1H FY 2025/26
Financial Results
29 January 2026
Contents Page
Overview and Key Highlights 04
Financial Performance 08
Portfolio Updates 16
Strategy and Market Outlook 33
Appendix 41
Lot 10, Kuala Lumpur, Malaysia
Overview and Key Highlights
Ngee Ann City, Singapore
Overview of SGREIT
Quality Assets Strategic Locations Diversified Portfolio
Portfolio of ~S$2.8 billion
9 mid- to high-end predominantly retail properties in six key Asia Pacific cities
- Prime assets in key shopping belts
Excellent connectivity to transportation hubs
Appeal to both local and
international brands
Core markets: Singapore, Australia, Malaysia
Contribution to 1H FY25/26 revenue:
Retail (~86%) & Office (~14%) Strong SponsorYTL Group owns ~37.9% of SGREIT
Listed on the Main Market of Bursa Malaysia Securities Berhad and is a component of the FTSE Bursa Malaysia KLCI
Income VisibilityMaster/anchor leases with periodic rental reviews make up 53.4% of gross rental income ("GRI")(1)
Committed portfolio occupancy of
91.9%(1)
Healthy Financials-
"BBB" credit rating with stable
outlook by Fitch Ratings
Gearing of 35.4%(1) and weighted average debt maturity of 3.8 years(1)
Component stock of SGX iEdge Singapore Next 50 Index and FTSE EPRA NAREIT Global Developed Index
Note:
1. As at 31 December 2025.
5
1H FY25/26 Key Highlights
Financial
Performance
S$96.3 million
Gross Revenue
0.0% y-o-y
S$75.1 million
Net Property Income
0.8% y-o-y
1.80 cents
Distribution per Unit
0.0% y-o-y
Operational
Performance(1)
Portfolio: 91.9%(2)
Retail Portfolio: 92.0%(2)
Committed Occupancy
7.4 years
Portfolio WALE (by GRI)
7.8%
Expiring leases by GRI in FY25/26
Capital
Management(3)
35.4%
Gearing
80%
Fixed/hedged debt
3.8 years
Average debt maturity
Notes:
Based on committed leases as at 31 December 2025, including leases commencing after 31 December 2025.
Lower portfolio occupancy largely due to termination of the Markor lease in the China Property. A new replacement tenant has signed a conditional lease in January 2026. Following the signing of the lease agreement, committed occupancy in China is expected to be reinstated to 100%, with the committed portfolio occupancy rising to 96.5%.
As at 31 December 2025. 6
Executive Summary
Stable y-o-y 1H FY25/26 gross revenue and DPU despite loss of contribution from divested Wisma Atria Office strata units
New Toshin master lease base rent determined to be ~1% higher than the base rent paid under the previous lease; next rent review in June 2028
Substantially filled vacancies in Adelaide Office and China
Commenced asset enhancement works at Myer Centre Adelaide's food court and amenities, with estimated costs of A$6 million
Gearing remained stable at 35.4%, with about 80% of debt on a fixed/hedged basis as at 31 December 2025
Issued new $100 million perpetual securities at a fixed distribution rate of 3.25% per annum, where the net proceeds were used to redeem the existing $100 million 3.85% perpetual securities in December 2025
7
Financial PerformanceWisma Atria, Singapore
1H FY25/26 Financial Highlights
Period: 1 Jul - 31 Dec ($ million) | 1H FY25/26 | 1H FY24/25 | Change Comments | |
Gross Revenue | $96.3 | $96.3 |
Wisma Atria Office strata units, rental arrears provision mainly 0.0% for China Property, lower contribution from Myer Centre Adelaide (Office), as well as depreciation of A$ against S$ | |
Net Property Income (NPI) | $75.1 | $75.6 |
have increased 0.1% y-o-y | |
Income Available for Distribution | $43.2 | $43.3 |
(0.2%) legal and professional fees, higher distribution on perpetual securities(3), and lower NPI, offset by lower net finance costs | |
Income to be Distributed to Unitholders(1) | $41.7 | $41.3 | 1.0% | |
Distribution per unit | 1.80 | 1.80 | - | |
(DPU)(2) (cents) | ||||
Notes:
Approximately $1.5 million (1H FY24/25: $2.0 million) of income available for distribution for 1H FY25/26 has been retained for working capital requirements.
The computation of DPU for 1H FY25/26 is based on the number of units entitled to distributions comprising issued and issuable units of 2,315,743,550 (1H FY24/25: 2,291,930,747).
Mainly attributed to the issuance of new $100 million perpetual securities in October 2025, where the net proceeds were used to redeem the existing tranche in December 2025. 9
1H FY25/26 Financial Results
Revenue | Net Property Income | |||||||
$'000 Wisma Atria Retail | 1H FY25/26 21,317 | 1H FY24/25 21,247 | Change 0.3% | $'000 Wisma Atria Retail | 1H FY25/26 16,282 | 1H FY24/25 16,438 | Change (0.9%) | |
Office(1) | 4,606 | 5,506 | (16.3%) | Office(1) | 3,335 | 4,074 | (18.1%) | |
Ngee Ann City | Ngee Ann City | |||||||
Retail | 25,918 | 25,260 | 2.6% | Retail | 21,531 | 20,863 | 3.2% | |
Office | 8,098 | 7,790 | 4.0% | Office | 6,539 | 6,246 | 4.7% | |
Singapore | 59,939 | 59,803 | 0.2% | Singapore | 47,687 | 47,621 | 0.1% | |
Australia(2) | 19,581 | 20,651 | (5.2%) | Australia(2) | 12,193 | 12,924 | (5.7%) | |
Malaysia(3) | 15,171 | 14,359 | 5.7% | Malaysia(3) | 14,738 | 13,933 | 5.8% | |
Others(4) | 1,614 | 1,464 | 10.2% | Others(4) | 433 | 1,167 | (62.9%) | |
Total | 96,305 | 96,277 | 0.0% | Total | 75,051 | 75,645 | (0.8%) | |
Notes:
Mainly due to loss of contribution from divestment of certain Wisma Atria Property (Office) strata units, partially offset by higher rents and lower operating expenses.
Mainly due to lower office occupancies and depreciation of AUD, partially offset by lower operating expenses.
Mainly due to rental step-up for Lot 10 Property and appreciation of RM.
Mainly due to higher rental arrears provision for China Property, as well as depreciation of JPY and RMB.
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