Starhill Global Real Estate Investment Trust : REIT 3Q FY 2025/26 Business Updates

3Q FY 2025/26

Business Updates

29 April 2026

Contents Page

Lot 10, Kuala Lumpur, Malaysia

Overview and Key Highlights

Ngee Ann City, Singapore

Overview of SGREIT

Quality Assets Strategic Locations

Diversified Portfolio

• Portfolio of ~S$2.8 billion

• 
  9 mid- to high-end predominantly retail properties in six key Asia Pacific cities

• Prime assets in key shopping belts

• 
  Excellent connectivity to transportation hubs

• Appeal to both local and

  international brands

• Core markets: Singapore, Australia, Malaysia

• Contribution to 3Q FY25/26 revenue:

  Retail (~86%) & Office (~14%)

  Strong Sponsor

• YTL Group owns ~37.9% of SGREIT

• Listed on the Main Market of Bursa Malaysia Securities Berhad and is a component of the FTSE Bursa Malaysia KLCI

  Income Visibility

• 
  Master/anchor leases with periodic rental reviews make up 54.3% of gross rental income (“GRI”)(1)

• Committed portfolio occupancy of

  96.4%(1)

  Healthy Financials

• “BBB” credit rating with stable

  outlook by Fitch Ratings

• Gearing of 35.5%(1) and weighted average debt maturity of 3.5 years(1)

• 
  Component stock of SGX iEdge Singapore Next 50 Index and FTSE EPRA NAREIT Global Developed Index

Note:

1. As at 31 March 2026.

3Q FY25/26 Key Highlights

Financial

Performance

S$47.9 million

Gross Revenue

0.7% y-o-y

S$37.9 million

Net Property Income

0.0% y-o-y

Operational

Performance(1)

Portfolio: 96.4%(2)

Retail Portfolio: 97.3%(2)

Committed Occupancy

7.3 years

Portfolio WALE (by GRI)

4.8%

Expiring leases by GRI in FY25/26

Capital

Management(3)

35.5%

Gearing

80%

Fixed/hedged debt

3.5 years

Average debt maturity

Notes:

1. Based on committed leases as at 31 March 2026, including leases commencing after 31 March 2026.

2. Higher portfolio occupancy largely due to new lease commencement of the China Property.

3Q FY25/26 Financial Performance

Gross Revenue

0.7% y-o-y

Net Property Income (NPI)

0.0% y-o-y

47.6 47.9 37.9(1) 37.9

0.3

0.1

7.0

7.7

6.5

6.5

10.5

9.6

13.5

14.0

0.5

0.5

7.2

7.9

9.8

10.0

13.5

12.5

16.6

17.0

50 40

40

30

$ million

$ million

30

20

20

10

0

3Q FY24/25 3Q FY25/26

10

0

3Q FY24/25 3Q FY25/26

Ngee Ann City Property Wisma Atria Property Australia Properties

Malaysia Properties Others

Note:

1. Total does not add up due to rounding differences.

Staggered Debt Maturity Profile Averaging 3.5 years

$ million

*

of total debt and 9% of total assets

125

160

4

88

12

30

56

75

100

75

25

300

Debt maturity profile As at 31 March 2026

* Peak maturity 25%

250

200

150

100

50

0

FY25/26 FY26/27 FY27/28 FY28/29 FY29/30 FY30/31 FY31/32

S$100m term loan

S$200m term loan

S$25m term loan

S$75m term loan

S$30m term loan

S$75m RCF

S$70m MTN

S$125m MTN

A$63m term loan

A$100m term loan

RM500m MTN

JPY1.5b term loan

JPY0.5b bond

Financial Ratios

Total debt

$1,020 million

Gearing

35.5%

Interest cover(1)

3.0x

ICR Sensitivity

2.7x

2.3x

Average interest rate p.a.(3)

3.65%

Unencumbered assets ratio

84%

Fixed/hedged debt ratio(4)

80%

Financial Ratios 31 March 2026

Weighted average debt maturity 3.5 years

Notes:

1. Interest cover ratio computed based on trailing 12 months interest expenses as at 31 March 2026, and takes into account the distribution on perpetual securities in accordance with the Property Funds Appendix of the Code on Collective Investment Schemes.

2. Assume 100 bps increase in the interest rates of all hedged and unhedged borrowings, as well as perpetual securities.

3. Includes interest rate derivatives and benchmark rates but excludes upfront costs.

4. Includes interest rate swaps.

Portfolio Updates

The Starhill, Kuala Lumpur, Malaysia

Balance of Master/Anchor Leases and Actively-Managed Leases

Includes the following:

Ngee Ann City Property (Singapore)

The Toshin master lease has been renewed and will expire in June 2043(2). Next rent review in June 2028.

The Starhill & Lot 10 Property (KL, Malaysia)

Master tenancy agreements expiring in December 2038 and June 2028 for The Starhill and Lot 10 Property respectively, with periodic rental step-ups.

Myer Centre (Adelaide, Australia)

Anchor lease expires in 2032 and provides for an annual rent review.

David Jones Building (Perth, Australia)

The anchor lease expires in 2032(3) and provides for upward-only rent review every three years. Next rent review will be in August 2026.

• Master and anchor leases, incorporating periodic rent reviews,

  represent approximately 54.3% of GRI as at 31 March 2026

• Master and anchor leases partially mitigate impact of rising operating costs

Master leases / anchor leases, with periodic rent reviews, 54.3%(1)

Actively-managed leases, 45.7%

Notes:

1. Excludes tenants’ option to renew or pre-terminate.

2. Assumes the first option to renew for the six-year term is exercised.

3. Assumes the option to renew for the fifth five-year term is exercised.

Diversified Portfolio Across Geography and Sector

Asset Value by Country as at 31 Mar 2026

3Q FY25/26 Gross Revenue by Country

3Q FY25/26 Gross Revenue Retail/Office

Australia 12.9%

Others* 2.0%

Malaysia 16.5%

Others* 1.0%

Office 13.5%

Malaysia 16.0%

Singapore 69.1%

Australia 21.0%

Singapore 61.5%

Retail 86.5%

*Others comprise one property each in Tokyo, Japan and Chengdu, China

Prime Assets in Strategic Locations with Excellent Connectivity

SGREIT Portfolio Occupancy(1)

Notes:

1. Based on committed leases as at reporting date.

2. A total of 13 strata units in Wisma Atria Property (Office) were divested during the 9 months ended 31 March 2026. Following this, the Group’s share value of the strata lots in Wisma Atria is 64.34%

Portfolio Lease Expiry Profile

Long WALE of 7.3 years by GRI

Weighted Average Lease Expiry

(as at 31 March 2026)

67.4%(4)

By NLA: 7.2 years(1)(2)

By GRI: 7.3 years(1)(2)

56.7%(4)

15.9%(3)

15.0%(3)

10.2%

13.3%

6.5%

7.1%

3.1%

4.8%

FY25/26 FY26/27 FY27/28 FY28/29 Beyond FY28/29

By NLA

By GRI

Notes:

1. Based on committed leases as at 31 March 2026, including leases commencing after 31 March 2026. Based on the date of commencement of leases, portfolio WALE was 7.0 years by NLA and 7.2 years by GRI.

2. Excludes tenants’ option to renew or pre-terminate. Assumed options to renew the master/anchor leases for Toshin and David Jones have been exercised.

3. Includes master tenancy agreement for Lot 10 Property.

4. Includes master/anchor tenancy agreements for Toshin, The Starhill, Myer and David Jones.

Portfolio Lease Expiry Profile by Category

Retail Lease Expiry Profile by GRI

(as at 31 March 2026)(1)(2)

62.6%(4)

14.8%

(3)

5.4%

8.1%

9.1%

FY25/26

FY26/27

FY27/28

FY28/29

Beyond FY28/29

Office Lease Expiry Profile By GRI

(as at 31 March 2026)(1)(2)(5)

38.6%

23.6%

20.2%

16.1%

1.5%

FY25/26

FY26/27

FY27/28

FY28/29

Beyond

FY28/29

Notes:

1. Based on committed leases as at 31 March 2026.

2. Excludes tenants’ option to renew or pre-terminate. For Retail Lease Expiry Profile, assumed options to renew the master/anchor leases for Toshin and David Jones have been exercised.

3. Includes master tenancy agreement for Lot 10 Property.

4. Includes master/anchor tenancy agreements for Toshin, The Starhill, Myer and David Jones.

5. Comprises Wisma Atria, Ngee Ann City and Myer Centre Adelaide office properties only.

Lease Expiry Profiles across Geographies

Portfolio

Lease expiry profile (by GRI) as at 31 March 2026(1)

Wisma Atria Property

Ngee Ann City Property

Singapore Retail

86.7%(2)

Notes:

28.1%

12.4%

17.9%

19.1%

22.5%

0.0%

6.5%

5.6%

1.2%

1. Based on committed leases as at reporting date.

2. Includes the Toshin master lease

   which expires in 2043.

3. Includes the anchor lease with David Jones which expires in 2032.

4. Includes the anchor lease with

FY25/26 FY26/27 FY27/28 FY28/29 Beyond FY28/29

Myer which expires in 2032.

Singapore

Office

Wisma Atria Property

Ngee Ann City Property

27.8%

48.3%

39.0%

0.0%

2.1%

20.5% 20.9%

15.1%

10.3%

16.0%

FY25/26 FY26/27 FY27/28 FY28/29 Beyond FY28/29

Australia Properties

Perth Properties

Myer Centre Adelaide

86.2%(4)

16.2%

4.8%

1.9% 2.8%

0.8%

2.4%

4.9% 3.8%

76.2%(3)

FY25/26 FY26/27 FY27/28 FY28/29 Beyond FY28/29

Shopper Traffic and Tenant Sales – Wisma Atria Property

Shopper Traffic

Millions

-0.8% y-o-y

15

10

5

160

Millions ($)

140

120

100

80

60

40

20

Tenant Sales

0.0% y-o-y

0

9M YTD FY24/25 9M YTD FY25/26

0

1Q

2Q

3Q

9M YTD FY24/25 9M YTD FY25/26

• Year-to-date (YTD) FY25/26, tenant sales remained flat while shopper traffic declined by 0.8% y-o-y

  Marketing Activities and New Tenancies
  

  Wisma Atria’s Lunar

  
  New Year Celebrations

  
  Lion dance performance

  
  BLACKPINK DEADLINE

  
  Pop-Up at Wisma Atria

  BLACKPINK DEADLINE pop-up

Earth Hour 2026 at Wisma Atria

New Tenant at Wisma Atria

Upcoming Tenant at Myer Centre Adelaide

Asset Enhancement Works – Singapore

Wisma Atria Façade Upgrading

Myer Centre Adelaide Lower Ground Food Court