Starhill Global REIT FY25/26 Financial Results: A Detailed Analysis

Starhill Global REIT, a Singapore-listed real estate investment trust, released its financial results for the second half (2H) and full year (FY) ended 30 June 2026. The REIT holds a diversified portfolio of retail and office properties across Singapore, Australia, Malaysia, Japan, and China, with a total asset value of approximately S\$2.8 billion. This article reviews the key financial and operational metrics, highlights significant corporate actions, and provides an informed outlook for investors.

Key Financial Metrics and Performance Comparison

Dividends

Historical Performance Trends

– Portfolio committed occupancy rose to 97.2% as of 30 June 2026, up from 94.6% a year earlier.
– Singapore assets achieved full occupancy for both retail and office segments.
– Net Property Income (NPI) was stable year-over-year. If not for the divestment of certain Wisma Atria Office strata units, NPI would have grown by 1.2% year-over-year.
– Distribution per unit (DPU) increased marginally, reflecting steady cashflow generation.

Asset Revaluation and Exceptional Items

• Portfolio valuation declined by 0.9% to S\$2.73 billion, primarily due to downward revaluation of Australia, China, and Wisma Atria (Retail) properties. Excluding the impact of divested Wisma Atria Office units, portfolio valuation would have increased by 0.2%.
• There was a net revaluation loss of approximately S\$50 million in FY25/26.
• Foreign currency translation gains, mainly from stronger AUD and MYR, partially offset revaluation losses.
• A part-recovery of legal fees related to the Myer arbitration case reduced non-property expenses by S\$4.9 million year-over-year, positively impacting distributable income.

Divestments and Capital Management

• The REIT completed the divestment of certain Wisma Atria Office strata units during FY25/26, aligning with its strategy to optimize the portfolio and recycle capital.
• Gearing remained stable at 35.8% with 80% of debt hedged/fixed, and a weighted average debt maturity of 3.3 years.
• In April and July 2026, the REIT secured new 6-year unsecured sustainability-linked debt facilities totaling S\$70 million and A\$70 million, which will be used to refinance existing maturities and extend debt duration.

Legal, Tax, and Other Significant Events

• The Myer arbitration case resulted in a favorable court award and cost recovery.
• No major policy, tax, or regulatory changes impacting the REIT were noted for the period.

Operational Highlights

• Key Singapore assets (Ngee Ann City, Wisma Atria) maintained full occupancy, with ongoing enhancement works to upgrade facades and interiors.
• Shopper traffic at Wisma Atria was stable (+0.4% YoY), but tenant sales declined (-3.7% YoY), primarily due to tenant transition downtime ahead of new luxury tenant launches.
• Master/anchor leases, which provide income stability, accounted for 54.9% of gross rental income as of 30 June 2026.
• Australia and Malaysia assets showed improved occupancy and benefited from currency appreciation.

Macroeconomic Environment and Outlook

• Singapore, Australia, and Malaysia experienced moderate GDP and retail sales growth in 2026, but higher interest rates and operating costs pose challenges, especially in Australia.
• Singapore’s Orchard Road is expected to see limited new retail and office supply through 2027, supporting rental rates and occupancy.
• Tourism in Singapore remains resilient, supporting retail demand; however, e-commerce competition and cost pressures persist.

Conclusion and Investor Recommendations

Overall, Starhill Global REIT delivered resilient results for FY25/26, with stable revenue, NPI, and DPU despite asset divestments and asset revaluation losses. The REIT’s strong occupancy, disciplined capital management, and strategic asset enhancements underpin its defensive profile. The outlook remains stable, supported by prime assets, long lease tenures, and a healthy capital structure, though risks from higher interest rates and retail headwinds persist.

• For Current Unitholders: The REIT offers stable distributions, a solid portfolio, and prudent capital management. Holding is advisable for yield-focused investors seeking exposure to prime Asia-Pacific retail and office assets. Monitor tenant sales and macro headwinds in retail carefully.
• For Potential Investors: The unit price trades at a significant discount to NAV (~23%). For those seeking yield and defensive characteristics, the REIT may present an attractive entry point, especially as occupancy and DPU are stable. However, be aware of ongoing sector challenges and potential for further revaluation losses.

Disclaimer: This analysis is based solely on information from the company’s FY25/26 financial report. It does not constitute investment advice. Please conduct your own due diligence before making any investment decisions.

星狮环球房地产投资信托（Starhill Global REIT）2025/26财年财报分析

星狮环球房地产投资信托（SGREIT）公布了截至2026年6月30日的下半年（2H）及全财年（FY）业绩。该信托在新加坡、澳大利亚、马来西亚、日本及中国持有多元化的零售及办公物业组合，总资产约为28亿新元。本文将梳理其主要财务与运营指标，重点企业举措，并为投资者展望前景。

主要财务指标及业绩对比

分红情况

历史表现与趋势

– 2026年6月30日投资组合承诺出租率升至97.2%，高于上一年同期的94.6%。
– 新加坡资产（包括零售与办公）实现满租。
– 物业净收入（NPI）整体保持稳定，若剔除Wisma Atria办公楼分层单位出售影响则同比增长1.2%。
– 每单位分派（DPU）小幅增长，反映现金流稳定。

资产重估与特殊项目

• 投资组合估值下降0.9%至27.3亿新元，主要因澳大利亚、中国和新加坡Wisma Atria（零售）资产减值。若不计分层单位出售，估值则同比增长0.2%。
• 2025/26财年录得约5000万新元的净重估损失。
• 澳元和马币升值带来汇兑收益，部分抵消重估损失。
• Myer仲裁案相关法律费用部分回收，使非物业相关费用同比减少490万新元，提升可分配收入。

资产处置与资本管理

• 2025/26财年完成Wisma Atria办公楼部分分层单位处置，优化资产组合并回收资本。
• 杠杆率维持在35.8%，80%债务已对冲/固定，平均债务期限3.3年。
• 2026年4月及7月分别获得6年期可持续发展挂钩贷款，总额新币7000万及澳元7000万，用于再融资即将到期债务并延长整体债务年限。

法律、税务及重大事项

• Myer仲裁案胜诉并获得部分费用回收。
• 本期内无重大政策、税收或监管变化影响信托。

运营亮点

• 新加坡重要资产（义安城、Wisma Atria）均保持满租，相关升级改造正在推进。
• Wisma Atria客流量同比微增（+0.4%），但租户销售下降（-3.7%），主要因二层外立面翻新及新高端租户入驻前的过渡空置。
• 长期主力/锚定租约占总租金收入54.9%，保障收入稳定。
• 澳大利亚及马来西亚资产出租率提升，受益于本币升值。

宏观环境与展望

• 新加坡、澳大利亚、马来西亚2026年实现温和GDP及零售增长，但高利率和运营成本对澳洲零售形成压力。
• 新加坡乌节路至2027年前零售与办公新增供应有限，有助于租金及出租率稳定。
• 新加坡旅游业韧性强，支撑零售需求，但电商竞争及成本压力持续。

结论与投资建议

整体来看，星狮环球REIT在2025/26财年展现出韧性，尽管资产处置与重估损失影响，但收入、NPI及分派基本稳定。高出租率、稳健资本管理及资产升级为其提供防御性特质。展望稳定，但需关注零售端宏观压力及未来资产重估风险。

• 持有者建议：对于追求稳定分红、看重优质亚太零售及办公资产的投资者，建议继续持有。关注租户销售表现及零售环境变化。
• 潜在买入者建议：当前价格较净资产价值有较大折让（约23%），追求收益与防御型资产者可考虑逢低布局。但需注意行业挑战及重估风险。

免责声明：本分析仅基于公司财报内容，不构成投资建议。请投资者自行进行尽职调查。

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