Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Starhill Global REIT — FY2020/21 Earnings Presentation
54 slides from Singapore Exchange's earnings presentation, Jul 29, 2021
Slide 1: Second Half and FY 2020/21 Financial Results
Second Half and FY 2020/21 Financial Results 29 July 2021 Singapore Australia Malaysia China Japan 1
Slide 2: Contents
Contents Overview and Key Highlights Financial Performance Portfolio Updates Market Outlook Appendix 2
Slide 3: Overview and Key Highlights
1 Overview and Key Highlights Wisma Atria Singapore
Slide 4: Overview of Starhill Global REIT
Overview of Starhill Global REIT Singapore-based REIT investing primarily in retail and office properties, in Singapore and overseas Quality Assets Strategic Locations Diversified Portfolio Portfolio of ~S$3.0 Landmark assets at Core markets: billion prime locations Singapore, Australia, 10
Slide 5: Key Highlights
Key Highlights Financial Resilient Prudent Performance Operational Performance Capital Management 2H FY20/21 FY20/21 Retail Portfolio Gearing S$92.9m S$181.3m occupancy 36.1% 10.5% y-o-y 0.3% y-o-y 97.5% (3) as at 30 Jun 2021 Gross as at 30 Jun 2021 Revenue Affirmation of Long WALE “BBB”/Stable S$69
Slide 6: Key Highlights: Financial Highlights
Key Highlights Financial Highlights NPI for 2H FY20/21 rose 20.2% y-o-y to S$69.8 million while NPI for FY20/21 increased 2.0% y-o-y to S$134.7 million, mainly due to lower rental assistance and appreciation of the A$ against the S$ Income available for distribution for 2H FY20/21 was up 67.3% y
Slide 7: Key Highlights: Property Highlights
Key Highlights Property Highlights Resilient portfolio with strong occupancy rates – Overall portfolio occupancy of 96.7%(1), with retail portfolio occupancy at 97.5%(1) – Strategic locations and proactive leasing efforts continue to generate new tenant demand despite economic uncertainties Stab
Slide 8: Key Highlights: Capital Management
Key Highlights Capital Management Average debt maturity extended to 3.3 years as at 30 June 2021 and staggered over the next few years – Drawn down on the 5-year S$250 million unsecured term loan facilities in February 2021 to refinance the maturing S$100 million MTN and S$150 million term loan in
Slide 9: Financial Performance
2 Financial Performance Myer Centre Adelaide Adelaide, Australia 9
Slide 10: 2H FY20/21 Financial Highlights
2H FY20/21 Financial Highlights 6 months ended 6 months ended % Period: 1 Jan – 30 Jun 30 Jun 2021 30 Jun 2020 Change (2H FY20/21) (2H FY19/20) Gross Revenue $92.9 mil $84.1 mil 10.5% Net Property Income $69.8 mil $58.0 mil 20.2% Income Available for Distribution $44.9 mil $26.9 mil 67.3% Income to
Slide 11: FY20/21 Financial Highlights
FY20/21 Financial Highlights 12 months ended 12 months ended % Period: 1 Jul – 30 Jun 30 Jun 2021 30 Jun 2020 Change (FY20/21) (FY19/20) Gross Revenue $181.3 mil $180.8 mil 0.3% Net Property Income $134.7 mil $132.1 mil 2.0% Income Available for Distribution $88.2 mil $77.4 mil 14.0% Income to be Di
Slide 12: DPU Performance
DPU Performance Cents (1) FY14/15 (18 months) (2) 8.00 7.60 2.49 7.00 2H 6.00 1H 5.00 FY20/21 3.95 (4) (5) 4.00 FY19/20 2.96 (3) (5) 3.00 2.07 (3) 0.70 4.48 2.00 5.11 5.18 4.92 4.55 4.39 5.00 3.90 4.12 3.80 2.26 (4) 1.00 3.10 3.58 1.88 2.90 - FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 F
Slide 13: 2H FY20/21 Financial Results
2H FY20/21 Financial Results Notes: $’000 2H FY20/21 2H FY19/20 % Change 1. Includes certain finance costs, sinking fund Gross Revenue 92,867 84,055 10.5% provisions, straight-line rent adjustment, Less: Property Expenses (23,116) (26,010) (11.1%) accretion of security deposits, trustee fees, Net Pr
Slide 14: FY20/21 Financial Results
FY20/21 Financial Results Notes: $’000 FY20/21 FY19/20 % Change 1. Includes certain finance Gross Revenue 181,287 180,773 0.3% costs, sinking fund provisions, straight-line Less: Property Expenses (46,550) (48,657) (4.3%) rent adjustment, accretion of security Net Property Income 134,737 132,116 2.0
Slide 15: 2H FY20/21 Financial Results
2H FY20/21 Financial Results Revenue Net Property Income $’000 2H FY20/21 2H FY19/20 % Change $’000 2H FY20/21 2H FY19/20 % Change Wisma Atria Wisma Atria Retail (1) 20,166 20,244 (0.4%) Retail (1) 14,039 15,419 (8.9%) Office (2) 4,768 4,397 8.4% Office (2) 3,385 3,092 9.5% Ngee Ann City Ngee Ann Ci
Slide 16: FY20/21 Financial Results
FY20/21 Financial Results Revenue Net Property Income $’000 FY20/21 FY19/20 % Change $’000 FY20/21 FY19/20 % Change Wisma Atria Wisma Atria Retail (1) 40,858 46,467 (12.1%) Retail (1) 28,942 36,008 (19.6%) Office (2) 9,635 9,301 3.6% Office (2) 6,935 6,590 5.2% Ngee Ann City Ngee Ann City Retail (2)
Slide 17: Unit Price Performance and Trading Volume
Unit Price Performance Starhill Global REIT's Unit Price Movement and Daily Traded Volume Liquidity statistics (1 Jul 2020 to 30 Jun 2021) $ Average daily traded 2.18 mil 0.65 volume for FY20/21 14,000,000 (units) 0.60 12,000,000 Estimated free float1 ~55% Trading Volume 0.55 10,000,000 Market cap (
Slide 18: Distribution Timetable
Distribution Timetable Distribution Period 1 January 2021 to 30 June 2021 Distribution Amount 2.07 cents per unit Distribution Timetable Notice of Record Date 29 July 2021 Last Day of Trading on “Cum” Basis 4 August 2021, 5.00 pm Ex-Date 5 August 2021, 9.00 am Record Date 6 August 2021, 5.00 pm Anno
Slide 19: Staggered debt maturity profile averaging 3.3 years
Staggered debt maturity profile averaging 3.3 years. No term debt maturities in the next 12 months Financial Ratios 30 Jun 2021 $ million Debt maturity profile Total debt $1,110 million 400 As at 30 June 2021 Gearing 36.1% * Interest cover (2) 2.8x 350 * Peak maturity 33% Average interest rate p.a.(
Slide 20: Total assets of approximately $3.1 billion
Total assets of approximately $3.1 billion NAV As at 30 June 2021 $’000 statistics Non Current Assets 2,966,165 NAV Per Unit (as at 30 June 2021) (2) $0.81 Current Assets (1) 113,422 Adjusted NAV Per Unit (net of distribution) $0.79 Total Assets 3,079,587 Non Current Liabilities 1,142,612 Closing pr
Slide 21: Valuation of investment properties remain stable
Valuation of investment properties remain stable Y-O-Y movement largely attributed to Australia Properties and The Starhill, as well as net movement in foreign currencies, partially offset by downward revaluation for Wisma Atria Property Cap rate Description 30-Jun-21 30-Jun-20 Change Change 30-Jun-
Slide 22: Portfolio Updates
abd ete ill | II ee | : Portfolio Updates
Slide 23: Balance of Master / Anchor Leases and Actively-managed Leases
Balance of Master / Anchor Leases and Actively-managed Leases Master and anchor leases, incorporating periodic rental Key tenants include: reviews, represent approximately 51.5% of gross rent as at 30 June 2021 Ngee Ann City Property Retail (Singapore) Toshin master lease expires in 2025. The next
Slide 24: Diversified Portfolio across Geography and Sector
Diversified Portfolio across Geography and Sector ASSET VALUE 2H FY20/21 GROSS REVENUE 2H FY20/21 GROSS REVENUE BY COUNTRY AS AT 30 JUN 2021 BY COUNTRY RETAIL/OFFICE Others* Others* 2.5% 3.0% Malaysia Malaysia Office 9.8% 14.4% 14.2% Australia Australia 24.3% 14.8% Singapore Singapore 63.4% Retail 6
Slide 25: Prime Assets in Strategic Locations with Excellent Connectivity
Prime Assets in Strategic Locations with Excellent Connectivity Retail portfolio occupancy remained resilient at 97.5%(2) 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun As at 08 09 10 11 12 13 15 16 17 18 (1) 19 (1) 20 (1) 21 (1) 98.7% 99.4% 98.9% 98.6% SG
Slide 26: Top 10 Tenants Contribute 59.4% of Portfolio Gross Rents
Top 10 Tenants Contribute 59.4% of Portfolio Gross Rents Top 10 Tenants Property % of Portfolio Gross Rent (1) (2) Toshin Development Singapore Pte Ltd Ngee Ann City, Singapore 22.6% Ngee Ann City & Wisma Atria, Singapore YTL Group (3) 15.3% The Starhill & Lot 10, Malaysia Myer Pty Ltd Myer Centre A
Slide 27: Staggered Portfolio Lease Expiry Profile
Staggered Portfolio Lease Expiry Profile Long WALE of 7.9 years by NLA Weighted average lease term of 7.9(1) and 5.3(1) years (by NLA and gross rent respectively) Master and anchor leases provide income stability amid global economic uncertainty Portfolio lease expiry (as at 30 June 2021)(2)(3)
Slide 28: Staggered Portfolio Lease Expiry Profile by Category
Staggered Portfolio Lease Expiry Profile by Category Only 13.5% of retail leases expiring in FY21/22 Retail Lease Expiry Profile by Gross Rents Office Lease Expiry Profile By Gross Rents (as at 30 June 2021) (1)(2)(3) (as at 30 June 2021) (1)(3)(7) 50% 50% 45% (5)(6) 40% 37.3% 40% 35% (4) 30% 28.2%
Slide 29: Singapore Retail Portfolio
Singapore Retail Portfolio Occupancy remains resilient despite the COVID-19 pandemic Lease expiry schedule (by gross rent) as at 30 June 2021 Proactive leasing efforts resulted 100% Wisma Atria Property 89.3% (1) in high overall occupancy rates 80% Ngee Ann City Property despite pandemic Includes
Slide 30: Tenants' Sales and Shopper Traffic - Wisma Atria Property
Tenants’ Sales and Shopper Traffic - Wisma Atria Property Recovery until Phase 2 (Heightened Alert) Monthly Tenants’ Sales and Shopper Traffic (FY20/21 vs FY18/19 (Pre-COVID-19)) 0% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -10% Phase 2 -20% (Heightened Alert): 16 May – 13 June 2021 -30% -40%
Slide 31: Prime Locations Appeal to New and Established Brands
Prime Locations Appeal to New and Established Brands Curated appealing lifestyle tenant mix New and upcoming tenants across the portfolio Wisma Atria Property Myer Centre Adelaide Lot 10 Bonchon, Wisma Atria Haidilao Hot Pot, Wisma Atria Dymocks, Myer Centre Adelaide Jonetz by Don Don Donki, Lot 10
Slide 32: Singapore Office Portfolio
Singapore Office Portfolio Diversified tenant base Lease expiry schedule (by gross rent) as at 30 June 2021 50% Ngee Ann City Property (Office) Wisma Atria Property 41.2% occupancy rates rose 6.7% 40% Ngee Ann City Property 34.1% y-o-y as at 30 June 2021, with 29.3% 30% 26.7% leasing demand largel
Slide 33: Upgrading Works for Wisma Atria Property
Upgrading Works for Wisma Atria Property Interior upgrading works have commenced at Wisma Atria Property with completion estimated by the end of next year The renovation is part of the overall strategy to periodically modernise and rejuvenate our malls to maintain its appeal as a premier lifesty
Slide 34: Common Area Refurbishment Works In Progress
Common Area Refurbishment Works In Progress As at July 2021, refurbishment works have been completed for selected lift lobbies and washrooms Lift lobbies Washrooms After refurbishment After refurbishment Before refurbishment Before refurbishment 34
Slide 35: Australia Properties
Australia Properties Stable occupancy and low lease expiry due to anchor leases Lease expiry schedule (by gross rent) as at 30 June 2021(3) Unutilised space on Level 4 of Myer 90% 85.2% (4) Centre Adelaide will be fully activated, Perth Properties Myer Centre Adelaide 66.4% (5) leading to a higher
Slide 36: Myer Centre Adelaide's 30th Birthday Celebration
Myer Centre Adelaide’s 30th Birthday Celebration 90’s themed celebration to celebrate milestone event • Incorporating Myer Centre Adelaide’s founding decade, a 90’s inspired event was held between 4 and 13 June 2021 • The fashion focused event celebrated Centre's heritage as a leading CBD shopping d
Slide 37: Asset Enhancement Works for The Starhill
Asset Enhancement Works for The Starhill Estimated completion by December 2021 Asset enhancement works for The Starhill is currently in progress with expected completion by December 2021 New flagship boutiques & lifestyle brands at The Starhill Anchor tenant Taiwan’s renowned lifestyle bookstore c
Slide 38: Market Outlook
4 Market Outlook Artist impression of The Starhill Kuala Lumpur, Malaysia
Slide 39: Market Outlook
Market Outlook GDP expanded by 14.3% year-on-year (y-o-y) in 2Q 2021, and growth of retail sales (excluding motor vehicles) increased by 63.2% y-o-y in May 2021, albeit slowing by 6.3% as compared to April 2021, due to the implementation of Phase 2 (Heightened Alert). With strict travel restrict
Slide 40: Looking ahead
Looking ahead Completion Key Master & Anchor Leases: 51.5%(3) of gross rents Ngee Ann City : Toshin master lease until 2025 The Starhill: Master tenancy agreement until 2038 Lot 10 Property: Master tenancy agreement until 2028(1) Myer Centre Adelaide: Anchor tenancy with Myer until 2032 David Jones
Slide 41: Appendix
5 Appendix Lot 10 Kuala Lumpur, Malaysia
Slide 42: Singapore – Wisma Atria Property: Diversified tenant base
Singapore – Wisma Atria Property Diversified tenant base WA retail trade mix – by % gross rent WA office trade mix – by % gross rent (as at 30 June 2021) (as at 30 June 2021) General Trade Information Aerospace Banking and 2.9% Beauty/ Health 6.7% Technology Financial 1.4% Health & 3.1% Beauty Servi
Slide 43: Singapore – Ngee Ann City Property: Stable of quality tenants
Singapore – Ngee Ann City Property Stable of quality tenants NAC retail trade mix – by % gross rent NAC office trade mix – by % gross rent (as at 30 June 2021) (as at 30 June 2021) Consultancy / Services Information Services General Trade Trading Technology 2.5% 0.4% 3.7% 2.4% 1.8% Others 4.4% Healt
Slide 44: Singapore – Wisma Atria Property
Singapore – Wisma Atria Property Address 435 Orchard Road, Singapore 238877 Wisma Atria comprises a podium block with four levels and one basement level of retail, three levels of car parking space and 13 levels of office space in the office block. Description Starhill Global REIT's interest in Wism
Slide 45: Singapore – Ngee Ann City Property
Singapore – Ngee Ann City Property Address 391/391B Orchard Road, Singapore 238874 Ngee Ann City is a commercial complex with 18 levels of office space in the twin office tower blocks (Tower A and B) and a seven-storey podium with three basement levels comprising retail and car parking space. Descri
Slide 46: Adelaide, Australia – Myer Centre Adelaide
Adelaide, Australia – Myer Centre Adelaide Address 14-38 Rundle Mall, Adelaide SA 5000, Australia Myer Centre Adelaide comprises a retail centre, three office buildings and four basement levels of carpark. The retail centre is spread across eight floors and anchored by the Description popular Myer d
Slide 47: Perth, Australia – David Jones Building & Plaza Arcade
Perth, Australia – David Jones Building & Plaza Arcade David Jones Building Address 622-648 Hay Street Mall, Perth, Western Australia A four-storey property, which includes a heritage-listed building constructed circa 1910 that was formerly the Savoy Description Hotel. The property is anchored by th
Slide 48: Kuala Lumpur, Malaysia – The Starhill
Kuala Lumpur, Malaysia – The Starhill Address 181 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia Starhill Gallery is a shopping centre comprising part of a Description seven-storey building with five basements and a 12-storey annex building with three basements. Net lettable area 333,289 sq ft (1
Slide 49: Kuala Lumpur, Malaysia – Lot 10 Property
Kuala Lumpur, Malaysia – Lot 10 Property Address 50 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia 137 parcels and 2 accessory parcels of retail and office spaces held under separate strata titles within a shopping centre known as Lot 10 Shopping Centre which consists of Description an 8-storey b
Slide 50: Chengdu, China – China Property
Chengdu, China – China Property Address No.19, Renminnan Road, Chengdu, China A four-storey building completed in 2003. Part of a mixed- Description use commercial complex comprising retail and office. Gross floor area 100,854 sq ft (1) Number of tenants 1 (1) Title Leasehold estate expiring on 27 D
Slide 51: Japan Properties
Japan Properties – Properties are within five minutes’ walk from nearest subway stations No. of Properties 2 Net lettable area 26,903 sq ft (1) FLEG Daikanyama Number of 10 (1) tenants Japan Properties: Title Freehold 1) FLEG Daikanyama 2) Ebisu Fort Total Valuation S$60.3 million (1) Ebisu Fort Not
Slide 52: References
References 1H, 2H means where applicable, the periods from 1 July to 31 December; and 1 January to 30 June 1Q, 2Q, 3Q, 4Q means where applicable, the periods from 1 July to 30 September; 1 October to 31 December; 1 January to 31 March and 1 April to 30 June 2H FY20/21 means the period of 6 months fr
Slide 53: Disclaimer
Disclaimer The information contained in this document has been compiled from sources believed to be reliable. Whilst every effort has been made to ensure the accuracy of this document, no warranty is given or implied. This document has been prepared without taking into account the personal objective
Slide 54: YTL Starhill Global REIT Management Limited
YTL Starhill Global REIT Management Limited CRN 200502123C Manager of Starhill Global REIT 391B Orchard Road, #21-08 Ngee Ann City Tower B Singapore 238874 Tel: +65 6835 8633 Fax: +65 6835 8644 www.starhillglobalreit.com 54
Starhill Global REIT — FY2020/21 Earnings Presentation on 6ix