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ANNUAL REPORT FY 2019/20 All Rights Reserved

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ANNUAL REPORT FY 2019/20 All Rights Reserved The Times that Defi ne Us STARHILL GLOBAL REIT ANNUAL REPORT FY 2019 20 ǵ Ǭ STARHILL GLOBAL REIT AR2019_COVER_433.1X297HMM_51L ABOUT US 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, China and Japan, valued at about S$2,941.3 million(1) as at 30 June 2020. 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 (formerly known as Starhill Gallery) and 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. VISION VALUES To be the preferred real estate The values to which we aspire investment trust with a stable can be summarised under of high-quality and valuable six principles: income-generating assets. – Integrity – Client Commitment – Strive for Profitability MISSION – Fulfilment for our People – Teamwork To deliver long-term sustainable – Highest Standards 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. Note: (1) Including right-of-use assets following the adoption of FRS 116 effective from 1 July 2019. ONLINE ANNUAL REPORT FY 2019/20 All rights reserved. Discrepancies in the tables and charts between the listed figures and totals thereof are www.starhillglobalreit.com/ir_ar.html due to rounding. STARHILL GLOBAL REIT AR2019_210x297Hmm_51L SY200153_MIX_20-002_AC2(3) The Times that Define Us. We have always thrived in good times. However, our success is best measured by how we rise during uncertain times. We believe in succeeding as one, by standing in solidarity with our tenants, partners and stakeholders. Together, we stand resilient, agile and ready to turn obstacles into opportunities as we advance our long-term growth objectives. Contents OVERVIEW OPERATIONS REVIEW SUSTAINABILITY & GOVERNANCE Our Strategy 02 Property Highlights 28 Sustainability Report 62 Key Highlights 03 Property Portfolio Summary 30 Corporate Governance 80 Significant Events in FY 2019/20 04 Singapore Properties 34 FINANCIALS In Solidarity 06 Australia Properties 40 In Equilibrium 08 Malaysia Properties 46 Financial Statements 105 In Focus 10 China Property 50 OTHERS Our Geographical Reach 12 Japan Properties 51 Our Business in Brief 14 Statistics of Unitholders 165 PERFORMANCE Key Figures for 5 Years 16 Additional Information 167 Financial Summary 17 Market Overview 52 Glossary 168 Letter to Unitholders 18 Financial Review 54 Corporate Directory 170 Trust Structure 21 Capital Management 58 Board of Directors 22 Risk Management 60 Executive Officers of REIT Manager 24 Investor Relations and Communications 61 Executive Officers of Property Manager 26 STARHILL GLOBAL REIT AR2019_210x297Hmm_51L SY200153_MIX_20-002_AC2 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, and maintaining a prudent capital management approach. 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 ACQUISITION GROWTH • Investment portfolio primarily comprising prime real estate used mainly for retail and/or office purposes with strong fundamentals and strategic locations • Long-term yield-accretive investments made in Singapore and overseas markets 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 ANNUAL REPORT –– FYFY 2019/202019/20 222 M Y C K STARHILL GLOBAL REIT AR2019_210x297Hmm_51L SY200153_MIX_20-002_AC2 Key Highlights GROSS REVENUE (FY 2019/20) S$180.8M NET PROPERTY INCOME (FY 2019/20) S$132.1M INCOME AVAILABLE FOR DISTRIBUTION (FY 2019/20) S$77.4M DISTRIBUTION PER UNIT (FY 2019/20) 2.96¢ NET ASSET VALUE (As at 30 Jun 2020) S$1,769.5M GEARING (As at 30 Jun 2020) 39.7% RESILIENT OCCUPANCY(1) (As at 30 Jun 2020) 96.2% Note: (1) Based on commenced leases as at 30 June 2020. 333 STARHILLSTARHILL GLOBALGLOBAL REIT M Y C K STARHILL GLOBAL REIT AR2019_210x297Hmm_51L SY200153_MIX_20-002_AC2 OVERVIEW Significant Events in FY 2019/20 2019 AUGUST OCTOBER CONT'D Wisma Atria co-organised the Commencement of asset enhancement works for Bicentennial National Day Bears THE STARHILL 2019 Exhibition in partnership with in Malaysia. The HEART Enterprise, to support the creativity and talent of children with autism. The exhibition showcased 54 hand-sewn fabric bears to commemorate Singapore’s Bicentennial and 54th National Day. Entered into a JPY3.7 billion unsecured term loan facility agreement to refinance existing loans ahead of its maturity in July 2020. SEPTEMBER AWARDED SILVER AT THE ASIA PACIFIC BEST OF THE TM BREEDS REITS AWARDS 2019, in the category for retail REITs in Singapore with more than S$1 billion in market capitalisation. Wisma Atria was the venue sponsor for the social media contest for a meet-and-greet with McLaren Formula 1TM driver, Lando Norris. ISSUANCE OF senior medium term notes by Ara YTL Group Executive Chairman and Non-Executive RM Bintang Berhad to refinance existing Chairman of YTL Starhill Global REIT Management Limited, 330 Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, conferred the million notes upon maturity in September 2019. HONORARY BRITISH AWARD OF OCTOBER KNIGHT COMMANDER OF THE MOST Wisma Atria hosted the first public appearance of EXCELLENT ORDER OF THE BRITISH MEDIACORP’S STAR SEARCH 2019 TOP 12 FINALISTS EMPIRE (KBE) on 19 October 2019. The meet-and-greet session was also by Her Majesty Queen Elizabeth II for attended by veteran artistes and Star Search alumni Desmond services to UK-Malaysian bilateral relations. The award was Tan, Felicia Chin, Zhang Yao Dong, Rayson Tan, Aileen Tan and presented by His Royal Highness Prince Charles at Clarence Jeffrey Xu. House on 13 October 2019. DECEMBER COMPLETION OF RENOVATION WORKS for Plaza Arcade in Australia, with a new ceiling, improved lighting, enhanced signage and mural artwork at the laneway, among others. ANNUAL REPORT – FY 2019/20 44 M Y C K STARHILL GLOBAL REIT AR2019_210x297Hmm_51L SY200153_MIX_20-002_AC2 2020 JANUARY APRIL Establishment of S$2 billion multicurrency debt issuance Singapore introduces elevated safe 1M programme, which can issue perpetual securities on top of distancing measures in response to the medium term notes. COVID-19 pandemic. Wisma Atria Property and Ngee Ann City Property were open only Annual traditional lion dance and dragon dance held at for some essential services between 7 April and 1 June. Wisma Atria’s outdoor event space to usher in the Lunar New Year. In Australia, while our anchor tenant David Jones in Perth remains open, most of our tenants including Myer in Adelaide and UNIQLO in Perth chose to temporarily close their stores. CHANGE OF ADOPTION DISTRIBUTION OF HALF-YEARLY FREQUENCY reporting of financial to semi-annual distributions statements with effect from quarterly distributions from the financial year with effect from 3Q FY 2019/20. ending 30 June 2021. MAY SGREIT ANNOUNCED FEBRUARY FURTHER RENTAL Starhill Global REIT’s Annual Report for FY 2018/19 REBATES TO BE WON THE GOLD AWARD DISBURSED – THE HIGHEST HONOUR – to eligible tenants in Singapore TOTAL RENTAL for the Print/Annual Reports Category in the following extension of the th ASSISTANCE 13 Annual International Design Awards (IDA) USA 2019. Circuit Breaker. S$32.2M JUNE Approximately S$32.2 million, including Singapore Government assistance of S$15.2 million, has been recorded in FY 2019/20 mainly as rental rebates for eligible tenants in SGREIT's portfolio to assist tenants through the COVID-19 pandemic. ISSUED NEW RENEWAL OF THE Photo credit: C2 Design Studio Pte. Ltd. FIVE-YEAR APPOINTMENT S$ of YTL Starhill Global Property Announced COVID-19 support measures, including 100million Management Pte. Ltd. as the RENTAL REBATES AND unsecured medium term property manager of Starhill MARKETING ASSISTANCE, notes with fixed coupon Global REIT’s interests in mainly for retail and office tenants at Singapore Properties. rate of 3.15% per annum. Ngee Ann City and Wisma Atria for an additional five years. MARCH Fitch ratings assigned a Wisma Atria attracted Starhill Global REIT's investment shopper traffic of properties were valued at ‘BBB’ CREDIT RATING 16.6 million with tenants approximately S$2.94 billion, with stable outlook to SGREIT and its medium term notes sales down 17.6% y-o-y, including right-of-use assets, programmes as well as the notes drawn under the programmes. in FY 2019/20. as at 30 June 2020. Implementation of stricter safe distancing measures As Singapore entered Phase Two of safe reopening, Wisma Atria Property and Ngee Ann City Property fully reopened with preventive measures in place.
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