-o-y mainly attributed to higher NPI, lower tax expenses and the one-off leasing commission in relation to the master lease renewal with Toshin in the previous corresponding period, partially offset by higher legal and professional fees.

Notes:

1. Approximately $2.0 million (1H FY23/24: $1.7 million) of income available for distribution for 1H FY24/25 has been retained for working capital requirements.

2. The computation of DPU for 1H FY24/25 is based on the number of units entitled to distributions comprising issued and issuable units of 2,291,930,747 (1H FY23/24: 2,258,961,736).

8

1H FY24/25 Financial Results

$'000

1H FY24/25

1H FY23/24

% Change

Gross Revenue

96,277

94,633

1.7%

Property Expenses

(20,632)

(20,159)

2.3%

Net Property Income

75,645

74,474

1.6%

Finance Income

961

926

3.8%

Management Fees

(7,187)

(7,190)

(0.0%)

Trust Expenses

(2,908)

(1,830)

58.9%

Finance Expenses

(21,819)

(21,609)

1.0%

Change in Fair Value of Derivative Instruments

213

(378)

N.M

Foreign Exchange (Loss)/Gain

(383)

535

N.M

Change in Fair Value of Investment Properties

(132)

(216)

(38.9%)

Gain on Divestment of Investment Properties(1)

3,631

-

N.M

Income Tax

(2,711)

(3,100)

(12.5%)

Total Return After Tax

45,310

41,612

8.9%

Less: Amount reserved for distribution to perpetual securities holders

(1,941)

(1,941)

-

Non-Tax (Chargeable)/Deductible items and other adjustments(2)

(66)

2,234

N.M

Income Available for Distribution

43,303

41,905

3.3%

Income to be Distributed to Unitholders

41,255

40,210

2.6%

DPU (cents)

1.80

1.78

1.1%

Notes:

  1. Represents the difference between net proceeds (including directly attributable costs) from divestment and the carrying amount of certain Wisma Atria Property (Office) strata units divested in 1H FY24/25.
  2. Includes certain finance costs, sinking fund provisions, straight-line rent adjustment, accretion of security deposits, trustee fees, commitment fees and certain commission fees, change in fair value of derivative instruments and investment properties, foreign exchange differences, FRS 116 adjustments, management fees paid/payable in units, and part reversal of the gain on divestment of investment properties.

9

1H FY24/25 Financial Results

Revenue

Net Property Income

$'000

1H FY24/25

1H FY23/24

% Change

Wisma Atria

Retail(1)

21,247

20,734

2.5%

Office

5,506

5,484

0.4%

Ngee Ann City

Retail

25,260

25,007

1.0%

Office(2)

7,790

7,486

4.1%

Singapore

59,803

58,711

1.9%

Australia(3)

20,651

20,623

0.1%

Malaysia(4)

14,359

13,750

4.4%

Others(5)

1,464

1,549

(5.5%)

Total

96,277

94,633

1.7%

$'000

1H FY24/25

1H FY23/24

% Change

Wisma Atria

Retail(1)

16,438

15,846

3.7%

Office

4,074

4,025

1.2%

Ngee Ann City

Retail

20,863

20,537

1.6%

Office(2)

6,246

5,942

5.1%

Singapore

47,621

46,350

2.7%

Australia(3)

12,924

13,540

(4.5%)

Malaysia(4)

13,933

13,361

4.3%

Others(5)

1,167

1,223

(4.6%)

Total

75,645

74,474

1.6%

Notes:

  1. Mainly due to higher rents and lower operating expenses.
  2. Mainly due to higher rents and occupancies.
  3. Mainly due to higher operating expenses and depreciation of AUD.
  4. Mainly due to appreciation of RM.
  5. Mainly due to higher rental assistance for China Property, as well as depreciation of JPY and RMB.

10

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Starhill Global Real Estate Investment Trust published this content on January 24, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 24, 2025 at 02:46:07.260.