Starhill Global REIT - DBS Research 2023-07-31: Strutting Down The Orchard Recovery Runway

• Starhill Global REIT (SGX:P40U) reported 2H FY22/23 (Jan to Jun 2023) gross revenue of S$93.0m (-2.5% y-o-y), NPI of S$73.6m (-2.0% y-o-y). Full year gross revenue of S$187.7m (+0.7% y-o-y) and NPI of S$147.8m (+2.2% y-o-y) in line with estimates.
• - Read this at SGinvestors.io -
• Average cost of debt up 14 bps q-o-q to end the financial year at 3.67%.
• Singapore Retail – 2H FY22/23 NPI saw a strong ~5.0% y-o-y increase from Wisma Atria post the completion of a refresh of the exterior of the assets at the end of last year; Ngee Ann City (NAC) retail was flat y-o-y
• Singapore Office – 2H FY22/23 NPI rose by 6% and 3% at Wisma Atria and Ngee Ann City respectively alongside higher rents within the office submarket as well as higher occupancy for Starhill Global REIT’s SG office segment (+ 6.0 ppt y-o-y to 99.4%)
• - Read this at SGinvestors.io -

Capital management adds comfort.

• Read more at SGinvestors.io.

Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2023-07-31 SGinvestors.io

---