STARHILL GLOBAL REIT ANNUAL REPORT FY 2023/24 Our Defining Value
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 2024. 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. Contents OVERVIEW Our Strategy Key Highlights Key Events in FY 2023/24 Enduring Resilience Enchanting Portfolio Our Geographical Reach Key Figures for 5 Years Financial Summary Trading Performance Letter to Unitholders Trust Structure Board of Directors Executive Officers of The REIT Manager OPERATIONS REVIEW Property Highlights Property Portfolio Summary Singapore Properties Australia Properties Malaysia Properties Japan and China Properties PERFORMANCE Independent Market Overview Financial Review Capital Management Risk Management Investor Relations and Communications SUSTAINABILITY & GOVERNANCE Sustainability Report Corporate Governance FINANCIALS Financial Statements OTHERS Statistics of Unitholders Additional Information Glossary Corporate Directory Notice of AGM and Proxy Form 02 03 04 06 08 10 12 13 14 15 18 19 22 24 26 32 38 44 48 49 59 63 65 66 67 97 121 183 185 186 188 189 All rights reserved. Discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding. ONLINE ANNUAL REPORT FY 2023/24
Vision To be the preferred real estate investment trust with a stable of high-quality 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. Starhill Global REIT successfully emerged from a challenging year riddled with slower economic growth, high interest rates and geopolitical tensions to achieve healthy occupancy and improved operational performance of the portfolio. Our prudent capital management and earlier initiatives to rejuvenate the portfolio were key to these accomplishments and will continue to be the values to drive long-term growth. 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 01 ANNUAL REPORT FY 2023/24
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. Active Asset Management Prudent Capital Management Acquisitions • 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 • Managing capital to optimise Unitholders’ returns from diverse funding sources • Manage debt maturities and hedging profile to reduce risk • Focus on prime real estate used for office and/or retail with strong fundamentals and strategic locations • Grow office portfolio selectively and enhance presence in key cities for income diversification • Enhance yield through strategic acquisitions and divestments 02 STARHILL GLOBAL REIT
Key Highlights Gross Revenue (FY 2023/24) S$189.8M Distribution Per Unit (FY 2023/24) 3.63 cents Resilient Occupancy (As at 30 June 2024) 97.7%(1) Net Property Income (FY 2023/24) S$149.0M Net Asset Value Attributable to Unitholders (As at 30 June 2024) S$1,619.5M Income Available for Distribution (FY 2023/24) S$84.7M Stable Gearing (As at 30 June 2024) 36.8% Note: (1) Based on committed leases as at 30 June 2024. 03 ANNUAL REPORT FY 2023/24
Key Events in FY 2023/24 July Reported 2H FY 2022/23 DPU of 1.98 cents and full year FY 2022/23 DPU of 3.80 cents August Commenced next phase of Wisma Atria rejuvenation works in the basement September Extended an existing unsecured term loan facility of JPY 2 billion for another three years from September 2024 Plaza Arcade attained 5.5 stars for NABERS Water rating January Reported 1H FY 2023/24 DPU of 1.78 cents Lot 10 Property achieved Provisional GBI Certified rating February Fitch Ratings affirmed SGREIT’s “BBB” credit rating with stable outlook Completed interior upgrading works at Wisma Atria basement 2023 2024 04 STARHILL GLOBAL REIT
October Unitholders approved all resolutions, including the endorsements of Ms Ho Gek Sim Grace as independent director and Ms Yeoh Pei Nee as non-executive alternate director to Dato’ Yeoh Seok Kian, during the Annual General Meeting Appointed Mr Yeoh Keong Shyan as non-executive alternate director to Tan Sri (Sir) Francis Yeoh Successfully renewed its current master lease with Toshin Development Singapore Pte. Ltd. for Ngee Ann City Property, ahead of its expiry, for an initial term of 12 years commencing from June 2025 November March Completed Phase 2 of façade upgrading works at Myer Centre Adelaide June Extended an existing unsecured and committed revolving credit facility of S$50 million ahead of maturity, for five years from September 2024 Entered into a facility agreement for a five-year unsecured sustainability-linked multicurrency revolving credit facility of S$50 million commencing from January 2024 David Jones Building attained 6stars for NABERS Water rating 05 ANNUAL REPORT FY 2023/24
Enduring Resilience Our vision to future-proof the portfolio and maintain healthy financials through prudent capital management has been the cornerstone of our resilience amid a volatile global environment. 06 STARHILL GLOBAL REIT
Prudent Capital Management Gearing Ratio (As at 30 June 2024) 36.8% Healthy Liquidity As at 30 June 2024, SGREIT has sufficient undrawn longterm committed revolving credit facility lines to cover the remaining debts maturing till June 2025. Weighted Average Debt Maturity (As at 30 June 2024) 2.5YRS Hedging Ratio (As at 30 June 2024) 79% of borrowings were fixed/hedged Corporate Rating BBB Credit Rating With stable outlook affirmed by Fitch Ratings Positioning for Growth Opportunistic Capital Recycling Positioning for growth via strategic capital recycling and portfolio rebalancing. Toshin Master Lease Extension Successfully renewed the Toshin master lease, extending the WALE to 8.1 years by gross rent (from 4.3 years a year ago), as at 30 June 2024. The new master lease incorporates a profit-sharing arrangement, providing potential upside for SGREIT. Quality Tenant Profile Resilient Portfolio Occupancy(1) (As at 30 June 2024) 97.7% Master and Anchor Leases comprise 53.1%(3) of gross rent. Long Weighted Average Lease Expiry(1)(2) (As at 30 June 2024) 8.1YRS By Gross Rent Notes: (1) Based on committed leases as at 30 June 2024, including leases commencing after 30 June 2024. Based on the date of commencement of leases, portfolio WALE was 5.9 years by NLA and 3.8 years by gross rent. (2) Excludes tenants’ option to pre-terminate or renew their existing leases. Assumed landlord's options to renew the master/anchor leases for Toshin, Lot 10 Property and David Jones have been exercised. (3) Based on gross rent as at 30 June 2024 and excludes gross turnover rent. 07 ANNUAL REPORT FY 2023/24
Enchanting Portfolio In the pursuit of excellence and relevance we have revitalised and modernised our portfolio, seizing the window of opportunity during the pandemic. The refreshed assets are now more appealing to shoppers as creative concepts have been introduced to cater to evolving shoppers’ preferences. 08 STARHILL GLOBAL REIT
Portfolio Rejuvenation Proactive Asset Management Revamped Façade Myer Centre Adelaide in Australia unveiled a new modern façade, following upgrading works to improve aesthetics and safety. Elevated Stylish Mall Following extensive interior upgrading works, Wisma Atria Property now boasts a refreshed shopping experience. This has enabled us to enhance the positioning of the mall and stay relevant to changing consumer preferences. New tenants include Swarovski, which introduced its first all-yellow Wonderlux concept store in Singapore, Tiong Bahru Bakery's first ever two-tiered outlet and international luxury brand Burberry. Investing for a Sustainable Future Six of nine properties in our portfolio have attained green certifications. We have recently installed solar panels at Myer Center Adelaide and will be rolling out Cooling-as-a-Service (CaaS) system at Wisma Atria. 09 ANNUAL REPORT FY 2023/24
By Gross Revenue (FY 2023/24) S$118.7M Ngee Ann City Property Singapore By Gross Revenue (FY 2023/24) S$40.6M Myer Centre Adelaide Adelaide Our Geographical Reach Singapore Starhill Global REIT’s portfolio comprises nine mid- to high-end properties in six Asia-Pacific cities. 2.2M SQ FT Retail and Office Space 9Number of Properties S$2,762.2M(1) Investment Properties SGREIT’s portfolio is characterised by its master and anchor leases which make up about 53.1% of gross rent(3). Australia 619,880 SQ FT 921,912 SQ FT By Asset Value (As at 30 June 2024) S$1,965.0M Wisma Atria Property Singapore Retail 76.7% Retail 79.3% Office 23.3% Office 20.7% By Asset Value (As at 30 June 2024) S$346.4M David Jones Building & Plaza Arcade Perth Retail 91.2% Retail 100% Office 8.8% 6Asia-Pacific Cities 10 STARHILL GLOBAL REIT
By Gross Revenue (FY 2023/24) S$27.3M The Starhill Kuala Lumpur By Gross Revenue (FY 2023/24) S$1.6M Ebisu Fort(2) Tokyo By Gross Revenue (FY 2023/24) S$1.6M China Property Chengdu Malaysia Japan China 587,452 SQ FT 18,816 SQ FT 100,854 SQ FT By Asset Value (As at 30 June 2024) S$392.1M By Asset Value (As at 30 June 2024) S$33.2M By Asset Value (As at 30 June 2024) S$24.7M Lot 10 Property(2) Kuala Lumpur Retail 100% Retail 100% Retail 100% Retail 100% Notes: (1) Including right-of-use assets following the adoption of FRS 116. (2) Largely retail with a small office component. (3) As at 30 June 2024. 11 ANNUAL REPORT FY 2023/24
Key Figures for 5 Years Gross Revenue (S$ million) Income Available for Distribution (S$ million) Total Assets (S$ million) Net Property Income (S$ million) Distribution Per Unit (cents) Occupancy Rate(2) (%) S$189.8M S$84.7M 3.63cents S$2,838.2M S$149.0M 97.7% FY 19/20 FY 19/20 June 20 June 20 FY 19/20 FY 19/20 180.8 77.4 3,081.0 181.3 88.2 3,079.6 186.4 89.8 2,997.4 187.8 88.9 2,860.3 189.8 84.7 2,838.2 149.0 97.7 147.8 97.7 144.7 3.80 3.80 3.63 96.6 134.7 3.95(1) 96.7 132.1 2.96 96.6 FY 20/21 FY 20/21 June 21 June 21 FY 20/21 FY 20/21 FY 21/22 FY 21/22 June 22 June 22 FY 21/22 FY 21/22 FY 22/23 FY 22/23 June 23 June 23 FY 22/23 FY 22/23 FY 23/24 FY 23/24 June 24 June 24 FY 23/24 FY 23/24 3.60 Notes: (1) The reported number for FY 2020/21 included the full release of S$7.7 million (or 0.35 cents per unit) of distributable income for FY 2019/20 which was deferred. (2) Based on committed leases as at the reporting date. (FY 2023/24) (FY 2023/24) (FY 2023/24) (As at 30 June 2024) (As at 30 June 2024) (FY 2023/24) 12 STARHILL GLOBAL REIT
Financial Summary Notes: (1) Approximately S$2.6 million (FY 2022/23: S$3.3 million) of income available for distribution for FY 2023/24 has been retained for working capital requirements. (2) The computation of DPU for FY 2023/24 was based on number of units entitled to distributions comprising (i) 2,259,007,917 units for first half year of FY 2023/24 (“1H FY 2023/24”), and (ii) issued and issuable units of 2,266,243,369 for second half year of FY 2023/24 (“2H FY 2023/24”) (FY 2022/23: (i) 2,249,480,125 units for first half year of FY 2022/23 (“1H FY 2022/23”), and (ii) 2,255,820,673 units for second half year of FY 2022/23 (“2H FY 2022/23”)). Note: (1) Including right-of-use assets following the adoption of FRS 116. Statement of Total Return and Distribution for the Year: FY 2023/24 FY 2022/23 Change (%) Gross Revenue (S$ million) S$189.8 S$187.8 1.1% Net Property Income (S$ million) S$149.0 S$147.8 0.8% Income Available for Distribution (S$ million) S$84.7 S$88.9 (4.8%) Income to be Distributed to Unitholders(1) (S$ million) S$82.1 S$85.6 (4.1%) Distribution Per Unit (DPU)(2) (cents) 3.63 cents 3.80 cents (4.5%) Balance Sheet as at: 30 June 2024 30 June 2023 Change (%) Net Asset Value attributable to Unitholders Per Unit (S$) S$0.71 S$0.73 (2.7%) Total Assets (S$ million) S$2,838.2 S$2,860.3 (0.8%) Investment Properties - Number of Properties 9 9 - Valuation(1) (S$ million) S$2,762.2 S$2,767.8 (0.2%) Gearing (%) 36.8% 36.7% NM 13 ANNUAL REPORT FY 2023/24
Trading Performance 1-year (from 1 July 2023 to 30 June 2024) 3-year (from 1 July 2021 to 30 June 2024) 5-year (from 1 July 2019 to 30 June 2024) Total return (assuming distributions are reinvested) (%) 1.5 6.0 (15.7) Distribution yield(1) (%) 7.5 23.2 37.4 Starhill Global REIT’s Unit Price and Trading Volume From 1 July 2023 to 30 June 2024 Opening Price(1) S$0.515 Closing Price(2) S$0.485 High S$0.525 Low S$0.445 Volume traded (in million units) 367.5 Note: (1) Based on Starhill Global REIT’s closing price of S$0.485 per unit as at 30 June 2024 and total DPU for the respective periods. Notes: (1) Based on the last trading day of FY 2022/23. (2) Based on the last trading day of FY 2023/24. Jul 2023 Nov 2023 Mar 2024 Sep 2023 Jan 2024 May 2024 Aug 2023 Dec 2023 Apr 2024 Oct 2023 Feb 2024 Jun 2024 25,535 0.515 0.485 40,983 45,341 0.485 37,469 0.445 17,497 0.485 31,981 0.525 31,846 0.515 31,518 0.480 29,447 0.480 29,678 0.475 30,834 0.480 15,374 0.485 Total volume traded for the month ('000 units) Closing unit price as at last trading day of the month (S$) 14 STARHILL GLOBAL REIT
Letter to Unitholders Dear Unitholders, We are pleased to present Starhill Global REIT’s Annual Report for the financial year ended 30 June 2024 (FY 2023/24). FY 2023/24 was a challenging year. While we have witnessed the progressive recovery of economic activities towards pre-pandemic levels, the elevated interest rate and inflationary environment, coupled with intensifying geopolitical tensions around the world, have impacted global economic growth. REIT markets were inadvertently affected as the higher cost of capital not only dampened profitability but also reduced opportunities for accretive acquisitions. The FTSE ST All-Share Real Estate Investment Trusts Index retreated by 11.7% in FY 2023/24 while Starhill Global REIT’s unit price registered a smaller decline of 5.8% over the same period with a total return of 1.5%. Despite these challenges, Starhill Global REIT improved its operational performance while maintaining a healthy financial standing, owing much to the foundation laid over the past few years. During the pandemic years when opportunity cost was low, we prioritised portfolio rejuvenation to future-proof our assets and concurrently strengthened the balance sheet. Despite these challenges, Starhill Global REIT improved its operational performance while maintaining a healthy financial standing, owing much to the foundation laid over the past few years. From left: Tan Sri (Sir) Francis Yeoh PSM, KBE Chairman Mr Ho Sing Chief Executive Officer & Executive Director 15 ANNUAL REPORT FY 2023/24
Financial Performance Revenue for the Group increased 1.1% year-on-year (y-o-y) in FY 2023/24 to S$189.8 million. Net property income (NPI) rose 0.8% y-o-y to S$149.0 million, driven mainly by higher contributions from Singapore Properties and Myer Centre Adelaide (Retail), which enjoyed higher occupancy rates and rental income. The portfolio’s improved operating performance managed to offset the loss of income from the Japan divestment in the previous corresponding period, as well as weaker foreign currencies, in particular, the Malaysian ringgit and Australian dollar. Income available for distribution for FY 2023/24 decreased 4.8% y-o-y to S$84.7 million, largely due to weaker foreign currencies, higher net finance costs and taxes, and the one-off leasing commission fee for the master lease renewal at Ngee Ann City Property (Retail). Distribution per Unit decreased 4.5% y-o-y to 3.63 cents for FY 2023/24, representing an annual yield of approximately 7.5% based on the closing unit price of S$0.485 as at 30 June 2024. The Group’s portfolio valuation as at 30 June 2024 remained fairly stable at S$2.8 billion. The marginal decrease of 0.2% y-o-y was mainly attributed to the downward revaluation of Australia Properties resulting from capitalisation rate expansion and softening of rents, as well as net movement in foreign currencies. Elevating Performance with Rejuvenated Portfolio Our commitment to rejuvenate the portfolio during the pandemic has borne fruit. In 2021, The Starhill in Malaysia completed extensive asset enhancement works and was transformed into an integrated development with hospitality and retail experience. The Myer Centre Adelaide façade was renovated to improve safety and provide a muchneeded facelift, with completion in 2024. In Singapore, Wisma Atria Property carried out retail interior upgrading works, including cosmetic enhancements and lift modernisation. Subsequently, upgrading works were extended to revamp the basement interior, widen the MRT entrance portal, and reconfigure the central space for a more conducive shopping experience. The upgrading works were all completed in 2024. The asset enhancements have further bolstered the appeal of the malls and contributed to the resilience of Starhill Global REIT’s portfolio. Committed occupancy stood at 97.7% as at 30 June 2024 while Singapore Properties’ committed occupancy was higher at 99.2%. Leveraging on the improved hardware, we continue to proactively enhance the tenancy mix for Wisma Atria Property (Retail) and curate new shopping experiences for our shoppers. During FY 2023/24, Swarovski unveiled its largest Singapore and first all-yellow concept store, Swarovski Wonderlux, at Wisma Atria. A new concept store from British luxury house Burberry is also set to open in the coming months. Downtown malls have also benefitted from the recovery in Singapore’s tourism since the pandemic, with international visitor arrivals reaching 13.6 million in 2023, representing a 115.7% increase over 2022. Singapore Tourism Board expects the tourism sector’s recovery to continue in 2024, driven by improved global flight connectivity and capacity, as well as the implementation of the mutual 30-day visa-free travel between China and Singapore. Coupled with the upgrading works and enhanced tenancy mix, this has contributed to higher tenant sales and shopper traffic of 2.8% and 8.2% y-o-y respectively in Wisma Atria Property in FY 2023/24. Our Singapore Properties (Office) recorded a strong performance in FY 2023/24 with NPI growth of 4.4% y-o-y and committed occupancy of 98.8% as at 30 June 2024. Going forward, we do not foresee significant new supply to come into the Orchard Road market between 2024 and 2026. Australia’s economy extended a streak of subdued growth in the first three months of 2024 as elevated interest rates and cost of living pressures weighed on households. Despite the subdued outlook, occupancy at our Australia Properties improved. In Adelaide, Myer Centre Adelaide underwent an extensive façade makeover. The mall also attracted new tenant Pop Frenzy, which introduced the popular Pop Mart designer collectible toys to Adelaide with its first store opening. We also secured new tenants in our Perth Properties, including Nespresso and national retailers such as Mazzucchelli's, Rosendorff Diamonds and Zamel's, even though vacancy for the Perth retail market remains elevated. Similarly, we will continue to improve the positioning of our Australia Properties and maintain a healthy occupancy. For Adelaide office, the overall vacancy rate in the CBD remains high at 17.5% as at July 2024, due to the volume of new supply to the market over the year. Notwithstanding this, Starhill Global REIT’s office presence in Adelaide represents under 2% of the portfolio revenue. In Kuala Lumpur, Malaysia, the oversupply of retail space is expected to exert pressure on the occupancy rate. However, our Malaysia Properties are under master leases with YTL’s subsidiary, and this has provided income stability to the portfolio. Renewal of Key Master Lease for Income Stability Starhill Global REIT successfully renewed its master lease with Toshin Development Singapore Pte. Ltd. (Toshin) at Ngee Ann City Property ahead of expiry. The renewed lease provides long-term income stability from an annual fixed rent with potential upside through periodic rent review as well as a new profit sharing arrangement. The new master lease, which will start in June 2025, has an initial term of 12 years with options to extend up to another nine years. Following the master lease renewal, the portfolio weighted average lease expiry has been extended to 8.1 years as at 30 June 2024 based on gross rent. Toshin is Starhill Global REIT’s largest tenant, contributing about 23.8% of the portfolio gross rent as at 30 June 2024. The terms of the new lease are largely similar to the existing lease but include a profit-sharing component, which will 16 STARHILL GLOBAL REIT
comprise a portion of Toshin’s annual operating income over and above agreed revenue and profit margin thresholds, as well as Starhill Global REIT’s contribution of up to S$5.2 million towards Toshin’s renovation and upgrading works during the initial term of the renewed master lease. Prudent Capital Management Starhill Global REIT maintained a healthy balance sheet with a stable gearing of 36.8% as at 30 June 2024. About 79% of our borrowings were fixed and/or hedged as at 30 June 2024, mitigating the impact of interest rate volatility on distributions. Our debt maturity profile was well spread over various tenures, with an average term to maturity of 2.5 years as at 30 June 2024. We maintain financial flexibility by diversifying our funding sources and keeping a high unencumbered assets ratio. Starhill Global REIT has sufficient undrawn long-term committed revolving credit facility (RCF) lines to cover the remaining debts maturing till June 2025. Commitment to Sustainability We have made significant strides in our commitment to sustainability. As at 30 June 2024, 63% of Starhill Global REIT’s portfolio by net lettable area has attained green certifications ahead of schedule, up from 50% a year ago. Riding on this, we have set a new target to attain green certifications for at least 70% of the portfolio by 2030. As part of our ongoing efforts to reduce our reliance on fossil fuels, we have successfully implemented a solar photovoltaic system at Myer Centre Adelaide, in addition to a similar facility installed in Ngee Ann City. Over at Wisma Atria Property, we will adopt a Cooling-as-a-Service (CaaS) system to enhance the energy efficiency of the building. Work has already commenced, and the CaaS is scheduled to be fully operational by FY 2025/26. This will be instrumental in our goal to attain the Green Mark GoldPLUS Award for the Wisma Atria Property. Starhill Global REIT secured a S$50 million five-year unsecured sustainability-linked RCF with a bank in November 2023 and this maiden facility paves the way for more sustainability-related financing in the future. More information about our ESG efforts and sustainability efforts can be found in our Sustainability Report FY 2023/24. Looking Ahead Despite prevailing market uncertainties, the macro environment ahead could be turning a corner as moderating inflation is likely to result in a decline in interest rates. We remain positive on the outlook for Singapore, given the improving tourist arrivals and limited new supply of office and retail space in the Orchard Road vicinity. This should translate into sustained occupancy, especially with the recently renovated Wisma Atria Property. Residents in the east will find it more convenient to get to our malls in Orchard Road, with the completion of Stage 4 of the ThomsonEast Coast Line. We remain cautious on Australia as the elevated interest rate environment and inflationary pressures will continue to impact consumer spending, further moderating retail trade. Notwithstanding this, we will remain focused on elevating the portfolio by exploring asset enhancement opportunities to future-proof our portfolio. Our prudent capital management has placed us in a good financial position to tap into emerging opportunities when they arise. However, we will remain vigilant and selective given the uncertain economic conditions and explore relevant funding options, capital recycling, and joint venture partnerships, to achieve optimal riskadjusted returns. Overall, we remain committed to delivering long-term sustainable returns to our Unitholders through growth and value creation in our assets, backed by prudent capital management and our portfolio of prime assets partially anchored by quality master tenants. 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. Tan Sri (Sir) Francis Yeoh PSM, KBE Chairman Mr Ho Sing Chief Executive Officer & Executive Director 28 August 2024 17 ANNUAL REPORT FY 2023/24
Trust Structure STARHILL GLOBAL REIT Management Fees Management Services Distributions Hold Units Ownership of Assets Trustee Fees Net Property Income Acts on Behalf of Unitholders Ownership of Assets Property Management Fees Property Management Services Notes: (1) The 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) The Singapore Properties are held by Starhill Global REIT. The overseas properties are held through its subsidiaries or special purpose vehicles (SPVs). (3) The 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. UNITHOLDERS TRUSTEE SUBSIDIARIES OR SPVs(3) PROPERTY MANAGER(1) THE PROPERTIES(2) REIT MANAGER Net Property Income 18 STARHILL GLOBAL REIT
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 was appointed 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, Ranhill Utilities Berhad and Starhill Global REIT. He was the Managing Director of YTL Corp, YTL Power International 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. He is the Executive Chairman of YTL Cement Berhad and YTL e-Solutions Berhad. He is also the Executive Chairman of 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. He sits on the board of trustees of YTL Foundation. He 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 served as an Independent Non-Executive Director of The Hongkong and Shanghai Banking Corporation Limited for a period of 10 years from July 2012 to June 2022. Tan Sri (Sir) Francis Yeoh was made a board member of Global Child Forum by His Majesty King Carl XVI Gustaf in May 2016. He 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, he 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. TAN SRI (SIR) FRANCIS YEOH Non-Executive Chairman MR HO SING Executive Director 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 30 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 MedTech., 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. 19 ANNUAL REPORT FY 2023/24
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 HeriotWatt 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 was 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. 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 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 DATO’ YEOH SEOK KIAN Non-Executive Director MR TAN BONG LIN Lead Independent Director MR CHING YEW CHYE Independent Director MR TAN WOON HUM Independent Director 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 a Non-Independent NonExecutive Director of Genting Plantations Berhad, Chairman of United Overseas Bank (Malaysia) Berhad, 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. 20 STARHILL GLOBAL REIT
involved in the business of providing smart applications for the transport and logistics sector, and a Consultant and Trainer with GoImpact Capital Partners (Singapore) Pte Ltd which is a sustainability education services provider. She also serves as advisor to the National Library Board’s Digital Services & Customer Experience Committee. 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 Ho has also recently obtained the Advanced Certificate in “Driving Sustainability for the Future” from the Singapore Management University in April 2024. 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. Mr Yeoh Keong Shyan joined the Board on 1 November 2023 and is a NonExecutive Alternate Director to Chairman Tan Sri (Sir) Francis Yeoh on the Board of Directors and on the Nominating and Remuneration Committee. Mr Yeoh led the retail team in Kuala Lumpur and strengthened the growth of Starhill Global REIT’s Malaysia Properties. He was instrumental in securing new anchor tenants such as Eslite Spectrum, revitalising and transforming The Starhill through an asset enhancement redevelopment programme, securing exclusive luxury brands and introducing the first flagship boutiques for such brands in Malaysia, and the opening of Malaysia’s first flagship store of JONETZ by Don Don Donki. Mr Yeoh is the Vice President of YTL Hotels & Properties Sdn Bhd and has contributed to the success and growth of its premium hospitality portfolio, including three JW Marriotts in prime locations in Australia. Mr Yeoh 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. She has also been appointed by the Board as its representative to the Sustainability Management Council of the Manager. 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 & Communication 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), Country President (Singapore) & Head of Solutions Sales (Apac & Japan) of Motorola Solutions (Asia Pacific & Japan) and the Chief Executive Officer of Super Grains Pte Ltd and UPGRAIN Foods Pte Ltd. Ms Ho is the Lead Independent Director of MTQ Corporation Limited, a Member of its Audit Committee and the Chairman of its Nomination and Remuneration Committee. She is an Advisor at SWAT Mobility Pte Ltd (Global), a company YEOH KEONG SHYAN Alternate Director to Chairman Tan Sri (Sir) Francis Yeoh YEOH PEI NEE Alternate Director to Non-Executive Director Dato’ Yeoh Seok Kian MS HO GEK SIM GRACE Independent Director establishment and listing of REITs. Mr Tan is also an Independent Non-Executive Director of UTI International (Singapore) Private Limited, a licensed fund manager. is also the Vice President of YTL Land & Development Bhd and is responsible for the YTL Group’s property portfolio in Singapore, such as the development of the luxury freehold project 3 Orchard By-ThePark. Mr Yeoh is the current Treasurer of PPK Malaysia Shopping Mall Association and served as the Chairman of BBKLCC Bukit Bintang KLCC Tourism Association for five years from 2015. Mr Yeoh graduated from the University of Nottingham UK with a Bachelor of Law (Honours) Degree. 21 ANNUAL REPORT FY 2023/24
Executive Officers of The REIT Manager 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-today operations of Starhill Global REIT. He has over 30 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 MedTech., 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. Ms Cheong oversees the finance and accounting, as well as the MR HO SING Chief Executive Officer MS ALICE CHEONG Chief Financial Officer 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 MR STEPHEN YEO Senior Vice President Finance & Accounting 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 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 and was 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). 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 non-practising member of the Institute of Singapore Chartered Accountants. 22 STARHILL GLOBAL REIT
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 day-to-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 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 Mr Kuah is responsible for strategic communication with Unitholders, potential investors, analysts and media as well as corporate planning. MS LIM KIM LOON Senior Vice President Asset Management MS IVY SOH Senior Vice President Legal & Compliance and Joint Company Secretary MR JONATHAN KUAH Senior Vice President Head of Investor Relations & Corporate Planning He has 30 years of experience in the financial industry, including over 15 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. 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. 23 ANNUAL REPORT FY 2023/24
Property Highlights Name Address Description NLA (sq ft) (30 June 2024) Title Number of Tenants (30 June 2024) Ngee Ann City Property 391/391B Orchard Road, Singapore 238874 Four strata lots in Ngee Ann City representing 27.23% of the total share value of the strata lots in Ngee Ann City Retail: 255,021(1) Office: 139,558 Leasehold estate of 69 years, expiring on 31 March 2072 61 Wisma Atria Property 435 Orchard Road, Singapore 238877 257 strata lots in Wisma Atria representing 74.23% of the total share value of the strata lots in Wisma Atria Retail: 126,412 Office: 98,889 Leasehold estate of 99 years, expiring on 31 March 2061 127 Myer Centre Adelaide 14-38 Rundle Mall, Adelaide, Australia An eight-storey retail centre, with three office buildings and four basement levels of car park Retail: 527,922(2) Office: 97,959 Freehold 79 David Jones Building 622-648 Hay Street Mall, Perth, Australia Four-storey heritage-listed building for retail use 259,098 (GLA) Freehold 7 Plaza Arcade 650 Hay Street Mall & 185-191 Murray Street Mall, Perth, Australia Three-storey heritage-listed building for retail use 36,933 (GLA) Freehold 17 The Starhill 181 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia An integrated development with four lower floors of retail and three upper floors of hospitality use 333,289(9) Freehold 1 Lot 10 Property 50 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia 137 strata parcels and two accessory parcels within Lot 10 shopping centre 254,163(8)(9) Leasehold estate of 99 years, expiring on 29 July 2076 1 Ebisu Fort 1-24-2 Ebisu-Minami, Shibuya-ku, Tokyo, Japan Seven-storey building for retail and office use 18,816(8) Freehold 6 China Property 19, 4th Section, Renminnan Road, Chengdu, Sichuan, China A four-storey plus mezzanine level retail building forming part of a mixed-use commercial development 100,854 (GFA) Leasehold estate, expiring on 27 December 2035 1 Notes: (1) Includes 225,969 sq ft of gross lettable area leased to Toshin on a master tenant basis. (2) Excludes approximately 89,000 sq ft of unactivated area on level five of the retail centre. (3) Myer Centre Adelaide was acquired on 18 May 2015. Based on the exchange rate of A$0.95:S$1.00 at acquisition. (4) Based on exchange rate of A$1.11:S$1.00 as at 30 June 2024. (5) David Jones Building was acquired on 20 January 2010. Based on the exchange rate of A$0.79:S$1.00 at acquisition. (6) Plaza Arcade was acquired on 1 March 2013. Based on the exchange rate of A$0.79:S$1.00 at acquisition. (7) Lot 10 Property and The Starhill were acquired on 28 June 2010. Based on the exchange rate of RM2.32:S$1.00 at acquisition. 24 STARHILL GLOBAL REIT
Purchase Price (S$ million) Valuation 30 June 2024 (S$ million) Occupancy Rate Major Tenants and Brands Revenue(15) NPI(15) 30 June 2024 (Committed) 30 June 2023 (Committed) FY 2023/24 (S$ million) FY 2022/23 (S$ million) FY 2023/24 (S$ million) FY 2022/23 (S$ million) 640.0 1,148.0 Retail: 100.0% Office: 98.9% Retail: 100.0% Office: 100.0% DBS Treasures Centre, Toshin Development Singapore Pte. Ltd. (Toshin) (master tenant) 65.5 64.3 53.7 52.5 663.0 817.0 Retail: 98.3% Office: 98.7% Retail: 100.0% Office: 100.0% Emperor Watch & Jewellery, Food Republic, Haidilao Hot Pot, Swarovski, Tory Burch 53.2 51.3 40.2 39.3 303.1(3) 196.3(4) Retail: 93.8% Office: 89.8% Retail: 93.4% Office: 95.2% Myer Pty Ltd (Myer), Technicolor Creative Studios Australia Pty Ltd, The Law Society of South Australia, Uniqlo Australia Pty Ltd (UNIQLO) 28.1 27.4 16.7 16.2 145.7(5) 111.6(4) 99.3% 98.3% David Jones Pty Limited (David Jones), Lorna Jane, Rosendorff Diamonds, The Body Shop 10.0 10.0 8.1 7.8 61.0(6) 38.5(4) 91.9% 81.7% Mazzucchelli's, Nespresso, Uniqlo Australia Pty Ltd (UNIQLO) 2.5 2.4 1.3 1.3 271.3(7) 260.4(10) 100.0% 100.0% Katagreen Development Sdn. Bhd. (Katagreen) (master tenant) 17.3 18.2 16.8 17.7 173.0(7) 131.8(10) 100.0% 100.0% Katagreen (master tenant) 10.0 10.6 9.7 10.2 71.3(11) 33.2(12) 100.0% 100.0% Family Mart, GO-SEES Co., Ltd., ILL Co., Ltd., Plug-In, Prime Three, Wano KK 1.6 1.9 1.3 1.5 70.6(13) 24.7(14) 100.0% 100.0% Markor International Home Furnishings Co., Ltd., Chengdu Zongbei Store (Markor) 1.6 1.4 1.2 1.1 Notes: (8) Largely retail with some office component. (9) Under a master tenancy agreement with Katagreen. (10) Based on the exchange rate of RM3.48:S$1.00 as at 30 June 2024. (11) Ebisu Fort was acquired on 26 September 2007. Based on the exchange rate of JPY79.97:S$1.00 at acquisition. (12) Based on the exchange rate of JPY118.55:S$1.00 as at 30 June 2024. (13) China Property was acquired on 28 August 2007. Based on the exchange rate of RMB4.96:S$1.00 at acquisition. (14) Based on the exchange rate of RMB5.35:S$1.00 as at 30 June 2024. (15) Revenue and NPI in FY 2022/23 included the contribution of S$0.4 million and S$0.3 million respectively from Daikanyama in Japan until its divestment in January 2023. 25 ANNUAL REPORT FY 2023/24
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