Property
Portfolio Summary
DIVERSIFIED RETAIL AND
OFFICE PORTFOLIO
The Portfolio’s gross revenue is
diversified across Singapore 67.3%,
Malaysia 14.8%, Australia 11.0%,
China 4.7% and Japan 2.2% for
FY 2014/15. The retail and office
components contributed 86.4%
and 13.6% to the Portfolio’s
FY 2014/15 revenue respectively.
For June 2015, the top 10 tenants
of the Portfolio contributed 53.7%
of the Portfolio’s gross rent. The
top four tenants were Toshin
Development Singapore Pte. Ltd.
(Toshin), YTL Group, Myer Pty
Ltd and David Jones Limited,
Starhill Global REIT’s current portfolio comprises 13 prime
properties (Portfolio) in Singapore, Australia, Malaysia, China and
Japan. 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 Australia; Starhill Gallery and Lot 10
Property in Kuala Lumpur, Malaysia; the Renhe Spring Zongbei
Property in Chengdu, China and five properties in Tokyo, Japan.
accounting for 19.2%, 14.1%, 5.9%
and 4.2% of the Portfolio’s gross
rent respectively. No other tenant
accounted for more than 3% of the
Portfolio’s gross rent.
RESILIENT LEASE PROFILE
The Portfolio has several master
leases and long-term leases,
providing rental income stability.
Toshin’s lease at Ngee Ann
City Property until June 2025
incorporates a rent review every
three years, with the next review
due in June 2016. The first rent
review for the renewed lease in
June 2013 was conducted at the
point of renewal, increasing the
base rent by 6.7%. The Malaysia
Properties are under master leases
with Katagreen Development Sdn
Bhd for a fixed term of 3+3 years
commencing on 28 June 2010. The
landlord and the master tenant have
a put and call option respectively to
extend the lease for a further three
years upon expiry of the second
term in June 2016. The David Jones
Building in Perth, Australia has a
long-term lease expiring in 2032
with anchor tenant David Jones
Limited, with upward-only rent
reviews every three years. Myer
department store has a long-term
anchor tenant lease at the Myer
Centre Adelaide expiring in 2032
TOP 10 TENANTS
Tenant Name
Property
% of Portfolio
Gross Rent
(1) (2)
Toshin Development Singapore Pte. Ltd.
Ngee Ann City Property, Singapore
19.2%
YTL Group
(3)
Ngee Ann City Property &
Wisma Atria Property, Singapore
Starhill Gallery & Lot 10 Property, Malaysia
14.1%
Myer Pty Ltd
Myer Centre Adelaide, Australia
5.9%
David Jones Limited
David Jones Building, Australia
4.2%
Cortina Watch Pte Ltd
Ngee Ann City Property &
Wisma Atria Property, Singapore
2.2%
Cotton On Group
Wisma Atria Property, Singapore,
Myer Centre Adelaide, Australia
2.0%
Wing Tai Retail Management Pte. Ltd.
Wisma Atria Property, Singapore
1.7%
BreadTalk Group
Wisma Atria Property, Singapore
1.7%
Coach Singapore Pte. Ltd.
Ngee Ann City Property &
Wisma Atria Property, Singapore
1.5%
Charles & Keith Group
Wisma Atria Property, Singapore
1.2%
Notes:
(1)
For the month of June 2015.
(2)
The total portfolio gross rent is based on the gross rent of all the properties including the Renhe Spring Zongbei Property.
(3)
Consists of Katagreen Development Sdn Bhd, YTL Singapore Pte. Ltd., YTL Starhill Global REIT Management Limited and YTL Starhill
Global Property Management Pte. Ltd..
Notes:
(1)
Portfolio lease expiry schedule includes Starhill Global REIT’s properties in Singapore, Australia, Malaysia and Japan but
excludes Renhe Spring Zongbei Property, China which operates as a department store with short-term concessionaire leases
running three to 12 months.
(2)
Lease expiry schedule based on committed leases as at 30 June 2015.
(3)
Includes the master tenant leases in Malaysia that enjoy fixed rental escalation and have an option to be renewed for a further
three-year term from June 2016.
(4)
Includes the Toshin master lease that expires in 2025 and the long-term leases with David Jones Limited and Myer Pty Ltd which
expire in 2032.
1
Master Tenancies & Long-Term Leases
42.3%
2 Fashion
16.2%
3 Office
14.2%
4 Jewellery & Watches
6.1%
5 F&B
6.0%
6 Beauty & Wellness
5.8%
7 Shoes & Accessories
4.5%
8 General Trade
2.7%
9 Services
1.5%
10 Others
0.7%
PORTFOLIO TRADE MIX
by gross rental contribution (for Jun 2015)
PORTFOLIO LEASE EXPIRY (AS AT 30 JUN 2015)
(1) (2)
(%)
1
Singapore
67.3%
2 Malaysia
14.8%
3 Australia
11.0%
4 China
4.7%
5 Japan
2.2%
GROSS REVENUE
BY COUNTRY
FY 2014/15
GROSS REVENUE
BY RETAIL AND OFFICE
FY 2014/15
Retail
86.4%
Office
13.6%
FY 2015/16
FY 2016/17
FY 2017/18
FY 2018/19
Beyond FY 2018/19
5 4 3
2
1
By NLA By Gross Rent
1098
7
6
5
4
3
2
1
36.7
(3)
27.6
(3)
8.7
14.8
10.5
18.8
3.1
6.8
41.0
(4)
32.0
(4)
35
34
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
