A Symbol of Emergence STARHILL GLOBAL REIT ANNUAL REPORT FY 2022/23
Vision To be the preferred real estate investment trust with a stable of highquality and valuable income-generating assets. Mission To deliver long-term sustainable 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. Values The values to which we aspire can be summarised under six principles: • Integrity • Client Commitment • Strive for Profitability • Fulfilment for our People • Teamwork • Highest Standards ONLINE ANNUAL REPORT FY 2022/23 www.starhillglobalreit.com/ir_ar.html
About Starhill Global REIT 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 nine properties in Singapore, Australia, Malaysia, Japan and China, valued at about S$2.8 billion as at 30 June 2023. 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 and Lot 10 Property in Kuala Lumpur, Malaysia; a property in Tokyo, Japan and a retail property in Chengdu, China. 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. All rights reserved. Discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding. Navigating the road ahead, we emerge tall with newfound strength as we transform adversities into fortified pillars of resilience. Our assets stand steadfast, in a prime position to leverage opportunities amid the uncertain economy. This is anchored by a solid foundation and our commitment to driving sustainable growth for our stakeholders. A Symbol of Emergence Contents OVERVIEW Our Strategy 02 Key Highlights 03 Key Events in FY 2022/23 04 Stronger through It All 07 Steadfast in Our Vision 09 Sustainable on All Fronts 10 Our Geographical Reach 12 Our Business in Brief 14 Key Figures for 5 Years 16 Financial Summary 17 Trading Performance 18 Letter to Unitholders 19 Trust Structure 22 Board of Directors 23 Executive Officers of 26 The REIT Manager OPERATIONS REVIEW Property Highlights 28 Property Portfolio Summary 30 Singapore Properties 34 Australia Properties 40 Malaysia Properties 46 Japan and China Properties 50 PERFORMANCE Independent Market Overview 51 Financial Review 61 Capital Management 65 Risk Management 67 Investor Relations and 68 Communications SUSTAINABILITY & GOVERNANCE Sustainability Report 69 Corporate Governance 101 FINANCIALS Financial Statements 125 OTHERS Statistics of Unitholders 189 Additional Information 191 Glossary 192 Corporate Directory 194 Notice of AGM and Proxy Form 195 1 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
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, as well as maintaining a prudent capital management approach. 01 Active Asset Management • Balance of master and anchor leases coupled with actively managed tenancies for income stability with potential rental upside • Proactive leasing and cost management strategies • Maintaining healthy occupancy throughout economic cycles • Asset enhancements to drive value and enhance sustainability 03 Acquisitions • Focus on prime real estate used for office and/or retail with strong fundamentals and strategic location • Grow office portfolio and enhance presence in key cities for income diversification • Enhance yield through strategic acquisitions and divestments 02 Prudent Capital Management • Managing capital to optimise Unitholders’ returns with a mix of available capital sources • Manage debt maturities and hedging profile to reduce risk 2 OVERVIEW
Note: (1) Based on commenced leases as at 30 June 2023. Gross Revenue (FY 2022/23) S$187.8M Net Property Income (FY 2022/23) S$147.8M Income Available For Distribution (FY 2022/23) S$88.9M Distribution Per Unit (FY 2022/23) 3.80 cents Net Asset Value Attributable To Unitholders (As at 30 June 2023) S$1,649.5M Stable Gearing (As at 30 June 2023) 36.7% Resilient Occupancy (As at 30 June 2023) 96.8%(1) Key Highlights OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 3 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Key Events in FY 2022/23 Declared 2H FY 2021/22 DPU of 2.02 cents Attained “Rank S” rating for CASBEE for Ebisu Fort, Japan. Reported 1H FY 2022/23 DPU of 1.82 cents Completed the divestment of Daikanyama in Japan for JPY1,877.7M (approximately S$18.9 million), at a premium over both valuation and acquisition price. July August January FY 2021/22 DPU of 3.80 cents Ebisu Fort, Japan December Successfully completed Phase 1 of Myer Centre Adelaide façade upgrading initiative, signifying our commitment to ensuring the safety and well-being of our shoppers and occupants. Entered into a five-year unsecured bank loan facility agreement of S$50M to refinance part of the S$125 million medium term notes maturing in May 2023. Unitholders approved all resolutions, including the re-endorsement of Dato’ Yeoh Seok Kian and Mr Tan Bong Lin as directors during the Annual General Meeting. Attained 5 stars NABERS Energy rating for Myer Centre Adelaide (office). October Entered into a five-and-a-half-year unsecured bank loan facility agreement of S$75M to refinance the remaining portion of the S$125 million medium term notes maturing in May 2023. Fitch Ratings affirmed SGREIT’s “BBB” credit rating(1). February Note: (1) P laced on rating watch negative following the Myer arbitration announcement in March 2023. 4 OVERVIEW
Received a notice of arbitration regarding the lease to Myer Pty Ltd at Myer Centre Adelaide. Completed interior upgrading works at Wisma Atria, enhancing its appeal to shoppers. Commenced Phase 2 of façade upgrading works at Myer Centre Adelaide. March April May Attained LEED Gold certification for the China Property. Wisma Atria, Singapore Entered into a five-and-a-quarter-year unsecured revolving credit facility agreement with a bank of S$50M to be converted into an unsecured loan facility on 31 March 2025. China Property Entered into a five-year unsecured bank loan facility of A$63M to refinance the existing A$63 million loan, secured by David Jones Building. Following the repayment in June 2023, the mortgage has been duly released. Attained 3.5 stars NABERS Energy rating for Myer Centre Adelaide (retail). June Achieved gender diversity for the Board with the appointment of Ms Yeoh Pei Nee as an Alternate Director to Dato’ Yeoh Seok Kian (a Non-Executive Director of the Manager) with effect from 1 July 2023. OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 5 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
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Stronger through It All In solidarity, we have emerged stronger by overcoming the obstacles brought about by the pandemic. Through our prudent capital management strategy, we maintain our financial standing, reinforced by a strong credit rating and stable portfolio occupancy. The strong relationships forged with our tenants and stakeholders are our main tenets. Gearing Ratio (As at 30 June 2023) 36.7% Healthy Liquidity Refinanced S$125 million MTN and A$63 million loan in FY 2022/23. No term debt refinancing requirements until September 2024. Available committed long-term RCF lines to cover outstanding debts maturing in the next two years. Weighted Average Debt Maturity (As at 30 June 2023) 3.4 YRS Hedging Ratio (As at 30 June 2023) 84% of borrowings were fixed/hedged BBB Credit Rating(1) By Fitch Ratings Notes: (1) P laced on rating watch negative following the Myer arbitration announcement in March 2023. (2) Based on commenced leases as at 30 June 2023. (3) E xcludes tenants’ option to pre-terminate or renew their existing leases. (4) A ssuming that the option to renew for the third three-year term for the Lot 10 Property is exercised. (5) Based on committed leases as at 30 June 2023, including leases commencing after 30 June 2023. Based on the date of commencement of leases, portfolio WALE was 6.4 years by NLA. PRUDENT CAPITAL MANAGEMENT CORPORATE RATING Resilient Portfolio Occupancy(2) (As at 30 June 2023) 96.8% Master and Anchor Leases comprise 52.8% of gross rent. Long Weighted Average Lease Expiry(3)(4)(5) (As at 30 June 2023) 6.5 YRS By Net Lettable Area QUALITY TENANT PROFILE 7 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
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Façade Improving aesthetics and safety through ongoing façade upgrading works at Myer Centre Adelaide, Australia, with expected completion by early 2024. Premier Lifestyle Mall Interior upgrading works to rejuvenate Wisma Atria completed in 2023. Embarking on the next phase of enhancement in the basement with expected completion in March 2024. Income Diversification Disciplined approach to acquisitions to grow office portfolio and enhance presence in key cities for income diversification. We remain agile during uncertain times by strengthening our foundation to stand ready to ride on opportunities. Simultaneously, we remain focused on strategic acquisitions that effectively diversify and enhance our presence in key cities to expand on new growth possibilities. Steadfast in Our Vision PORTFOLIO REJUVENATION STRATEGIC ACQUISITIONS Leading Consumer Trends Enhanced retail offering in malls to stay ahead of changing consumer preferences. Tenant Ecosystem Extending partnerships across the portfolio through strengthening relationships with existing tenants. UNIQLO opened its first South Australian store in Myer Centre Adelaide after its successful opening in our Plaza Arcade in Perth. Consumer Engagement New Wisma Atria app launched in 2023 to improve shoppers’ experience and reward our shoppers. PROACTIVE ASSET MANAGEMENT 9 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Anchored on strong foundations, we stand resilient despite the odds. We remain firm in our long-term operational and sustainability commitment. Our portfolio of prime assets puts us in a strategic position to benefit from ongoing infrastructure developments in Singapore and Malaysia. Together with our Sponsor, we will continue to deliver consistent value for our Unitholders. Sustainable on All Fronts Diversified Portfolio Comprising retail and commercial assets in Asia Pacific, our portfolio of assets at prime locations have excellent connectivity to transportation hubs, appealing to both local and international brands. Quality Tenants Attracted and retained flagship outlets for international brands such as Eslite Spectrum in The Starhill; UNIQLO in Plaza Arcade and Myer Centre Adelaide; Tory Burch in Wisma Atria; and many more. FUTURE-FORWARD ASSETS Driving Long-Term Value Enhancing business sustainability through the implementation of critical Environmental, Social and Governance (ESG) factors in our business. Future proofing our portfolio by progressively attaining green certificates. SUSTAINABLE BUSINESS Strong Sponsor (As at 30 June 2023) YTL Corporation combined market capitalisation of US$5.7B with its listed entities in Malaysia With ~37.8% ownership of Starhill Global REIT. GROUNDED FOUNDATION 10
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Starhill Global REIT’s portfolio comprises nine mid- to high-end properties in six Asia-Pacific cities. NUMBER OF PROPERTIES 9 RETAIL AND OFFICE SPACE 2.2M SQ FT ASIA-PACIFIC CITIES 6 INVESTMENT PROPERTIES S$2,767.8M(1) Our Geographical Reach 12 OVERVIEW
Notes: (1) Including right-of-use assets following the adoption of FRS 116. (2) L argely retail with a small office component. (3) As at 30 June 2023. SGREIT’S portfolio is characterised by its master and anchor leases which make up about 52.8% of gross rent(3). Malaysia 587,452 SQ FT By Asset Value (As at 30 June 2023) S$391.0M By Gross Revenue (FY 2022/23) The Starhill Kuala Lumpur Retail 100% Lot 10 Property(2) Kuala Lumpur Retail 100% Australia 921,907 SQ FT By Asset Value (As at 30 June 2023) S$357.5M By Gross Revenue (FY 2022/23) Myer Centre Adelaide Adelaide Retail 89.6% Office 10.4% David Jones Building & Plaza Arcade Perth Retail 100% Singapore 619,912 SQ FT By Asset Value (As at 30 June 2023) S$1,958.2M By Gross Revenue (FY 2022/23) Ngee Ann City Property Singapore Retail 77.2% Office 22.8% Wisma Atria Property Singapore Retail 79.4% Office 20.6% Japan 18,816 SQ FT By Asset Value (As at 30 June 2023) S$34.9M By Gross Revenue (FY 2022/23) Ebisu Fort(2) Tokyo Retail 100% China 100,854 SQ FT By Asset Value (As at 30 June 2023) S$25.6M By Gross Revenue (FY 2022/23) China Property Chengdu Retail 100% OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 13 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Our Business in Brief Singapore Australia Retail and commercial assets located in the prime retail districts and pedestrian streets of the Adelaide and Perth city centres. Myer Centre Adelaide, Adelaide An eight-storey retail centre along the iconic Rundle Mall within Adelaide’s city centre and is anchored by department store Myer. The asset comprises four basement levels of car park, and an office component which includes a six-storey office tower and two heritage buildings. David Jones Building, Perth A four-storey heritage-listed retail centre anchored by David Jones. Plaza Arcade, Perth A three-storey heritage-listed retail building located next to the David Jones Building. The property is anchored by international apparel retailer, UNIQLO. Both properties are located in the heart of Perth’s city centre, and enjoy dual frontage to the bustling Murray Street Mall and Hay Street Mall. Centrally-located assets in the prime stretch of Orchard Road, with excellent connectivity to transportation hubs. Ngee Ann City Property Ngee Ann City Property consists of four strata lots representing 27.23% of the total share value of strata lots in Ngee Ann City. These lots include retail and office spaces. Wisma Atria Property The Wisma Atria Property comprises 257 strata lots representing 74.23% of the total share value of strata lots in Wisma Atria. These strata lots represent retail areas (excluding the space owned by Isetan and common area property) and the office tower. REVENUE CONTRIBUTION (FY 2022/23) S$115.6M Ngee Ann City Property 55.6% Wisma Atria Property 44.4% REVENUE CONTRIBUTION (FY 2022/23) S$39.8M Myer Centre Adelaide, Adelaide 68.9% David Jones Building, Perth 25.0% Plaza Arcade, Perth 6.1% Ngee Ann City Property Myer Centre Adelaide, Adelaide David Jones Building, Perth Plaza Arcade, Perth Wisma Atria Property 14 OVERVIEW
The Japan Property in Tokyo and the China Property in Chengdu are strategically located within walking distance to subway stations. Ebisu Fort, Tokyo A seven-storey building (with two basement levels) located near the Ebisu train station in Ebisu (Shibuya Ward), Tokyo. China Property, Chengdu Situated on the Second Ring Road, the property is located near high-end residences and offices in Chengdu. The Nijiaqiao MRT Station is located in front of the property and provides convenient access. Malaysia Others – Japan & China REVENUE CONTRIBUTION (FY 2022/23) S$28.8M The Starhill, Kuala Lumpur 63.3% Lot 10 Property, Kuala Lumpur 36.7% REVENUE CONTRIBUTION (FY 2022/23) S$3.7M(1) China Property, Chengdu 38.0% Japan Properties, Tokyo(1) 62.0% The Starhill and Lot 10 Property are strategically situated in the vibrant Bukit Bintang district, one of Kuala Lumpur’s premier shopping districts and home to many prestigious international hotels, prime office buildings and shopping complexes. The Starhill, Kuala Lumpur An integrated development comprising four retail floors and three upper floors of hospitality use. Lot 10 Property, Kuala Lumpur The Lot 10 Property comprises 137 strata parcels and two accessory parcels within the Lot 10 shopping centre. These strata parcels represent retail areas (excluding the space owned by Isetan). The Starhill, Kuala Lumpur Ebisu Fort, Tokyo Lot 10 Property, Kuala Lumpur China Property, Chengdu Singapore, Australia and Malaysia Properties contributed 98.1% of revenue in FY 2022/23. Note: (1) Included contribution from Daikanyama, until its divestment in January 2023. OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 15 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Key Figures for 5 Years Notes: (1) T he reported number for FY 2020/21 included the full release of S$7.7m (or 0.35 cents per unit) of distributable income for FY 2019/20 which was deferred as allowed under COVID-19 relief measures. (2) B ased on commenced leases as at the reporting date. (3) P ortfolio occupancy based on committed leases was 97.7% as at 30 June 2023. Net Property Income (S$ million) (FY 2022/23) S$147.8M Income Available for Distribution (S$ million) (FY 2022/23) S$88.9M Distribution Per Unit (cents) (FY 2022/23) 3.80 cents Total Assets (S$ million) (As at 30 June 2023) S$2,860.3M Occupancy Rate (%)(2) (As at 30 June 2023) 96.8%(3) 101.3 77.4 88.2 89.8 88.9 96.3 96.2 96.3 95.4 96.8 June 19 June 20 June 21 June 22 June 23 3,142.0 3,081.0 3,079.6 2,997.4 2,860.3 June 19 June 20 June 21 June 22 June 23 4.48 2.96 3.60 3.95(1) 3.80 3.80 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22 FY 2022/23 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22 FY 2022/23 159.4 132.1 134.7 144.7 147.8 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22 FY 2022/23 Gross Revenue (S$ million) (FY 2022/23) S$187.8M 206.2 180.8 181.3 186.4 187.8 FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22 FY 2022/23 16 OVERVIEW
Financial Summary Statement of Total Return and Distribution for the Year: FY 2022/23 FY 2021/22 Change (%) Gross Revenue (S$ million) S$187.8 S$186.4 0.7% Net Property Income (S$ million) S$147.8 S$144.7 2.2% Income Available for Distribution (S$ million) S$88.9 S$89.8 (0.9%) Income to be Distributed to Unitholders(1) (S$ million) S$85.6 S$85.0 0.7% Distribution Per Unit (DPU)(2) (cents) 3.80 cents 3.80 cents – Notes: (1) Approximately S$3.3 million (FY 2021/22: S$4.8 million) of income available for distribution for FY 2022/23 has been retained for working capital requirements. (2) T he computation of DPU for FY 2022/23 was based on number of units entitled to distributions comprising (i) 2,249,480,125 units for first half year of FY 2022/23 (“1H FY 2022/23”), and (ii) issued and issuable units of 2,255,842,120 for second half year of FY 2022/23 (“2H FY 2022/23”) (FY 2021/22: (i) 2,232,571,530 units for first half year of FY 2021/22 (“1H FY 2021/22”), and (ii) 2,240,421,241 units for second half year of FY 2021/22 (“2H FY 2021/22”)). Balance Sheet as at: 30 June 2023 30 June 2022 Change (%) Net Asset Value attributable to Unitholders Per Unit (S$) S$0.73 S$0.78 (6.4%) Total Assets (S$ million) S$2,860.3 S$2,997.4 (4.6%) Investment Properties – Number of Properties 9 10 – Valuation(1) (S$ million) S$2,767.8 S$2,893.3 (4.3%) Gearing (%) 36.7% 36.2% NM Note: (1) Including right-of-use assets following the adoption of FRS 116. OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 17 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Trading Performance 1-year (from 1 July 2022 to 30 June 2023) 3-year (from 1 July 2020 to 30 June 2023) 5-year (from 1 July 2018 to 30 June 2023) Total return (assuming distributions reinvested) (%) (5.2) 20.7 6.4 Distribution yield(1) (%) 7.4 22.4 36.9 Starhill Global REIT’s Unit Price and Trading Volume From 1 July 2022 to 30 June 2023 Opening Price(1) S$0.580 Closing Price(2) S$0.515 High (1-3 August 2022) S$0.600 Low (21 October 2022) S$0.485 Volume traded (in million units) 386.4 Notes: (1) Based on the last trading day of FY 2021/22. (2) Based on the last trading day of FY 2022/23. 23,411 44,233 48,510 0.595 0.580 0.540 0.515 0.530 0.540 0.570 0.560 0.520 0.525 0.510 0.515 43,120 36,466 20,828 30,082 34,035 30,708 16,714 24,715 33,606 Jul 2022 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023 Total volume traded for the month (‘000 units) Closing unit price as at last trading day of the month (S$) Note: (1) Based on Starhill Global REIT’s closing price of S$0.515 per unit as at 30 June 2023 and total DPU for the respective periods. 18 OVERVIEW
Letter to Unitholders Dear Unitholders, The financial year ended 30 June 2023 (FY 2022/23) was both challenging and exciting. We started the year with great optimism as many countries started easing COVID-19 measures. As global economies gradually reverted to normality, it became apparent that the pandemic has disrupted global supply chains, impacting the ability of businesses to cope with the surge in demand. The resulting inflationary environment pressured central banks to raise interest rates aggressively to curb consumer spending. As a result, high borrowing costs and energy prices coupled with rising geopolitical and trade tensions, have fuelled economic uncertainty worldwide. The Singapore REIT benchmark index, the FTSE REIT Index, retreated 11.8% during FY 2022/23. Notwithstanding these challenges, we navigated the year with renewed strength and delivered healthy results. Operationally, our portfolio performed well as we benefitted from various asset rejuvenation initiatives implemented during the pandemic where opportunity cost was low. In addition, recovery in tourist arrivals and the return of the office community following the easing of COVID-19 measures boded well for downtown malls like ours. Our prudent capital management strategy and stable profile of master/anchor leases served us well, mitigating the impact of rising interest rates, foreign exchange volatility and energy costs on our distributable income. FINANCIAL PERFORMANCE Group revenue of S$187.8 million for FY 2022/23 was 0.7% higher year-on-year (y-o-y) while net property income (NPI) for the Group was S$147.8 million, representing an increase of 2.2% y-o-y. The increase in NPI was attributed mainly to the Singapore portfolio, completion of asset enhancement works at The Starhill and lower rental assistance, despite foreign exchange weakness and loss of income from divestment. Income available for distribution to Unitholders for FY 2022/23 was S$88.9 million, representing a decrease of 0.9% y-o-y. Income to be distributed to Unitholders after retention of S$3.3 million totalled S$85.6 million for FY 2022/23, or an increase of 0.7% y-o-y. Distribution Per Unit (DPU) for FY 2022/23 remained stable y-o-y at 3.80 cents, translating to an annual yield of approximately 7.4% based on the closing unit price of S$0.515 as at 30 June 2023. Right Tan Sri (Sir) Francis Yeoh PSM, KBE Chairman Left Mr Ho Sing Chief Executive Officer & Executive Director Securing Portfolio Value to Achieve Sustainable Growth OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 19 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
The Group’s portfolio valuation declined by 4.3% y-o-y to S$2.8 billion as at 30 June 2023, mainly due to the downward revaluation of Australia Properties and Wisma Atria Property (Retail), divestment of Daikanyama in Tokyo, as well as net movement in foreign currencies. Excluding the effects of the divestment, the Group’s portfolio valuation would have dropped by 3.9% y-o-y. As a result, net asset value per Unit was lower at S$0.73 as at 30 June 2023. PRUDENT CAPITAL MANAGEMENT As part of our prudent capital management strategy, we have successfully refinanced S$125 million unsecured medium term notes and A$63 million secured loan in FY 2022/23, with new unsecured loans of the same amounts with tenor ranging from 5 to 5.5 years, thereby raising the average debt maturity profile to 3.4 years as at 30 June 2023. We do not have any term debt refinancing requirements until September 2024, and the Group has sufficient undrawn long-term committed revolving credit facility lines to cover the remaining debts maturing in the next two years. Despite the asset enhancement commitments and the challenging market environment, our gearing level remained stable at 36.7% as at 30 June 2023 and about 84% of our borrowings are on fixed/ hedged basis. Our proactive hedging strategy enabled us to mitigate the impact of interest rate volatility on SGREIT’s distributions, with net finance costs rising marginally by 1% y-o-y in FY 2022/23. OPERATIONAL RECOVERY Riding on the reopening of economies, Starhill Global REIT’s portfolio of prime commercial assets staged a healthy recovery in FY 2022/23. Committed portfolio occupancy rose to 97.7% as at 30 June 2023, being the highest occupancy achieved since 2015, with the Singapore Properties achieving full occupancy on committed basis. Asset rejuvenations undertaken at properties in our Singapore and Malaysian portfolio during the pandemic have revitalised the malls and enhanced their appeal to shoppers and tenants. The upgrading works contributed to the Singapore Properties’ full committed occupancy while The Starhill in Kuala Lumpur unveiled new retail and lifestyle offerings including Taiwanese bookstore Eslite Spectrum’s first foray into South-East Asia and Italian luxury fashion, Roberto Cavalli. In Singapore, Wisma Atria Property celebrated its makeover and new mall app with a launch party in April 2023 following the completion of interior upgrading works. The mall experienced a healthy rebound in tenant sales and shopper traffic of 17.1% and 23.3% y-o-y respectively in FY 2022/23 whilst sales in the last quarter surpassed pre-COVID levels. The out-performance was largely attributed to higher tourist arrivals as well as the return of office workers. We remain optimistic with Singapore’s outlook mirroring Singapore Tourism Board’s (STB) expectation that visitor arrivals may recover to pre-pandemic levels by 2024, barring unforeseen circumstances. Prime rents in Orchard Road rose 2.9% y-o-y in 2Q 2023, recovering from the pandemic-induced border closures, which led to four consecutive quarters of growth since 3Q 2022(1) against a backdrop of no new supply in Orchard Road between 3Q 2023 and 2025. In November 2022, Stage 3 of the Thomson-East Coast MRT Line was completed with 11 stations including Orchard MRT, providing faster access to commuters from the North-South Corridor to the city and benefitting Orchard Road malls. Stages 4 and 5 which are slated for completion in 2024 and 2025 respectively will further extend the MRT line to the eastern region of Singapore. Our Singapore office portfolio performed well with a committed full occupancy as at 30 June 2023. Grade A Core CBD rents and Grade B Core CBD rents recorded a 4.4% and 4.9% y-o-y growth respectively in 2Q 2023 amid tight vacancy and limited supply. The Australia Properties which accounted for 21.2% of the Group’s revenue in FY 2022/23 continue to remain stable in local currency on the back of the new lease with UNIQLO and rental step-up for anchor tenant Myer. During the year, Japanese international fashion brand, UNIQLO, opened its first South Australian store at our Myer Centre Adelaide. Spanning approximately 10,500 square feet, this is the second UNIQLO store in our Committed portfolio occupancy rose to 97.7% as at 30 June 2023, being the highest occupancy achieved since 2015, with the Singapore Properties achieving full occupancy on committed basis. “ “ Letter to Unitholders 20 OVERVIEW
Australian portfolio. UNIQLO opened its first Perth store in our Plaza Arcade back in 2018. The NPI decline of 7.1% y-o-y for FY 2022/23 was mainly attributed to the depreciation of the Australian dollar against Singapore dollar. Committed occupancy of the Australian portfolio improved to 94.5% as at 30 June 2023 from 93.0% a year ago. While CBD retail in Adelaide and Perth are gradually recovering with the reopening of borders and increase in leasing enquiries, the retail market is likely to face uncertainties as the current economic conditions with high interest rates and inflation in Australia may dampen consumer spending power in retail centres. In Kuala Lumpur, Malaysia, the oversupply of retail space continues to weigh down on occupancies and rents. However, the master tenancy which was renewed prior to COVID-19 provided income stability to Starhill Global REIT. The Starhill’s asset enhancement initiative transformed the upper levels of the mall into an extension of the adjourning JW Marriott Hotel, thereby enhancing the efficiency of the property with a more focused and streamlined retail space. The recent completion of the MRT Putrajaya Line complemented the earlier MRT Kajang Line as it adds to the rail network serving both The Starhill and Lot 10 Property. The next and final phase is the MRT3 Circle Line which is expected to be ready by 2030, completing Kuala Lumpur’s urban rail network and further encouraging public transport usage in the capital city. DIVESTMENT OF NON-STRATEGIC ASSET As part of our capital recycling strategy, we divested Daikanyama in Tokyo, Japan in January 2023, at a premium of 39.1% over its last valuation. At a price of JPY1,877.7 million (approximately S$18.9 million), this translated to a yield of 2.77%. The proceeds from the divestment have been used substantially to repay the Yen borrowings. The divestment has granted us greater financial flexibility as well as the capacity to focus on new assets which align with our core growth strategy. OUTLOOK Ongoing geopolitical developments, elevated interest rates and heightened inflation are likely to negatively impact global economies. In view of such uncertainties, our financial standing must remain strong. We have and will maintain a healthy leverage ratio and continue to mitigate rising interest costs and foreign exchange fluctuations by proactively managing our debt maturities and adopting appropriate hedging strategies. We will focus on income stability and preserving the value of our portfolio through strategic asset enhancement initiatives to ensure the portfolio remains relevant to shoppers and tenants. Our next initiative is to modernise the high traffic basement level of Wisma Atria Property while curating new shopping experiences. We will continue to be selective and vigilant in acquisitions in key cities and will explore all relevant funding options, capital recycling and/or joint venture partnerships to provide optimal risk adjusted returns for Unitholders. SUSTAINABILITY We remain committed in our sustainability efforts and will continue to step up our efforts in our Environmental, Social and Governance journey. We attained green certifications for 50% of Starhill Global REIT’s portfolio by NLA, ahead of the targeted date. During the year, we attained NABERS Energy rating for Myer Centre Adelaide(2) in Australia, as well as CASBEE “Rank S” rating and LEED Gold Certification for the Japan and China Property respectively. Electric Vehicle Charging Facilities were also rolled out in Wisma Atria. Our new targets include increasing the number of assets with green certifications, reducing our carbon footprint for assets under our operational control and installing renewable energy facilities (e.g. solar panels) in at least one asset in the portfolio. CONCLUSION FY 2022/23 has been a year of rejuvenation with the objective of securing portfolio value to achieve sustainable long-term growth. With our healthy balance sheet and liquidity, and a rejuvenated portfolio, Starhill Global REIT is in a good position to forge ahead to leverage opportunities that may arise in a challenging market. As we stay focused on delivering value to our stakeholders, we remain vigilant and steadfast, which are values that have been core to us since our listing in 2005. ACKNOWLEDGEMENT The Board and Management would like to thank our Directors for their contributions and guidance, our colleagues for their hard work, commitment and dedication, and our tenants, business partners and investors for their continued trust and support. We take this opportunity to welcome our new Independent Director, Ms Grace Ho. We would also like to thank you for your continued support and confidence in Starhill Global REIT. Tan Sri (Sir) Francis Yeoh PSM, KBE Chairman Mr Ho Sing Chief Executive Officer & Executive Director 28 August 2023 Notes: (1) CBRE Singapore. (2) NABERS 3.5 Stars and 5 Stars for Myer Centre Adelaide retail and office respectively. OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 21 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Trust Structure Notes: (1) T he Property Manager manages the Singapore Properties, namely Wisma Atria Property and Ngee Ann City Property. The overseas properties are mainly managed by external property managers. (2) T he Singapore Properties are held by Starhill Global REIT. The overseas properties are held through its subsidiaries or special purpose vehicles (SPVs). (3) T he net income from overseas properties are largely repatriated to Starhill Global REIT via a combination of trust distributions, dividends, interest, as well as repayment of shareholders’ loans and/or redemption of redeemable preference shares. Trustee Fees Acts on Behalf of Unitholders Property Management Fees Property Management Services Management Fees Management Services Distributions Hold Units UNITHOLDERS REIT MANAGER TRUSTEE THE PROPERTIES(2) Ownership of Assets Net Property Income Ownership of Assets Net Property Income STARHILL GLOBAL REIT PROPERTY MANAGER(1) SUBSIDIARIES OR SPVs(3) 22 OVERVIEW
Board of Directors Tan Sri (Sir) Francis Yeoh joined the Board on 31 December 2008 and is a member of the Nominating and Remuneration Committee. Tan Sri (Sir) Francis Yeoh studied at Kingston University in the United Kingdom, where he obtained a Bachelor of Science (Hons) Degree in Civil Engineering and was conferred an Honorary Doctorate of Engineering in 2004. In July 2014, Tan Sri (Sir) Francis Yeoh was conferred an Honorary Degree of Doctor of Laws by the University of Nottingham. He became the Managing Director of YTL Corp Group in 1988 which, under his stewardship, has grown from a single listed company into a global integrated infrastructure developer, encompassing multiple listed entities, i.e. YTL Corporation Berhad, YTL Power International Berhad, YTL Hospitality REIT, Malayan Cement Berhad and Starhill Global REIT. Tan Sri (Sir) Francis Yeoh was the Managing Director of YTL Corp and YTL Power International Berhad which are listed on the Main Market of Bursa Malaysia Securities Berhad and YTL Land & Development Berhad until 29 June 2018 when he was redesignated as Executive Chairman of these companies. He is also the Executive Chairman of Malayan Cement Berhad, which is listed on the Main Market of Bursa Malaysia Securities Berhad. Tan Sri (Sir) Francis Yeoh is the Executive Chairman and Managing Director of YTL e-Solutions Berhad and also a Director of YTL Industries Berhad. He is also the Executive Chairman of YTL Cement Berhad and Pintar Projek Sdn Bhd, the manager of YTL Hospitality REIT. He is the Chairman of private utilities corporations, Wessex Water Services Limited in England and Wales, and YTL PowerSeraya Pte. Limited in Singapore. Tan Sri (Sir) Francis Yeoh served as an Independent NonExecutive Director of The Hongkong and Shanghai Banking Corporation Guiding the path for tomorrow MR HO SING EXECUTIVE DIRECTOR TAN SRI (SIR) FRANCIS YEOH NON-EXECUTIVE CHAIRMAN Limited for a period of 10 years from July 2012 to June 2022. He sits on the board of trustees of YTL Foundation. Tan Sri (Sir) Francis Yeoh is a Founding Member of the Malaysian Business Council and The Capital Markets Advisory Council, member of The Nature Conservancy Asia Pacific Council and Global Council member of the Asia Society. He is the first non-Italian board member of the historic Rome Opera House and helped fund its restoration to keep it from closing. He served as a member of the Barclays Asia-Pacific Advisory Committee from 2005 to 2012. Tan Sri (Sir) Francis Yeoh was made a board member of Global Child Forum by His Majesty King Carl XVI Gustaf in May 2016. Tan Sri (Sir) Francis Yeoh was ranked by both Fortune and Businessweek magazines as Asia’s 25 Most Powerful and Influential Business Personalities and one of Asia’s Top Executives by Asiamoney. He won the inaugural Ernst & Young’s Master Entrepreneur in Malaysia in 2002 and was named as Malaysia’s CEO of the Year by CNBC Asia Pacific in 2005. In 2006, Tan Sri (Sir) Francis Yeoh was awarded the Commander of the Most Excellent Order of the British Empire (CBE) by Her Majesty Queen Elizabeth II, and in 2019, received the Knight Commander of the Order of the British Empire (KBE). Tan Sri (Sir) Francis Yeoh received a prestigious professional accolade when made a Fellow of the Institute of Civil Engineers in London in 2008. He was the Primus Inter Pares Honouree of the 2010 Oslo Business for Peace Award, for his advocacy of socially responsible business ethics and practices. The Award was conferred by a panel of Nobel Laureates in Oslo, home of the Nobel Peace Prize. He also received the Corporate Social Responsibility Award at CNBC’s 9th Asia Business Leaders Awards 2010. He received the Lifetime Achievement Award for Leadership in Regulated Industries at the 7th World Chinese Economic Summit held in London in 2015. He was also awarded the prestigious Muhammad Ali Celebrity Fight Night Award at the 2016 Celebrity Fight Night in Arizona. In 2017, he was honoured with the Kuala Lumpur Mayor’s Award for Outstanding Contribution at the Kuala Lumpur Mayor Tourism Awards. This was in recognition of his efforts in the transformation of Kuala Lumpur into one of the top shopping and tourist destinations in the world. He was named CEO of the Year at the Asian Power Awards in 2017. The Japanese Government bestowed upon him the Order of the Rising Sun, Gold Rays with Rosette, in 2018 and in the same year the Italian government conferred upon him the honour of Grande Officiale of the Order of the Star of Italy. In 2022 he was awarded the PropertyGuru Real Estate Personality of the Year for Malaysia. The award is given to individuals who have made a significant impact in the Asian real estate sector. Mr Ho Sing joined the Board on 20 April 2010. He is the Chief Executive Officer of the Manager. He works with the Chairman and the Board in formulating and executing strategies for Starhill Global REIT and is responsible for the day-to-day operations of Starhill Global REIT. He has over 29 years of leadership and management experience with multinational companies in engineering, medical, infrastructure, and real estate. These included senior positions in the Singapore Technologies Group, Dornier Medical, Sembcorp Industries and Guocoland Limited. Mr Ho holds a Bachelor of Science degree in Aerospace Engineering from the University of Texas, Austin, USA. He also completed the Stanford Executive Program at Stanford University in 2002. OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 23 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Board of Directors MR TAN WOON HUM INDEPENDENT DIRECTOR MS YEOH PEI NEE ALTERNATE DIRECTOR TO NON-EXECUTIVE DIRECTOR DATO’ YEOH SEOK KIAN Dato’ Yeoh Seok Kian joined the Board on 31 December 2008 and is a member of the Nominating and Remuneration Committee. He was appointed as an Executive Director of YTL Corp since 1984 and has been the Deputy Managing Director of YTL Corp until 29 June 2018 when he was redesignated as Managing Director. He graduated from Heriot-Watt University, Edinburgh, United Kingdom in 1981 with a Bachelor of Science (Hons) Degree in Building and was conferred an Honorary Degree of Doctor of the University in 2017. He attended the Advance Management Programme conducted by Wharton Business School, University of Pennsylvania in 1984. Dato’ Yeoh is a Fellow of the Faculty of Building, United Kingdom, as well as a Member of the Chartered Institute of Building (UK). Dato’ Yeoh served as Deputy Managing Director of YTL Power International Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad, and Executive Director of YTL Land & Development Berhad until 29 June 2018 when he was redesignated as Managing Director of YTL Land & Development Berhad and Executive Director of YTL Power International Berhad. He is also an Executive Director of Malayan Cement Berhad, which is listed on the Main Market of Bursa Malaysia Securities Berhad. Dato’ Yeoh also sits on the boards of other public companies such as YTL Cement Berhad, YTL Industries Berhad, Sentul Raya Golf Club Berhad and The Kuala Lumpur Performing Arts Centre, and private utilities corporations, Wessex Water Limited in England and Wales and YTL PowerSeraya Pte. Limited in Singapore. He is also an Executive Director of Pintar Projek Sdn Bhd, the manager of YTL Hospitality REIT. Mr Tan Bong Lin joined the Board on 1 January 2018 and is the Chairman of the Audit Committee as well as a member of the Nominating and Remuneration Committee. Mr Tan has 27 years of working experience with Wall Street investment banking and brokerage institutions. He served as the Managing Director of Citigroup Global Markets Singapore Pte Ltd from 1991 to 2007. He was also a Member of the Finance Committee of the Singapore Broadcasting Authority from 1997 to 2002. Mr Tan was a Non-Executive Independent Director of APAC Realty Limited from September 2017 to April 2023. He was also the Non-Executive Chairman and Independent Director of RHT Health Trust Manager Pte Ltd, the manager of RHT Health Trust (which is listed on the Mainboard of SGX-ST), from February 2019 to July 2023. Mr Tan holds a Bachelor of Accountancy degree from the University of Singapore in 1980. DATO’ YEOH SEOK KIAN NON-EXECUTIVE DIRECTOR MS HO GEK SIM GRACE INDEPENDENT DIRECTOR MR CHING YEW CHYE INDEPENDENT DIRECTOR MR TAN BONG LIN LEAD INDEPENDENT DIRECTOR 24 OVERVIEW
Mr Ching Yew Chye joined the Board on 1 November 2016 and is a member of the Audit Committee and of the Nominating and Remuneration Committee. He is a seasoned management and information technology professional. In 1982, he joined Accenture PLC, a global management consulting, technology services and outsourcing company. From 1997 until his retirement in 2007, he assumed various regional senior management roles in Accenture, including Managing Partner of the Financial Services Industry Group-Asia, Geographic Council Chairman-Asia and Managing Partner for South Asia Region. He was a member of the Accenture Global Executive Committee from 2001 to 2004 and served on several committees/ task forces to craft Accenture’s global strategy. He was also an Independent Non-Executive Director of AIA Berhad from November 2015 to May 2017 and an Independent Non-Executive Chairman of AIA Berhad from May 2017 to June 2023. He is currently an Independent Non-Executive Director of Genting Plantations Berhad, Chairman of United Overseas Bank (Malaysia) Berhad (redesignated on 16 June 2023), and the Independent Non-Executive Chairman of AIA General Berhad. Mr Ching holds a Bachelor of Science (Honours) degree in computer science from the University of London, UK. Mr Tan Woon Hum joined the Board on 1 August 2017 and is the Chairman of the Nominating and Remuneration Committee as well as a member of the Audit Committee. He is currently a partner of Shook Lin & Bok LLP, a Singapore law firm, and has been with the firm since December 2003. He graduated from the National University of Singapore with a LLB (Honours) Degree in 1995 and was admitted as an Advocate and Solicitor of the Supreme Court of Singapore in 1996. Mr Tan obtained his MBA (Finance) from the University of Leicester in 2000. He has been in private legal practice since 1996 and specialises in trust, asset and wealth management. He advises on the establishment of traditional and alternative funds including related licences and exemptions for fund management companies, as well as the establishment and listing of REITs. Mr Tan is also an Independent Non-Executive Director of UTI International (Singapore) Private Limited, a licensed fund manager. Ms Ho Gek Sim Grace joined the Board on 1 August 2023 and is a member of the Audit Committee and the Nominating and Remuneration Committee. Ms Ho had a 10-year tenure at Microsoft where she held various roles in companies within the group including local enterprise sales leadership roles, regional operations roles and global product management role. Ms Ho also has experience in business transformation and strategy to grow start-ups, expand to new markets and diversify into new customers and product lines. She was a President at SWAT Mobility Pte Ltd (Global), the Chief of Staff (APAC) and Area Vice President (ASEAN) of Commvault Systems (Singapore) Pte Ltd. She was also the Chief Marketing & Communications Officer, and Strategy Leader (Asean) of IBM Global Services Pte Ltd (Asean), the Chief Commercial Officer & Managing Director (Group Sales) of Singapore Post Limited (Global), Head of Marketing & Managing Director of SAP Asia Pte Ltd (Asia Pacific & Japan) and Country President (Singapore) & Head of Solutions Sales (Apac & Japan) of Motorola Solutions (Asia Pacific & Japan). Ms Ho is currently the Chief Executive Officer of Super Grains Pte Ltd and UPGRAIN Foods Pte Ltd. She is also an Advisor at SWAT Mobility Pte Ltd (Global), a company involved in the business of providing smart applications for the transport and logistics sector. Ms Ho holds a Bachelor of Sciences (Biochemistry & Microbiology) from the National University of Singapore and a Master of Business Administration (Finance & Marketing) from The Australian Graduate School of Management, University of New South Wales, Sydney, Australia. Ms Yeoh Pei Nee joined the Board on 1 July 2023 and is a Non-Executive Alternate Director to Non-Executive Director Dato’ Yeoh Seok Kian on the Board of Directors and on the Nominating and Remuneration Committee. Ms Yeoh has valuable and relevant experience in the retail division of YTL Corporation Berhad’s subsidiaries in Malaysia and has overseen the development of luxury brands within YTL Corporation Berhad group’s portfolio, as Executive Director of Niche Retailing Sdn Bhd, a subsidiary of YTL Corporation Berhad. She is also the Vice President of Retail Development at YTL Singapore Pte Ltd and Vice President of Leasing at YTL Starhill Global Property Management Pte. Ltd., harnessing her experience in the retail sphere to broaden the property scope by developing strategic and tactical leasing plans and introducing new retail concepts to drive optimal value to the malls. Ms Yeoh is currently a director of Star Hill Living.Com Sdn Bhd, Trendy Retailing Sdn Bhd, Syarikat Kemajuan Perumahan Negara Sdn Bhd and Oriental Place Sdn Bhd. She is also an Alternate Director to Dato’ Yeoh Seok Kian at YTL Starhill Global Property Management Pte. Ltd.. Ms Yeoh holds a LLB (Honours) degree in Law from the London School of Economics & Political Science and qualified as a Barrister of England & Wales (Gray’s Inn) in 2012. OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 25 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
Ms Cheong oversees the finance and accounting, as well as the investor relations and corporate communications functions. Ms Cheong has over 20 years of financial advisory, mergers and acquisitions, and corporate finance experience, with over 10 years in the real estate sector. Prior to joining the Manager, she was a vice president in MEAG Pacific Star Asia Pte Ltd involved in real estate acquisitions in Asia. Ms Cheong had 9 years of investment banking experience with HSBC, NM Rothschild & Sons and Hong Leong Bank in Singapore. Ms Cheong graduated from Warwick University in the UK with a Bachelor of Science degree in Management Science. She is also a Chartered Financial Analyst (CFA Institute). Mr Ho works with the Chairman and the Board in formulating and executing strategies for Starhill Global REIT. He works closely with other members of the Manager to ensure these strategies are implemented. He is also responsible for the day-to-day operations of Starhill Global REIT. He has over 29 years of leadership and management experience with multinational companies in engineering, medical, infrastructure, and real estate. These include senior positions in the Singapore Technologies Group, Dornier Medical, Sembcorp Industries and GuocoLand Limited. Mr Ho holds a Bachelor of Science degree in Aerospace Engineering from the University of Texas, Austin, USA. He completed the Stanford Executive Program at Stanford University in 2002. Mr Yeo is responsible for assisting the Chief Financial Officer in the finance and accounting matters of Starhill Global REIT including financial reporting, taxation, treasury, corporate finance and capital management. He has more than 20 years of experience in finance and accounting, statutory reporting, compliance and tax in Singapore and other regional countries. Prior to joining the Manager, he was the financial controller of Sunshine Holding Limited, a China-based real estate developer listed on the Mainboard of the SGX-ST. He was previously an audit manager with Deloitte & Touche. Mr Yeo holds a Bachelor of Accountancy degree from Nanyang Technological University in Singapore. He is also a nonpractising member of the Institute of Singapore Chartered Accountants. MR HO SING CHIEF EXECUTIVE OFFICER MS ALICE CHEONG CHIEF FINANCIAL OFFICER MR STEPHEN YEO SENIOR VICE PRESIDENT Finance & Accounting Executive Officers of The REIT Manager 26 OVERVIEW
Ms Koh has more than 20 years of experience in corporate finance, advisory, and mergers and acquisitions (M&A). Ms Koh is responsible for the sourcing, structuring and execution of acquisitions and disposals for Starhill Global REIT. She was involved in Starhill Global REIT’s IPO and its acquisitions in Japan, Australia and Malaysia, and its Japan disposals. Prior to joining the Manager, she was with MEAG Pacific Star Asia Pte Ltd’s investments team, and spent four years with HSBC investment bank in the execution of regional M&A and advisory transactions. Ms Koh holds a Bachelor of Commerce degree from the University of Western Australia. MS CLARE KOH SENIOR VICE PRESIDENT Head of Investments Ms Soh is responsible for the legal, compliance and corporate secretarial functions for Starhill Global REIT and the Manager. She has more than 20 years of experience in the legal industry, with a broad spectrum of experience in private practice and in-house counsel roles. Prior to joining the Manager, Ms Soh was with the Frasers Property Limited (FPL) group for more than 9 years, where she provided legal and compliance support to various business units within the FPL group, including the REIT managers. She was the Compliance Officer of Frasers Commercial Trust until its merger with Frasers Logistics & Industrial Trust in 2020. Before joining FPL, her main areas of legal practice were in fund management and corporate finance. Ms Soh holds a Bachelor of Laws (Honours) degree from the National University of Singapore and is an Advocate and Solicitor of the Supreme Court of Singapore. MS IVY SOH SENIOR VICE PRESIDENT Legal & Compliance and Joint Company Secretary Ms Lim is responsible for the management of Starhill Global REIT’s portfolio. She has more than 20 years of real estate experience in property and asset management. Prior to joining the Manager, Ms Lim was the Head of Asset Management at Lendlease (Asia) and spent 11 years with ARA Trust Management as part of Suntec REIT’s asset management team. Ms Lim was also previously with CapitaLand Retail Management Pte Ltd, where she was responsible for the dayto-day operations of various retail malls. Ms Lim graduated from the National University of Singapore with a Bachelor of Science (Honours), specialising in Estate Management. MS LIM KIM LOON SENIOR VICE PRESIDENT Asset Management Mr Kuah is responsible for strategic communication with Unitholders, potential investors, analysts and media as well as corporate planning. He has over 20 years of experience in the financial industry, including over 10 years in the real estate industry. Prior to joining the Manager, he spent five years with CapitaLand Limited as Vice President of Investor Relations. Mr Kuah also held corporate banking positions at HSBC and Crédit Agricole Corporate & Investment Bank as well as investment analyst positions at various securities firms. Mr Kuah holds a Bachelor of Science degree in Business Administration (Finance) from California State University, Long Beach, USA. MR JONATHAN KUAH SENIOR VICE PRESIDENT Head of Investor Relations & Corporate Planning OVERVIEW OPERATIONS REVIEW PERFORMANCE SUSTAINABILITY & GOVERNANCE FINANCIALS OTHERS 27 STARHILL GLOBAL REIT | ANNUAL REPORT FY 2022/23
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