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:
- Based on commenced leases as at reporting date.
- 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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Disclaimer
Starhill Global Real Estate Investment Trust published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2023 10:32:08 UTC.