Sunway Real Estate Investment Trust · MYX:SUNREIT
Sunway Real Estate Investment Trust — Q2 2025 Earnings Presentation
44 slides from Sunway Real Estate Investment Trust's earnings presentation, Aug 12, 2025
Slide 1: Financial Results Second Quarter Ended 30 June 2025
FINANCIAL RESULTS Second Quarter Ended 30 June 2025 (FYE 31 December 2025) Date : 12 August 2025 0
Slide 2: Table of Contents
Table of Contents 1. Financial Highlights (Q2 2025) 2. Financial Results (Q2 2025) 3. Segmental Financial Results (Q2 2025) 4. Property Development Activities (Q2 2025) 5. Market Outlook (Q2 2025) 6. Investor Relations (Q2 2025) Appendix I – Property Performance Empowering Businesses • Curating Expe
Slide 3: Financial Highlights (Q2 2025)
FINANCIAL HIGHLIGHTS (Q2 2025) 2
Slide 4: Distribution Per Unit (DPU)
Distribution Per Unit (“DPU”) DPU (sen) Details of Income Distribution Distribution Period 1 January 2025 - 30 June 2025 Distribution Per Unit (DPU) (sen) 5.68 Notice of Entitlement 12 August 2025 Ex-Dividend Date 26 August 2025 Book Closure Date 27 August 2025 Payment Date 10 September 2025 DPU for
Slide 5: 6-Years DPU
6-Years DPU 5-Year DPU CAGR Distribution Yield 9.4% 5.5% (Based on FY2020 DPU of 7.33 sen) (Based on unit price of RM2.10 as at 30 June 2025 with FY2025 annualised DPU of 11.49 sen) Empowering Businesses • Curating Experiences • Enriching Lives 4
Slide 6: Financial Highlights – Q2 2025 vs Q2 2024
Financial Highlights – Q2 2025 vs Q2 2024 Highlights Q2 2025 Q2 2024 No. of Properties 28 25 @ Property Value (RM'billion) 10.650 9.663 Units in Circulation (Units) 3,424,807,700 3,424,807,700 Unit Price as at 30 June 2025/2024 (RM) 2.10 1.55 Market Capitalisation (RM'billion) 7.192 5.308 Net Asset
Slide 7: Financial Highlights Q2 2025 vs Q2 2024 (QTD & YTD)
Financial Highlights Q2 2025 vs Q2 2024 (QTD & YTD) Reported in RM’000 Q2 YoY YTD YTD Q2 2025 vs YTD Q2 2024 Variance Variance The higher Revenue primarily contributed by the properties acquired in * 21.5% 2024, partially offset by lower rental RM76.1m income from the hotel attributed to softer YTD
Slide 8: Financial Results (Q2 2025)
FINANCIAL RESULTS (Q2 2025) 7
Slide 9: Statement of Comprehensive Income – Consolidated
Statement of Comprehensive Income – Consolidated Q2 2025 Q2 2024 Change YTD 2025 YTD 2024 Change 1. NPI for YTD Q2 2025 was higher compared to YTD Q2 RM'000 RM'000 % RM'000 RM'000 % 2024 primarily driven by rental contributions from Revenue 211,398 175,566 20.4% 430,260 354,155 21.5% properties acqu
Slide 10: Statement of Financial Position – Consolidated
Statement of Financial Position – Consolidated 30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024 (Unaudited) (Audited) (Unaudited) (Audited) RM'000 RM'000 RM'000 RM'000 Assets Number of units in circulation ('000) 3,424,808 3,424,808 Non-current assets Investment properties 10,036,976 1 10,384,928 N
Slide 11: Statement of Cash Flows – Consolidated
Statement of Cash Flows – Consolidated Cumulative Quarter ended 30.06.2025 30.06.2024 RM'000 RM'000 1. The higher net cash from operating Cash flows from operating activities activities for YTD Q2 2025 of RM378.4 Cash receipts from customers 538,107 360,337 Refundable security deposits from customer
Slide 12: Financing Profile as at 30 June 2025
Financing Profile as at 30 June 2025 Facility Limit Utilised Amount RM'mil RM'mil Revolving loan (USD) USD 75.0 mil 315.91 Revolving credit (USD) USD 70.0 mil 250.11 Revolving Loan (RM) 500.0 330.0 Commercial Paper 3,000.0 70.0 Unrated MTNs 1,800.02 Unrated MTNs 10,000.0 50.02 Unrated MTNs 200.02 To
Slide 13: Financing Profile as at 30 June 2025 (Cont'd)
Financing Profile as at 30 June 2025 (Cont’d) Empowering Businesses • Curating Experiences • Enriching Lives 12
Slide 14: Segmental Financial Results (Q2 2025)
SEGMENTAL FINANCIAL RESULTS (Q2 2025) 13
Slide 15: Retail Segment : Q2 2025
Retail Segment : Q2 2025 Revenue of Retail segment for Q2 2025 continued to record a strong improvement of 29% primarily driven by rental contributions from new properties acquired in 2024. N In addition, Sunway Pyramid Mall re-opened its new / Oasis precinct in November 2024 with almost full A occu
Slide 16: Retail Segment : Q2 2025 (Cont'd)
Retail Segment : Q2 2025 (Cont’d) Regional Malls Neighbourhood Super-Regional Malls Big-Box Retail Malls Local & Population within 50km Population within 20km Population within 10km Target market & international tourists net lettable area NLA > 1 million sq.ft. NLA > 500,000 sq.ft. NLA > 250,000 sq.
Slide 17: Hotel Segment : Q2 2025
Hotel Segment : Q2 2025 Hotel segment’s revenue and NPI recorded a decline due to a softer occupancy in Q2 2025. Occupancy rate was affected by new competition and fewer one-off events this year. The temporary closure of multiple Middle Eastern airspaces in June 2025 also caused disruptions during k
Slide 18: Office Segment : Q2 2025
Office Segment : Q2 2025 Revenue and NPI of Office segment remained largely stable in Q2 2025. The marginal decrease was mainly attributed to the marginal drop in occupancy rate for Office segment in Q2 2025. In addition, Sunway Tower benefited from vacancy allowances in Q2 2024. Empowering Business
Slide 19: Services Segment : Q2 2025
Services Segment : Q2 2025 Revenue and NPI for Services segment was higher by 2.3% in Q2 2025 pursuant to annual rental reversion in accordance with the lease agreements for Sunway university & college campus. Empowering Businesses • Curating Experiences • Enriching Lives 18
Slide 20: Industrial & Others Segment : Q2 2025
Industrial & Others Segment : Q2 2025 Industrial & Others segment recorded a sharp increase in revenue and NPI in Q2 2025, largely supported by rental contribution from the newly acquired Sunway REIT Industrial – Prai. In addition, the occupancy for Sunway REIT Industrial – Petaling Jaya 1 has impro
Slide 21: Key Performance Indicators YTD Q2 2025 / YoY %
Key Performance Indicators YTD Q2 2025 / YoY % RETAIL 1 HOTEL 2 OFFICE 3 Occupancy Occupancy - 2% Average + 2% YTD Q2 2025: 97% YTD Q2 2025: 60% Occupancy gross rent YTD Q2 2024: 95% YTD Q2 2024: 62% FY2024: 98% FY2024: 65% - 2% - 1% YTD Q2 2025: 82% YTD Q2 2024: 84% FY2024: 83% Average Average gros
Slide 22: Property Development Activities (Q2 2025)
PROPERTY DEVELOPMENT ACTIVITIES (Q2 2025) 21
Slide 23: Property Development Activities
Property Development Activities Sunway Pier Development Estimated total property development cost # RM400 million Cumulative cost incurred from initiation to Q2 2025 RM58 million Expected completion H2 2028 NLA (sq. ft.) 358,653 Property development activities against total asset value* 3.6% # Estim
Slide 24: Market Outlook (Q2 2025)
MARKET OUTLOOK (Q2 2025) 23
Slide 25: General Outlook – Key Economic Indicators
General Outlook – Key Economic Indicators Indicators 2025 (F) Q2 2025 Q1 2025 2024 2023 2022 2021 Gross Domestic Product 4.0% - 4.8% 4 4.5 5 4.4% 5.1% 3.7% 8.7% 3.1% (GDP) (YoY) Consumer Price Index 1.5% - 2.3% 4 1.2% 2 1.5% 1.8% 2.5% 3.3% 2.5% (CPI) (YoY) Overnight Policy Rate 2.75% 3 2.75% 1 3.0%
Slide 26: General Outlook
General Outlook General Outlook Growth in Malaysian economy is expected to be slower for 2025, when compared to 5.1% GDP growth clocked in 2024, amid recent market volatility fueled by uncertainties surrounding tariff developments, as well as geopolitical tensions. The United States (US) reciprocal
Slide 27: Segmental Outlook - Retail
Segmental Outlook - Retail Retail Segment (2024 Contribution : 73%) For 2025, Retail Group Malaysia (RGM) is forecasting retail sales to grow 3.1%, lower than the previously projected rate of 4.3%. According to RGM, retail sales grew 5.6% in the first three months of 2025 when compared to the same q
Slide 28: Segmental Outlook - Hotel
Segmental Outlook - Hotel Hotel Segment (2024 Contribution : 13%) Tourism Malaysia reported a 10.5% y-o-y increase in tourist arrivals during the first four months in 2025, driven by accommodating policies and enhanced air connectivity supporting the growth of the tourism sector. Our Hotel segment e
Slide 29: Segmental Outlook - Office
Segmental Outlook - Office Office Segment (2024 Contribution: 11%) The office sector in Klang Valley is anticipated to see a continued increase in incoming supply of approximately 2.5 million sq.ft. and 2.3 million sq.ft. of net lettable area (NLA) in 2025 and 2026 respectively. Despite such challen
Slide 30: Segmental Outlook - Industrial
Segmental Outlook - Industrial Industrial & Others Segment (2024 Contribution: 6%) In line with the growing investments in Malaysia, demand for industrial properties is expected to remain strong. Under the New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR),
Slide 31: Investor Relations (Q2 2025)
INVESTOR RELATIONS (Q2 2025) 30
Slide 32: Unit Price Performance from IPO to Q2 2025
Unit Price Performance from IPO to Q2 2025 Unit Price Performance of Sunway REIT versus Benchmarks (8 July 2010 – 30 June 2025) Sunway REIT + 133.3% FBM Top 100 Index + 29.7% FBM KLCI +16.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Performance Statistics IPO to Q2 2
Slide 33: Unitholders' Composition (as at 30 June 2025)
Unitholders’ Composition (as at 30 June 2025) Foreign Retail 9.3% 7.0% Sunway Berhad 40.9% Institutions & Corporates 52.1% Domestic 90.7% June 2025 March 2025 Q-o-Q Change No. of unitholders 32,498 32,539 - 0.13% (- 41) Retail unitholdings 7.0% 7.5% - 0.5% Foreign unitholdings 9.3% 7.7% + 1.6% Sunwa
Slide 34: Analyst Recommendation (as at June 2025)
Analyst Recommendation (as at 30 June 2025) Target Price as at Upside / Downside to unit price as at 16.2 30 Jun 2025 (RM) 30 Jun 2025 (%) 11.0 9.5 4.8 4.3 2.44 3.3 3.3 2.33 2.30 2.20 2.17 2.17 2.13 1.4 2.13 1.4 2.11 2.09 2.03 1.90 2.11 2.10 2.10 2.05 2.19 0.5 0.5 0.0 0.0 (0.5) (2.4) (3.3) (9.5) UBS
Slide 35: Comparative Yields for Various Assets
Comparative Yields for Various Assets (as at 30 June 2025) 6.30%5 5.80%2 5.29%1 3.47%3 3.00%6 2.20%4 Sunway REIT M-REITs 10-Year MGS Fixed Deposit EPF Yield OPR Note: 1 Distribution yield is computed based on Consensus DPU of 11.10 sen and unit price of RM2.10 as of 30 June 2025 (Source: Sunway REIT
Slide 36: Appendix I: Property Performance (YTD Q2 2025 YoY Analysis)
APPENDIX I: PROPERTY PERFORMANCE (YTD Q2 2025 YoY Analysis) 35
Slide 37: Average Occupancy Rate (YTD Q2 2025) - Retail
Average Occupancy Rate (YTD Q2 2025) RETAIL N/A N/A Retail segment's average occupancy rate improved to 99% in YTD Q2 2025, driven by full occupancy at Sunway REIT's hypermarkets and strong performance from newly acquired assets—Sunway 163 Mall and Sunway Kluang Mall. This was further boosted by rob
Slide 38: Projected Lease Expiry Schedule - Retail
Projected Lease Expiry Schedule RETAIL WALE = 1.9 years Sunway Sunway Carnival Sunway Putra Sunway 163 Sunway Kluang Pyramid Mall Mall Mall Mall Mall Based on the total Based on the total Based on the total Based on the total Based on the total net lettable area NLA of 337,360 sq. NLA of 165,631 sq.
Slide 39: Average Occupancy Rate (YTD Q2 2025) - Hotel
Average Occupancy Rate (YTD Q2 2025) HOTEL WALE = 5.3 years Hotel segment’s average occupancy rate declined to 60% in YTD Q2 2025, mainly due to softer leisure demand, increased competition and cautious customer spending. There were fewer one-off events in Q2 2025 and the temporary closure of multip
Slide 40: Average Occupancy Rate (YTD Q2 2025) - Office
Average Occupancy Rate (YTD Q2 2025) OFFICE Average occupancy rate for Office segment dropped to 82% in YTD Q2 2025, primarily due to the termination of tenants at Sunway Putra Tower. Occupancy rate for Sunway Putra Tower is expected to improve to near 80% by H2 2026. Empowering Businesses • Curatin
Slide 41: Projected Lease Expiry Schedule - Office
Projected Lease Expiry Schedule OFFICE WALE = 1.6 years Menara Sunway Sunway Putra Wisma Sunway Sunway Tower Tower Sunway Pinnacle Based on total NLA Based on total NLA of Based on total NLA of Based on total NLA of Based on total NLA of of 26,471 sq. ft. 91,899 sq. ft. due for 75,211 sq. ft. due fo
Slide 42: Average Occupancy Rate (YTD Q2 2025) - Services, Industrial & Others
Average Occupancy Rate (YTD Q2 2025) SERVICES, INDUSTRIAL & OTHERS Services WALE = 23.4 years Industrial WALE = 5.1 years N/A Sunway university & college campus has been classified as non-current asset held for sale. The sale and purchase agreement has become unconditional on 29 July 2025. Barring a
Slide 43: Thank You
Thank You Empowering Businesses • Curating Experiences • Enriching Lives 42
Slide 44: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Sunway Real Estate Investment Trust (“Sunway REIT”) and no part of it shall form the basis of, or be relied on in conn
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