Starhill Global Real Estate Investment Trust : Annual Report FY 2021/22

Amplifying

STARHILL GLOBAL REIT Our

ANNUAL REPORT FY 2021/22

Potential

About Starhill Global REIT

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used

for retail and office purposes, both in Singapore and overseas. Since its listing on the Mainboard of the Singapore Exchange Securities Trading Limited on 20 September 2005, Starhill Global REIT has grown its initial portfolio from interests in two landmark properties on Orchard Road in Singapore to 10 properties in Singapore, Australia, Malaysia, Japan and China, valued at about S$2,893 million(1) as at 30 June 2022.

These comprise interests in Wisma Atria and Ngee Ann City on Orchard Road in Singapore; Myer Centre Adelaide, David Jones Building and Plaza Arcade in Adelaide and Perth, Australia; The Starhill and the Lot 10 Property in Kuala Lumpur, Malaysia; a retail property in Chengdu, China, and two properties in Tokyo, Japan. Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio through proactive leasing efforts and creative asset enhancements.

Starhill Global REIT is managed by an external manager, YTL Starhill Global REIT Management Limited, of which all of its shares are indirectly held by YTL Corporation Berhad.

Note:

1. Including right-of-use assets following the adoption of FRS 116.

Vision

To be the preferred real estate investment trust with a stable of high-quality and valuable income-generating assets.

Mission

To deliver long-term sustainable returns to our Unitholders through growth and value creation in our assets, backed by prudent capital management.

To be a landlord of choice for our tenants and shoppers.

To be a forward-thinking real estate company with strong management expertise.

Values

The values to which we aspire can be summarised under six principles:

• Integrity
• Client Commitment
• Strive for Profitability
• Fulfilment for our People
• Teamwork
• Highest Standards

ONLINE ANNUAL REPORT FY 2021/22 www.starhillglobalreit.com/ir_ar.html

All rights reserved. Discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding.

Amplifying

Our

Potential

As we forge ahead with our stakeholders, we are emerging stronger through

the process of building our resilience. Against the global economic backdrop, our assets are well-positioned and ready to capture new opportunities. Fortified with a solid foundation,

we remain committed to drive future growth to achieve our long-term goals.

Contents

Overview

1. Our Strategy
2. Key Highlights
3. Key Events in FY 2021/22

1. Elevating Our Strength

1. Revitalising Our Growth

1. Fortifying Our Foundation

1. Our Geographical Reach

1. Our Business in Brief

1. Key Figures for 5 Years
2. Financial Summary
3. Letter to Unitholders

1. Trust Structure
2. Board of Directors

24 Executive Officers of The REIT Manager

Operations Review

26 Property Highlights

1. Property Portfolio Summary

1. Singapore Properties

1. Australia Properties

1. Malaysia Properties

1. Japan Properties
2. China Property

Performance

1. Independent Market Overview

1. Financial Review

1. Capital Management

1. Risk Management

67 Investor Relations and Communications

Sustainability & Governance

1. Sustainability Report

1. Corporate Governance

Financials

117 Financial Statements

Others

1. Statistics of Unitholders

1. Additional Information
2. Glossary

1. Corporate Directory
2. Notice of AGM and Proxy Form

OVERVIEW

Our Strategy

Starhill Global REIT remains focused on sourcing attractive property assets in Singapore and overseas, while driving organic growth from its existing portfolio through proactive leasing efforts and creative asset enhancements, as well as maintaining a prudent capital management approach.

01	Active Asset
Management
	• Balance of master tenancies and anchor leases, coupled
		with actively managed short to medium-term tenancies
		for income stability with potential rental upside
	•	Driving organic growth from existing portfolio through
		proactive leasing efforts
	• Focusing on mid- to high-end retail tenant base and
		optimising tenant mix
	• Unlocking value through creative asset enhancements
	•	Maintaining healthy and sustainable occupancy rates
		throughout economic cycles

02 Acquisition

Growth

• Investment portfolio primarily comprising prime real estate used mainly for retail and/or office purposes with strong fundamentals and strategic locations

• Long-termyield-accretive investments in Singapore and overseas markets

03	Prudent Capital
Management
	• Managing capital to optimise Unitholders' returns with a
	mix of available capital sources
	• Employing appropriate interest rate and foreign exchange
	risk management strategies

02

STARHILL GLOBAL REIT

ANNUAL REPORT FY 2021/22

Key Highlights

NET PROPERTY INCOME

(FY 2021/22)

S$144.7m

INCOME AVAILABLE

FOR DISTRIBUTION

(FY 2021/22)

S$89.8m

DISTRIBUTION

PER UNIT

(FY 2021/22)

3.80¢

NET ASSET VALUE

ATTRIBUTABLE TO

UNITHOLDERS

(As at 30 Jun 2022)

S$1,747.4m

RESILIENT OCCUPANCY

(As at 30 Jun 2022)

95.4%(1)

Note:

1. Based on commenced leases as at 30 June 2022.

GROSS REVENUE

(FY 2021/22)

S$186.4m

GEARING

(As at 30 Jun 2022)

36.2%

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