StarhillGbl Reit P40U
Financials
Annual Report FY 2025/26
Explore the statements
24 tablesStatement of Total Return
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Gross revenue$’000 | 192,494 | 192,097 | PDF p. 138 |
| Property operating expenses$’000 | (42,145) | (41,921) | PDF p. 138 |
| Net property income$’000 | 150,349 | 150,176 | PDF p. 138 |
| Interest income from fixed deposits and bank balances$’000 | 2,206 | 1,840 | PDF p. 138 |
| Management fees$’000 | (14,480) | (14,215) | PDF p. 138 |
| Performance fees$’000 | – | – | PDF p. 138 |
| Trust expenses$’000 | (2,924) | (5,891) | PDF p. 138 |
| Finance expenses$’000 | (40,305) | (42,095) | PDF p. 138 |
| Subtotal following Finance expenses | |||
| Subtotal$’000 | 94,846 | 89,815 | PDF p. 138 |
| Change in fair value of derivative instruments$’000 | (1,767) | 357 | PDF p. 138 |
| Foreign exchange loss$’000 | (411) | (529) | PDF p. 138 |
| Change in fair value of investment properties$’000 | (49,884) | 18,777 | PDF p. 138 |
| Gain on divestment of investment properties$’000 | 8,387 | 9,044 | PDF p. 138 |
| Total return for the year before tax$’000 | 51,171 | 117,464 | PDF p. 138 |
| Income tax$’000 | (2,050) | (4,773) | PDF p. 138 |
| Total return for the year after tax$’000 | 49,121 | 112,691 | PDF p. 138 |
| Total return attributable to | |||
| Unitholders$’000 | 45,009 | 108,841 | PDF p. 138 |
| Perpetual securities holders$’000 | 4,112 | 3,850 | PDF p. 138 |
| Total return$’000 | 49,121 | 112,691 | PDF p. 138 |
| Earnings per unit | |||
| Basiccents per unit | 1.95 | 4.76 | PDF p. 138 |
| Dilutedcents per unit | 1.95 | 4.76 | PDF p. 138 |
Definitions & sources
Original report: PDF p. 138 ↗
The statement is for the year ended 30 June 2026. The printed comparative columns are 2026 and 2025.
The report shows the Statement of Total Return for the Group only; it does not present a separate Trust/Company Statement of Total Return on this statement page.
The accompanying notes form an integral part of these financial statements.
Statements of Financial Position
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Trust | 2025Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 2,731,826 | 2,755,754 | 1,911,869 | 1,945,470 | PDF p. 137 |
| Plant and equipment$’000 | 1 | 1 | – | – | PDF p. 137 |
| Interests in subsidiaries$’000 | – | – | 520,067 | 530,323 | PDF p. 137 |
| Derivative financial instruments$’000 | 1,218 | 1,041 | 1,218 | 1,041 | PDF p. 137 |
| Non-current assets subtotal | |||||
| Subtotal$’000 | 2,733,045 | 2,756,796 | 2,433,154 | 2,476,834 | PDF p. 137 |
| Current assets | |||||
| Derivative financial instruments$’000 | 194 | 158 | 185 | 102 | PDF p. 137 |
| Trade and other receivables$’000 | 7,233 | 4,774 | 1,576 | 1,553 | PDF p. 137 |
| Cash and cash equivalents$’000 | 98,519 | 84,458 | 48,775 | 39,179 | PDF p. 137 |
| Current assets subtotal | |||||
| Subtotal$’000 | 105,946 | 89,390 | 50,536 | 40,834 | PDF p. 137 |
| Total assets$’000 | 2,838,991 | 2,846,186 | 2,483,690 | 2,517,668 | PDF p. 137 |
| Non-current liabilities | |||||
| Trade and other payables$’000 | 32,802 | 33,893 | 29,704 | 30,720 | PDF p. 137 |
| Derivative financial instruments$’000 | 5,394 | 8,373 | 5,394 | 8,373 | PDF p. 137 |
| Deferred tax liabilities$’000 | 2,226 | 5,408 | – | – | PDF p. 137 |
| Borrowings$’000 | 941,251 | 954,864 | 722,594 | 751,510 | PDF p. 137 |
| Lease liabilities$’000 | 773 | 743 | 727 | 689 | PDF p. 137 |
| Non-current liabilities subtotal | |||||
| Subtotal$’000 | 982,446 | 1,003,281 | 758,419 | 791,292 | PDF p. 137 |
| Current liabilities | |||||
| Trade and other payables$’000 | 35,543 | 36,209 | 25,136 | 27,736 | PDF p. 137 |
| Derivative financial instruments$’000 | 1,033 | 96 | 847 | 74 | PDF p. 137 |
| Income tax payable$’000 | 1,242 | 618 | – | – | PDF p. 137 |
| Borrowings$’000 | 69,997 | 64,157 | 69,997 | 59,848 | PDF p. 137 |
| Lease liabilities$’000 | 344 | 381 | 342 | 381 | PDF p. 137 |
| Current liabilities subtotal | |||||
| Subtotal$’000 | 108,159 | 101,461 | 96,322 | 88,039 | PDF p. 137 |
| Total liabilities$’000 | 1,090,605 | 1,104,742 | 854,741 | 879,331 | PDF p. 137 |
| Net assets$’000 | 1,748,386 | 1,741,444 | 1,628,949 | 1,638,337 | PDF p. 137 |
| Represented by | |||||
| Unitholders’ funds$’000 | 1,648,620 | 1,641,825 | 1,529,183 | 1,538,718 | PDF p. 137 |
| Perpetual securities holders’ funds$’000 | 99,766 | 99,619 | 99,766 | 99,619 | PDF p. 137 |
| Units in issue’000 units | 2,321,012 | 2,297,427 | 2,321,012 | 2,297,427 | PDF p. 137 |
| Net asset value per unit ($) based on | |||||
| Units issued and issuable at the end of the year$ per unit | 0.71 | 0.71 | 0.66 | 0.67 | PDF p. 137 |
Definitions & sources
Original report: PDF p. 137 ↗
The statement is as at 30 June 2026; comparative columns are 2026 and 2025 for both Group and Trust.
The printed entity heading is “Trust”; it is retained as printed.
The accompanying notes form an integral part of these financial statements.
Statement of Cash Flows
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the year before tax$’000 | 51,171 | 117,464 | PDF p. 142 |
| Cash flows from operating activities; Adjustments for | |||
| Finance income$’000 | (2,206) | (1,840) | PDF p. 142 |
| Depreciation$’000 | 2 | – | PDF p. 142 |
| Management fees paid/payable in units$’000 | 3,115 | 3,062 | PDF p. 142 |
| Finance expenses$’000 | 40,305 | 42,095 | PDF p. 142 |
| Change in fair value of derivative instruments$’000 | 1,767 | (357) | PDF p. 142 |
| Gain on divestment of investment properties$’000 | (8,387) | (9,044) | PDF p. 142 |
| Foreign exchange loss$’000 | 411 | 529 | PDF p. 142 |
| Change in fair value of investment properties$’000 | 49,884 | (18,777) | PDF p. 142 |
| Cash flows from operating activities | |||
| Operating income before working capital changes$’000 | 136,062 | 133,132 | PDF p. 142 |
| Trade and other receivables$’000 | (3,624) | (1,806) | PDF p. 142 |
| Trade and other payables$’000 | (3,498) | (333) | PDF p. 142 |
| Income tax paid$’000 | (5,026) | (5,367) | PDF p. 142 |
| Net cash from operating activities$’000 | 123,914 | 125,626 | PDF p. 142 |
| Cash flows from investing activities | |||
| Net proceeds on divestment of investment properties(1)$’000 | 36,522 | 40,898 | PDF p. 142 |
| Capital expenditure on investment properties$’000 | (9,472) | (10,559) | PDF p. 142 |
| Purchase of plant and equipment$’000 | (2) | – | PDF p. 142 |
| Interest received on deposits$’000 | 2,229 | 1,834 | PDF p. 142 |
| Net cash from investing activities$’000 | 29,277 | 32,173 | PDF p. 142 |
| Cash flows from financing activities | |||
| Borrowing costs paid$’000 | (38,145) | (43,192) | PDF p. 142 |
| Proceeds from borrowings$’000 | 289,539 | 382,275 | PDF p. 142 |
| Repayment of borrowings$’000 | (313,792) | (396,842) | PDF p. 142 |
| Net proceeds from issuance of perpetual securities$’000 | 99,586 | – | PDF p. 142 |
| Redemption of perpetual securities$’000 | (100,000) | – | PDF p. 142 |
| Payment of lease liabilities$’000 | (484) | (398) | PDF p. 142 |
| Distributions paid to unitholders$’000 | (74,447) | (70,424) | PDF p. 142 |
| Distributions paid to perpetual securities holders$’000 | (3,551) | (3,850) | PDF p. 142 |
| Net cash used in financing activities$’000 | (141,294) | (132,431) | PDF p. 142 |
| Cash flows | |||
| Net increase in cash and cash equivalents$’000 | 11,897 | 25,368 | PDF p. 142 |
| Cash and cash equivalents at the beginning of the year$’000 | 84,458 | 60,574 | PDF p. 142 |
| Effects of exchange rate differences on cash$’000 | 2,164 | (1,484) | PDF p. 142 |
| Cash and cash equivalents at the end of the year$’000 | 98,519 | 84,458 | PDF p. 142 |
Definitions & sources
Original report: PDF p. 142 ↗
Note: (1) Net cash inflows on divestment represent the sales proceeds from certain Wisma Atria Property (Office) strata units, net of directly attributable costs.
Statements of Movements in Unitholders’ Funds
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Trust | 2025Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ funds | |||||
| Unitholders’ funds at the beginning of the year$’000 | 1,641,825 | 1,619,471 | 1,538,718 | 1,554,172 | PDF p. 140 |
| Operations | |||||
| Change in unitholders’ funds resulting from operations, before distributions$’000 | 49,121 | 112,691 | 61,691 | 73,465 | PDF p. 140 |
| Amount reserved for distribution to perpetual securities holders$’000 | (4,112) | (3,850) | (4,112) | (3,850) | PDF p. 140 |
| Increase in unitholders’ funds resulting from operations$’000 | 45,009 | 108,841 | 57,579 | 69,615 | PDF p. 140 |
| Foreign currency translation reserve | |||||
| Translation differences from financial statements of foreign entities$’000 | 32,014 | (3,023) | – | – | PDF p. 140 |
| Exchange differences on hedge of net investment in foreign operations(1)$’000 | (4,407) | 5,952 | – | – | PDF p. 140 |
| Exchange differences on monetary items forming part of net investment in foreign operations$’000 | 1,293 | (4,347) | – | – | PDF p. 140 |
| Net gain/(loss) recognised directly in unitholders’ funds$’000 | 28,900 | (1,418) | – | – | PDF p. 140 |
| Hedging reserve | |||||
| Changes in fair value of cash flow hedges(2)$’000 | 4,218 | (17,707) | 4,218 | (17,707) | PDF p. 140 |
| Unitholders’ transactions | |||||
| Management fees paid in units$’000 | 2,345 | 2,302 | 2,345 | 2,302 | PDF p. 140 |
| Management fees payable in units$’000 | 770 | 760 | 770 | 760 | PDF p. 140 |
| Distribution reinvestment plan(3)$’000 | 9,764 | 12,755 | 9,764 | 12,755 | PDF p. 140 |
| Distributions to unitholders$’000 | (84,211) | (83,179) | (84,211) | (83,179) | PDF p. 140 |
| Decrease in unitholders’ funds resulting from unitholders’ transactions$’000 | (71,332) | (67,362) | (71,332) | (67,362) | PDF p. 140 |
| Unitholders’ funds | |||||
| Unitholders’ funds at the end of the year$’000 | 1,648,620 | 1,641,825 | 1,529,183 | 1,538,718 | PDF p. 140 |
| Perpetual securities holders’ funds | |||||
| Balance at the beginning of the year$’000 | 99,619 | 99,619 | 99,619 | 99,619 | PDF p. 140 |
| Issue of perpetual securities$’000 | 100,000 | – | 100,000 | – | PDF p. 140 |
| Issuance costs$’000 | (414) | – | (414) | – | PDF p. 140 |
| Redemption of perpetual securities$’000 | (100,000) | – | (100,000) | – | PDF p. 140 |
| Total return attributable to perpetual securities holders$’000 | 4,112 | 3,850 | 4,112 | 3,850 | PDF p. 140 |
| Distribution to perpetual securities holders$’000 | (3,551) | (3,850) | (3,551) | (3,850) | PDF p. 140 |
| Balance at the end of the year$’000 | 99,766 | 99,619 | 99,766 | 99,619 | PDF p. 140 |
Definitions & sources
Original report: PDF p. 140 ↗
Notes: (1) The Group designated its JPY and A$ loans as net investment hedges for part of its Japan and Australia operations. Correspondingly, the foreign currency differences on the JPY and A$ loans were reclassified to the Group’s foreign currency translation reserve, offsetting the translation differences arising from the Group’s Japan and Australia operations. (2) Represent the changes in fair value of the cash flow hedges as a result of interest rate swaps entered into by the Group and the Trust. (3) Represent 18,091,444 units (2025: 26,648,403 units issued in September 2024 and March 2025) issued in September 2025 and March 2026 as part payment of distribution for 1 January to 30 June 2025 and 1 July to 31 December 2025 (2025: 1 January to 30 June 2024 and 1 July to 31 December 2024) through distribution reinvestment plan.
Key Figures for 5 Years
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|---|
| Five-year highlights | ||||||
| Gross RevenueS$ million | 192.5 | 192.1 | 189.8 | 187.8 | 186.4 | PDF p. 14 |
| Net Property IncomeS$ million | 150.3 | 150.2 | 149.0 | 147.8 | 144.7 | PDF p. 14 |
| Income Available for DistributionS$ million | 89.3 | 87.8 | 84.7 | 88.9 | 89.8 | PDF p. 14 |
| Distribution Per Unitcents | 3.68 | 3.65 | 3.63 | 3.80 | 3.80 | PDF p. 14 |
| Total AssetsS$ million | 2,839.0 | 2,846.2 | 2,838.2 | 2,860.3 | 2,997.4 | PDF p. 14 |
| Occupancy Rate(1)% | 97.2 | 94.6 | 97.7 | 97.7 | 96.6 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Note: (1) Based on committed leases as at the reporting date.
Financial Summary — Statement of Total Return and Distribution
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY 2025/26 | 2025FY 2024/25 | Source |
|---|---|---|---|
| Statement of Total Return and Distribution | |||
| Gross RevenueS$ million; third column is Change (%) | 192.5 | 192.1 | PDF p. 15 |
| Net Property IncomeS$ million; third column is Change (%) | 150.3 | 150.2 | PDF p. 15 |
| Income Available for DistributionS$ million; third column is Change (%) | 89.3 | 87.8 | PDF p. 15 |
| Income to be Distributed to Unitholders(1)S$ million; third column is Change (%) | 85.3 | 83.8 | PDF p. 15 |
| Distribution Per Unit (DPU)(2)cents per unit | 3.68 | 3.65 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Notes: (1) Approximately S$4.0 million (FY 2024/25: S$4.0 million) of income available for distribution for FY 2025/26 has been retained for working capital requirements. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for first half year of FY 2025/26 (“1H FY 2025/26”), and (ii) issued and issuable units of 2,322,434,518 for second half year of FY 2025/26 (“2H FY 2025/26”) (FY 2024/25: (i) 2,291,896,639 units for first half year of FY 2024/25 (“1H FY 2024/25”), and (ii) 2,298,932,748 units for second half year of FY 2024/25 (“2H FY 2024/25”)).
Financial Summary — Statement of Total Return and Distribution — Change (%)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Change (%), 2026 vs 2025 | Source |
|---|---|---|
| Statement of Total Return and Distribution | ||
| Gross Revenue% change | 0.2 | PDF p. 15 |
| Net Property Income% change | 0.1 | PDF p. 15 |
| Income Available for Distribution% change | 1.7 | PDF p. 15 |
| Income to be Distributed to Unitholders(1)% change | 1.9 | PDF p. 15 |
| Distribution Per Unit (DPU)(2)% change in cents per unit | 0.8 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Notes: (1) Approximately S$4.0 million (FY 2024/25: S$4.0 million) of income available for distribution for FY 2025/26 has been retained for working capital requirements. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for first half year of FY 2025/26 (“1H FY 2025/26”), and (ii) issued and issuable units of 2,322,434,518 for second half year of FY 2025/26 (“2H FY 2025/26”) (FY 2024/25: (i) 2,291,896,639 units for first half year of FY 2024/25 (“1H FY 2024/25”), and (ii) 2,298,932,748 units for second half year of FY 2024/25 (“2H FY 2024/25”)).
Financial Summary — Statement of Financial Position
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 30 June 2026 | 2025As at 30 June 2025 | Source |
|---|---|---|---|
| Statement of Financial Position | |||
| Net Asset Value attributable to Unitholders Per UnitS$ per unit | 0.71 | 0.71 | PDF p. 15 |
| Total AssetsS$ million; third column is Change (%) | 2,839.0 | 2,846.2 | PDF p. 15 |
| Investment Properties | |||
| Valuation(1)S$ million; third column is Change (%) | 2,731.8 | 2,755.8 | PDF p. 15 |
| Statement of Financial Position | |||
| Gearing Ratio% | 35.8 | 36.0 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Note: (1) Including right-of-use assets following the adoption of FRS 116.
Financial Summary — Number of Properties
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 30 June 2026 | 2025As at 30 June 2025 | Source |
|---|---|---|---|
| Investment Properties | |||
| Number of Propertiesproperties | 9 | 9 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Note: (1) Including right-of-use assets following the adoption of FRS 116.
Financial Summary — Statement of Financial Position — Change (%)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Change (%), 2026 vs 2025 | Source |
|---|---|---|
| Statement of Financial Position | ||
| Net Asset Value attributable to Unitholders Per Unit% change in S$ per unit | - | PDF p. 15 |
| Total Assets% change | (0.3) | PDF p. 15 |
| Investment Properties | ||
| Valuation(1)% change | (0.9) | PDF p. 15 |
| Statement of Financial Position | ||
| Gearing Ratio% change | NM | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
Note: (1) Including right-of-use assets following the adoption of FRS 116.
Financial Review — Group operating results, distribution and ratios
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY 2025/26 (S$’000 except where row states otherwise) | 2025Group, FY 2024/25 (S$’000 except where row states otherwise) | Source |
|---|---|---|---|
| Group financial review | |||
| Gross revenueS$’000 | 192,494 | 192,097 | PDF p. 61 |
| Property expensesS$’000 | (42,145) | (41,921) | PDF p. 61 |
| Net property income (NPI)S$’000 | 150,349 | 150,176 | PDF p. 61 |
| Non-property expensesS$’000 | (55,503) | (60,361) | PDF p. 61 |
| Net income before taxS$’000 | 94,846 | 89,815 | PDF p. 61 |
| Change in fair value of derivative instrumentsS$’000 | (1,767) | 357 | PDF p. 61 |
| Foreign exchange lossS$’000 | (411) | (529) | PDF p. 61 |
| Change in fair value of investment propertiesS$’000 | (49,884) | 18,777 | PDF p. 61 |
| Gain on divestment of investment propertiesS$’000 | 8,387 | 9,044 | PDF p. 61 |
| Total return for the year before tax and distributionS$’000 | 51,171 | 117,464 | PDF p. 61 |
| Income taxS$’000 | (2,050) | (4,773) | PDF p. 61 |
| Total return for the year after tax, before distributionS$’000 | 49,121 | 112,691 | PDF p. 61 |
| Less: Amount reserved for distribution to perpetual securities holdersS$’000 | (4,112) | (3,850) | PDF p. 61 |
| Non-tax deductible/(chargeable) items and other adjustmentsS$’000 | 44,332 | (21,021) | PDF p. 61 |
| Income available for distributionS$’000 | 89,341 | 87,820 | PDF p. 61 |
| Income to be distributed to Unitholders(1)S$’000 | 85,345 | 83,785 | PDF p. 61 |
| Distribution Per Unit (DPU)cents per unit | 3.68 | 3.65 | PDF p. 61 |
| Financial ratios | |||
| Total operating expenses(2)S$’000 | 59,683 | 62,179 | PDF p. 61 |
| Net assets(3)S$’000 | 1,748,386 | 1,741,444 | PDF p. 61 |
| Total operating expenses to net assets% | 3.4 | 3.6 | PDF p. 61 |
Definitions & sources
Original report: PDF p. 61 ↗
Notes: (1) Approximately S$4.0 million (FY 2024/25: S$4.0 million) of income available for distribution for FY 2025/26 has been retained for working capital requirements. (2) Total operating expenses mainly comprise property expenses, management fees and trust expenses, including fees paid to the Manager and Trustee. (3) Net assets as at 30 June 2026 and 30 June 2025 respectively.
Financial Review — Group operating results, distribution and ratios — Change (%)
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Change (%), FY 2025/26 vs FY 2024/25 | Source |
|---|---|---|
| Group financial review | ||
| Gross revenue% change | 0.2 | PDF p. 61 |
| Property expenses% change | 0.5 | PDF p. 61 |
| Net property income (NPI)% change | 0.1 | PDF p. 61 |
| Non-property expenses% change | (8.0) | PDF p. 61 |
| Net income before tax% change | 5.6 | PDF p. 61 |
| Change in fair value of derivative instruments% change | NM | PDF p. 61 |
| Foreign exchange loss% change | (22.3) | PDF p. 61 |
| Change in fair value of investment properties% change | NM | PDF p. 61 |
| Gain on divestment of investment properties% change | (7.3) | PDF p. 61 |
| Total return for the year before tax and distribution% change | (56.4) | PDF p. 61 |
| Income tax% change | (57.1) | PDF p. 61 |
| Total return for the year after tax, before distribution% change | (56.4) | PDF p. 61 |
| Less: Amount reserved for distribution to perpetual securities holders% change | 6.8 | PDF p. 61 |
| Non-tax deductible/(chargeable) items and other adjustments% change | NM | PDF p. 61 |
| Income available for distribution% change | 1.7 | PDF p. 61 |
| Income to be distributed to Unitholders(1)% change | 1.9 | PDF p. 61 |
| Distribution Per Unit (DPU)% change in cents per unit | 0.8 | PDF p. 61 |
| Financial ratios | ||
| Total operating expenses(2)% change | (4.0) | PDF p. 61 |
| Net assets(3)% change | 0.4 | PDF p. 61 |
| Total operating expenses to net assets% | NM | PDF p. 61 |
Definitions & sources
Original report: PDF p. 61 ↗
Notes: (1) Approximately S$4.0 million (FY 2024/25: S$4.0 million) of income available for distribution for FY 2025/26 has been retained for working capital requirements. (2) Total operating expenses mainly comprise property expenses, management fees and trust expenses, including fees paid to the Manager and Trustee. (3) Net assets as at 30 June 2026 and 30 June 2025 respectively.
Distribution Per Unit by half year — FY 25/26
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20261H | 20262H | 2026Total | Source |
|---|---|---|---|---|
| Distribution Per Unit (cents) | ||||
| FY 25/26cents per unit | 1.80 | 1.88 | 3.68 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Notes: (1) Others comprise one property each in Tokyo, Japan and Chengdu, China, as at the reporting date. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for 1H FY 2025/26, and (ii) issued and issuable units of 2,322,434,518 for 2H FY 2025/26 (FY 2024/25: (i) 2,291,896,639 for 1H FY 2024/25, and (ii) 2,298,932,748 for 2H FY 2024/25). (3) Total does not add up due to rounding.
Distribution Per Unit by half year — FY 24/25
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20251H | 20252H | 2025Total | Source |
|---|---|---|---|---|
| Distribution Per Unit (cents) | ||||
| FY 24/25cents per unit | 1.80 | 1.85 | 3.65 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Notes: (1) Others comprise one property each in Tokyo, Japan and Chengdu, China, as at the reporting date. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for 1H FY 2025/26, and (ii) issued and issuable units of 2,322,434,518 for 2H FY 2025/26 (FY 2024/25: (i) 2,291,896,639 for 1H FY 2024/25, and (ii) 2,298,932,748 for 2H FY 2024/25). (3) Total does not add up due to rounding.
Earnings per unit
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY ended 30 June 2026 | 2025Group, FY ended 30 June 2025 | Source |
|---|---|---|---|
| Earnings per unit | |||
| Earnings attributable to unitholders(1)$’000 | 45,009 | 108,841 | PDF p. 175 |
| Basic earnings per unit (cents)(2)cents per unit | 1.95 | 4.76 | PDF p. 175 |
| Earnings per unit on a fully diluted basis (cents)(3)cents per unit | 1.95 | 4.76 | PDF p. 175 |
Definitions & sources
Original report: PDF p. 175 ↗
(1) Net of amount reserved for distribution to perpetual securities holders. (2) In computing the basic earnings per unit for the year ended 30 June 2026, the earnings attributable to unitholders and the weighted average number of units of 2,312,267,876 (2025: 2,286,370,857) during the year ended 30 June 2026 are used and have been calculated on a time-weighted basis. This comprises the weighted average number of (i) units in issue of 2,312,263,978 (2025: 2,286,366,731); and (ii) estimated units issuable for the settlement of unpaid base management fees. (3) In computing the diluted earnings per unit for the year ended 30 June 2026, the weighted average number of units in issue of 2,312,263,978 (2025: 2,286,366,731) during the year ended 30 June 2026 are used and adjusted to include the potential dilutive units assuming issuance of estimated 1,422,645 (2025: 1,506,064) units for the settlement of unpaid base management fees.
Distribution Statement
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Distribution Statement | |||
| Income available for distribution at the beginning of the year$’000 | 101,942 | 97,301 | PDF p. 139 |
| Total return after tax, before distribution$’000 | 49,121 | 112,691 | PDF p. 139 |
| Less: Amount reserved for distribution to perpetual securities holders$’000 | (4,112) | (3,850) | PDF p. 139 |
| Net tax and other adjustments (Note A below)$’000 | 44,332 | (21,021) | PDF p. 139 |
| Income available for distribution$’000 | 191,283 | 185,121 | PDF p. 139 |
| Distribution of 1.85 cents (2024: 1.85 cents) per unit for the period 1 January to 30 June 2025$’000; cash distribution amount; declared cents per unit stated in original label | (42,529) | (41,925) | PDF p. 139 |
| Distribution of 1.80 cents (2024: 1.80 cents) per unit for the period 1 July to 31 December 2025$’000; cash distribution amount; declared cents per unit stated in original label | (41,682) | (41,254) | PDF p. 139 |
| Distributions during the year; Unitholders | |||
| Subtotal$’000 | (84,211) | (83,179) | PDF p. 139 |
| Distribution Statement | |||
| Income available for distribution at the end of the year$’000 | 107,072 | 101,942 | PDF p. 139 |
| Number of units issued and issuable (’000)’000 units | 2,322,435 | 2,298,933 | PDF p. 139 |
| Distribution per unit for the year (cents)cents per unit | 3.68 | 3.65 | PDF p. 139 |
| Note A – Net tax and other adjustments | |||
| – Management fees paid/payable in units$’000 | 3,115 | 3,062 | PDF p. 139 |
| – Finance costs$’000 | 1,071 | 880 | PDF p. 139 |
| – Sinking fund contribution$’000 | 1,561 | 1,624 | PDF p. 139 |
| – Change in fair value of derivative instruments$’000 | 1,767 | (357) | PDF p. 139 |
| – Change in fair value of investment properties$’000 | 49,884 | (18,777) | PDF p. 139 |
| – Deferred tax$’000 | (3,577) | (311) | PDF p. 139 |
| – Foreign exchange (gain)/loss$’000 | (82) | 193 | PDF p. 139 |
| – Other items(1)$’000 | (9,407) | (7,335) | PDF p. 139 |
| Net tax and other adjustments$’000 | 44,332 | (21,021) | PDF p. 139 |
Definitions & sources
Original report: PDF p. 139 ↗
Note: (1) Other items include one-off recovery of legal fees (net of tax) in relation to the arbitration case in Australia outstanding as at the reporting date, as well as part reversal of gain on divestment of certain Wisma Atria Property (Office) strata units.
Investment Properties Portfolio Statement — committed occupancy rate
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group committed occupancy as at 30 June 2026 | Source |
|---|---|---|
| Group committed occupancy — Retail | ||
| Ngee Ann City Property% | 100.0 | PDF p. 141 |
| Group committed occupancy — Office | ||
| Ngee Ann City Property% | 100.0 | PDF p. 141 |
| Group committed occupancy — Retail | ||
| Wisma Atria Property% | 100.0 | PDF p. 141 |
| Group committed occupancy — Office | ||
| Wisma Atria Property% | 100.0 | PDF p. 141 |
| Group committed occupancy — Retail | ||
| Myer Centre Adelaide% | 91.3 | PDF p. 141 |
| Group committed occupancy — Office | ||
| Myer Centre Adelaide% | 86.9 | PDF p. 141 |
| Group property occupancy | ||
| David Jones Building% | 99.3 | PDF p. 141 |
| Plaza Arcade% | 96.2 | PDF p. 141 |
| The Starhill% | 100.0 | PDF p. 141 |
| Lot 10 Property% | 100.0 | PDF p. 141 |
| Ebisu Fort% | 100.0 | PDF p. 141 |
| China Property% | 100.0 | PDF p. 141 |
Definitions & sources
Original report: PDF p. 141 ↗
Notes: (1) David Jones Building, Plaza Arcade and Myer Centre Adelaide (the “Australia Properties”) were acquired on 20 January 2010, 1 March 2013 and 18 May 2015 respectively. (2) The Starhill and Lot 10 Property (the “Malaysia Properties”) were acquired on 28 June 2010. (3) Ebisu Fort (the “Japan Property”) was acquired on 26 September 2007. (4) China Property was acquired on 28 August 2007. (5) The valuation of the Trust’s Ngee Ann City Property (27.23% strata title interest in total share value of Ngee Ann City) and Wisma Atria Property (64.11% (2025: 68.81%) strata title interest in total share value of Wisma Atria) were based on the valuation performed by Savills Valuation and Professional Services (S) Pte Ltd as at 30 June 2026. (6) Based on the valuation performed by Jones Lang LaSalle Advisory Services Pty Ltd as at 30 June 2026 and translated at the exchange rate of A$1.12 : $1.00 (2025: A$1.20 : $1.00). (7) Based on the valuation performed by CIVAS (WA) Pty Limited as at 30 June 2026 and translated at the exchange rate of A$1.12 : $1.00 (2025: A$1.20 : $1.00). (8) Based on the valuation performed by Knight Frank Malaysia Sdn Bhd as at 30 June 2026 and translated at the exchange rate of RM3.15 : $1.00 (2025: RM3.31 : $1.00). (9) Based on the valuation performed by CBRE K.K. Valuation Advisory & Consulting Services as at 30 June 2026 and translated at the exchange rate of JPY125.34 : $1.00 (2025: JPY113.07 : $1.00). (10) Based on the valuation performed by Cushman & Wakefield Chengdu Branch as at 30 June 2026 and translated at the exchange rate of RMB5.24 : $1.00 (2025: RMB5.62 : $1.00). (11) The Starhill has completed asset enhancement works in December 2021 to convert it into an integrated development comprising retail and hotel elements. (12) Based on committed leases as at 30 June 2026. (13) A total of 14 strata units (2025: 13 strata units) in Wisma Atria Property (Office) with carrying value of $28.1 million (2025: $31.9 million) were divested during the current year to unrelated third parties, resulting in a net gain on divestment of investment properties of $8.4 million (2025: $9.0 million). Following the above, the Group’s strata title interest in the total share of Wisma Atria is 64.11% (2025: 68.81%) as at 30 June 2026.
Retail/Office paired occupancy values are both at 30 June 2026; they are not comparative years.
Investment Properties Portfolio Statement — valuation
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, as at 30 June | 2025Group, as at 30 June | Source |
|---|---|---|---|
| Group property valuations | |||
| Ngee Ann City Property$’000 | 1,157,500 | 1,160,000 | PDF p. 141 |
| Wisma Atria Property$’000 | 753,300 | 784,400 | PDF p. 141 |
| Myer Centre Adelaide$’000 | 191,415 | 191,498 | PDF p. 141 |
| David Jones Building$’000 | 106,391 | 104,699 | PDF p. 141 |
| Plaza Arcade$’000 | 38,283 | 35,719 | PDF p. 141 |
| The Starhill$’000 | 296,554 | 281,743 | PDF p. 141 |
| Lot 10 Property$’000 | 145,575 | 139,058 | PDF p. 141 |
| Ebisu Fort$’000 | 32,151 | 35,288 | PDF p. 141 |
| China Property$’000 | 9,540 | 22,225 | PDF p. 141 |
| Group portfolio statement summary | |||
| Investment properties – fair value$’000 | 2,730,709 | 2,754,630 | PDF p. 141 |
| Investment properties – right-of-use assets$’000 | 1,117 | 1,124 | PDF p. 141 |
| Total investment properties$’000 | 2,731,826 | 2,755,754 | PDF p. 141 |
| Other assets and liabilities (net)$’000 | (983,440) | (1,014,310) | PDF p. 141 |
| Net assets$’000 | 1,748,386 | 1,741,444 | PDF p. 141 |
| Perpetual securities holders’ funds$’000 | (99,766) | (99,619) | PDF p. 141 |
| Unitholders’ funds$’000 | 1,648,620 | 1,641,825 | PDF p. 141 |
Definitions & sources
Original report: PDF p. 141 ↗
Notes: (1) David Jones Building, Plaza Arcade and Myer Centre Adelaide (the “Australia Properties”) were acquired on 20 January 2010, 1 March 2013 and 18 May 2015 respectively. (2) The Starhill and Lot 10 Property (the “Malaysia Properties”) were acquired on 28 June 2010. (3) Ebisu Fort (the “Japan Property”) was acquired on 26 September 2007. (4) China Property was acquired on 28 August 2007. (5) The valuation of the Trust’s Ngee Ann City Property (27.23% strata title interest in total share value of Ngee Ann City) and Wisma Atria Property (64.11% (2025: 68.81%) strata title interest in total share value of Wisma Atria) were based on the valuation performed by Savills Valuation and Professional Services (S) Pte Ltd as at 30 June 2026. (6) Based on the valuation performed by Jones Lang LaSalle Advisory Services Pty Ltd as at 30 June 2026 and translated at the exchange rate of A$1.12 : $1.00 (2025: A$1.20 : $1.00). (7) Based on the valuation performed by CIVAS (WA) Pty Limited as at 30 June 2026 and translated at the exchange rate of A$1.12 : $1.00 (2025: A$1.20 : $1.00). (8) Based on the valuation performed by Knight Frank Malaysia Sdn Bhd as at 30 June 2026 and translated at the exchange rate of RM3.15 : $1.00 (2025: RM3.31 : $1.00). (9) Based on the valuation performed by CBRE K.K. Valuation Advisory & Consulting Services as at 30 June 2026 and translated at the exchange rate of JPY125.34 : $1.00 (2025: JPY113.07 : $1.00). (10) Based on the valuation performed by Cushman & Wakefield Chengdu Branch as at 30 June 2026 and translated at the exchange rate of RMB5.24 : $1.00 (2025: RMB5.62 : $1.00). (11) The Starhill has completed asset enhancement works in December 2021 to convert it into an integrated development comprising retail and hotel elements. (12) Based on committed leases as at 30 June 2026. (13) A total of 14 strata units (2025: 13 strata units) in Wisma Atria Property (Office) with carrying value of $28.1 million (2025: $31.9 million) were divested during the current year to unrelated third parties, resulting in a net gain on divestment of investment properties of $8.4 million (2025: $9.0 million). Following the above, the Group’s strata title interest in the total share of Wisma Atria is 64.11% (2025: 68.81%) as at 30 June 2026.
Retail/Office paired occupancy values are both at 30 June 2026; they are not comparative years.
Investment Properties Portfolio Statement — percentage of unitholders’ funds
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, as at 30 June | 2025Group, as at 30 June | Source |
|---|---|---|---|
| Percentage of Unitholders’ funds | |||
| Ngee Ann City Property% | 70.2 | 70.6 | PDF p. 141 |
| Wisma Atria Property% | 45.7 | 47.8 | PDF p. 141 |
| Myer Centre Adelaide% | 11.6 | 11.7 | PDF p. 141 |
| David Jones Building% | 6.5 | 6.4 | PDF p. 141 |
| Plaza Arcade% | 2.3 | 2.2 | PDF p. 141 |
| The Starhill% | 18.0 | 17.2 | PDF p. 141 |
| Lot 10 Property% | 8.8 | 8.5 | PDF p. 141 |
| Ebisu Fort% | 2.0 | 2.1 | PDF p. 141 |
| China Property% | 0.6 | 1.3 | PDF p. 141 |
| Group portfolio statement summary | |||
| Investment properties – fair value% | 165.7 | 167.8 | PDF p. 141 |
| Investment properties – right-of-use assets% | 0.1 | 0.1 | PDF p. 141 |
| Total investment properties% | 165.8 | 167.9 | PDF p. 141 |
| Other assets and liabilities (net)% | (59.7) | (61.8) | PDF p. 141 |
| Net assets% | 106.1 | 106.1 | PDF p. 141 |
| Perpetual securities holders’ funds% | (6.1) | (6.1) | PDF p. 141 |
| Unitholders’ funds% | 100.0 | 100.0 | PDF p. 141 |
Definitions & sources
Original report: PDF p. 141 ↗
Notes: (1) David Jones Building, Plaza Arcade and Myer Centre Adelaide (the “Australia Properties”) were acquired on 20 January 2010, 1 March 2013 and 18 May 2015 respectively. (2) The Starhill and Lot 10 Property (the “Malaysia Properties”) were acquired on 28 June 2010. (3) Ebisu Fort (the “Japan Property”) was acquired on 26 September 2007. (4) China Property was acquired on 28 August 2007. (5) The valuation of the Trust’s Ngee Ann City Property (27.23% strata title interest in total share value of Ngee Ann City) and Wisma Atria Property (64.11% (2025: 68.81%) strata title interest in total share value of Wisma Atria) were based on the valuation performed by Savills Valuation and Professional Services (S) Pte Ltd as at 30 June 2026. (6) Based on the valuation performed by Jones Lang LaSalle Advisory Services Pty Ltd as at 30 June 2026 and translated at the exchange rate of A$1.12 : $1.00 (2025: A$1.20 : $1.00). (7) Based on the valuation performed by CIVAS (WA) Pty Limited as at 30 June 2026 and translated at the exchange rate of A$1.12 : $1.00 (2025: A$1.20 : $1.00). (8) Based on the valuation performed by Knight Frank Malaysia Sdn Bhd as at 30 June 2026 and translated at the exchange rate of RM3.15 : $1.00 (2025: RM3.31 : $1.00). (9) Based on the valuation performed by CBRE K.K. Valuation Advisory & Consulting Services as at 30 June 2026 and translated at the exchange rate of JPY125.34 : $1.00 (2025: JPY113.07 : $1.00). (10) Based on the valuation performed by Cushman & Wakefield Chengdu Branch as at 30 June 2026 and translated at the exchange rate of RMB5.24 : $1.00 (2025: RMB5.62 : $1.00). (11) The Starhill has completed asset enhancement works in December 2021 to convert it into an integrated development comprising retail and hotel elements. (12) Based on committed leases as at 30 June 2026. (13) A total of 14 strata units (2025: 13 strata units) in Wisma Atria Property (Office) with carrying value of $28.1 million (2025: $31.9 million) were divested during the current year to unrelated third parties, resulting in a net gain on divestment of investment properties of $8.4 million (2025: $9.0 million). Following the above, the Group’s strata title interest in the total share of Wisma Atria is 64.11% (2025: 68.81%) as at 30 June 2026.
Retail/Office paired occupancy values are both at 30 June 2026; they are not comparative years.
Gross Revenue by property segment
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY 2025/26 | 2025Group, FY 2024/25 | Source |
|---|---|---|---|
| Group property segments | |||
| Ngee Ann City PropertyS$ million | 68.1 | 66.5 | PDF p. 64 |
| Wisma Atria PropertyS$ million | 50.3 | 53.5 | PDF p. 64 |
| Australia PropertiesS$ million | 40.3 | 40.1 | PDF p. 64 |
| Malaysia PropertiesS$ million | 30.9 | 28.8 | PDF p. 64 |
| Others (1)S$ million | 2.8 | 3.2 | PDF p. 64 |
| TotalS$ million | 192.5 | 192.1 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Notes: (1) Others comprise one property each in Tokyo, Japan and Chengdu, China, as at the reporting date. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for 1H FY 2025/26, and (ii) issued and issuable units of 2,322,434,518 for 2H FY 2025/26 (FY 2024/25: (i) 2,291,896,639 for 1H FY 2024/25, and (ii) 2,298,932,748 for 2H FY 2024/25). (3) Total does not add up due to rounding.
Gross Revenue — share by property segment
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY 2025/26 | 2025Group, FY 2024/25 | Source |
|---|---|---|---|
| Share of Group gross revenue | |||
| Ngee Ann City Property% | 35.4 | 34.6 | PDF p. 64 |
| Wisma Atria Property% | 26.1 | 27.9 | PDF p. 64 |
| Australia Properties% | 20.9 | 20.8 | PDF p. 64 |
| Malaysia Properties% | 16.1 | 15.0 | PDF p. 64 |
| Others (1)% | 1.5 | 1.7 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Notes: (1) Others comprise one property each in Tokyo, Japan and Chengdu, China, as at the reporting date. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for 1H FY 2025/26, and (ii) issued and issuable units of 2,322,434,518 for 2H FY 2025/26 (FY 2024/25: (i) 2,291,896,639 for 1H FY 2024/25, and (ii) 2,298,932,748 for 2H FY 2024/25). (3) Total does not add up due to rounding.
Parentheses in the original chart delimit a positive share of the total.
Net Property Income by property segment
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY 2025/26 | 2025Group, FY 2024/25 | Source |
|---|---|---|---|
| Group property segments | |||
| Ngee Ann City PropertyS$ million | 56.1 | 54.4 | PDF p. 64 |
| Wisma Atria PropertyS$ million | 38.2 | 41.0 | PDF p. 64 |
| Australia PropertiesS$ million | 24.9 | 25.3 | PDF p. 64 |
| Malaysia PropertiesS$ million | 30.0 | 27.9 | PDF p. 64 |
| Others (1)S$ million | 1.1 | 1.7 | PDF p. 64 |
| TotalS$ million | 150.3 | 150.2 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Notes: (1) Others comprise one property each in Tokyo, Japan and Chengdu, China, as at the reporting date. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for 1H FY 2025/26, and (ii) issued and issuable units of 2,322,434,518 for 2H FY 2025/26 (FY 2024/25: (i) 2,291,896,639 for 1H FY 2024/25, and (ii) 2,298,932,748 for 2H FY 2024/25). (3) Total does not add up due to rounding.
Net Property Income — share by property segment
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY 2025/26 | 2025Group, FY 2024/25 | Source |
|---|---|---|---|
| Share of Group net property income | |||
| Ngee Ann City Property% | 37.3 | 36.2 | PDF p. 64 |
| Wisma Atria Property% | 25.5 | 27.3 | PDF p. 64 |
| Australia Properties% | 16.5 | 16.8 | PDF p. 64 |
| Malaysia Properties% | 20.0 | 18.6 | PDF p. 64 |
| Others (1)% | 0.7 | 1.1 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Notes: (1) Others comprise one property each in Tokyo, Japan and Chengdu, China, as at the reporting date. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for 1H FY 2025/26, and (ii) issued and issuable units of 2,322,434,518 for 2H FY 2025/26 (FY 2024/25: (i) 2,291,896,639 for 1H FY 2024/25, and (ii) 2,298,932,748 for 2H FY 2024/25). (3) Total does not add up due to rounding.
Parentheses in the original chart delimit a positive share of the total.
Asset value by country
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, as at 30 June 2026 | 2025Group, as at 30 June 2025 | Source |
|---|---|---|---|
| Group asset value by country | |||
| Singapore% | 70.0 | 70.6 | PDF p. 64 |
| Malaysia% | 16.2 | 15.3 | PDF p. 64 |
| Australia% | 12.3 | 12.0 | PDF p. 64 |
| Others (1)% | 1.5 | 2.1 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Notes: (1) Others comprise one property each in Tokyo, Japan and Chengdu, China, as at the reporting date. (2) The computation of DPU for FY 2025/26 was based on number of units entitled to distributions comprising (i) 2,315,705,027 units for 1H FY 2025/26, and (ii) issued and issuable units of 2,322,434,518 for 2H FY 2025/26 (FY 2024/25: (i) 2,291,896,639 for 1H FY 2024/25, and (ii) 2,298,932,748 for 2H FY 2024/25). (3) Total does not add up due to rounding.
Where the money comes from
Segment information
By business
Operating segments - Group: Ngee Ann City Property and Wisma Atria Property (Singapore) 8 lines
| Item / unit | 2026Ngee Ann City Property (Singapore) | 2025Ngee Ann City Property (Singapore) | 2026Wisma Atria Property (Singapore) | 2025Wisma Atria Property (Singapore) | Source |
|---|---|---|---|---|---|
| Revenue and expenses | |||||
| External revenue$’000 | 68,130 | 66,512 | 50,307 | 53,515 | PDF p. 176 |
| Depreciation expense$’000 | – | – | – | – | PDF p. 176 |
| Reportable segment net property income$’000 | 56,122 | 54,355 | 38,238 | 40,973 | PDF p. 176 |
| Other material non-cash items | |||||
| Change in fair value of investment properties$’000 | (2,534) | 12,148 | (3,784) | (6,115) | PDF p. 176 |
| Assets and liabilities | |||||
| Reportable segment assets$’000 | 1,158,287 | 1,160,615 | 754,829 | 786,101 | PDF p. 176 |
| Reportable segment liabilities$’000 | (32,436) | (32,519) | (17,960) | (21,007) | PDF p. 176 |
| Other segmental information | |||||
| Capital expenditure$’000 | 105 | – | 1,291 | 4,647 | PDF p. 176 |
| Non-current assets(1)$’000 | 1,157,500 | 1,160,000 | 754,369 | 785,470 | PDF p. 176 |
Notes
(1) Exclude derivative financial instruments.
Segment table continues on page 177 (Australia, Malaysia, Other, Total).
Operating segments - Group: Australia, Malaysia, Other Properties and Total 8 lines
| Item / unit | 2026Australia Properties (Australia) | 2025Australia Properties (Australia) | 2026Malaysia Properties (Malaysia) | 2025Malaysia Properties (Malaysia) | 2026Other Properties (Japan/China) | 2025Other Properties (Japan/China) | 2026Total | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue and expenses | |||||||||
| External revenue$’000 | 40,301 | 40,101 | 30,939 | 28,752 | 2,817 | 3,217 | 192,494 | 192,097 | PDF p. 177 |
| Depreciation expense$’000 | – | – | – | – | (2) | – | (2) | – | PDF p. 177 |
| Reportable segment net property income$’000 | 24,882 | 25,261 | 30,040 | 27,901 | 1,067 | 1,686 | 150,349 | 150,176 | PDF p. 177 |
| Other material non-cash items | |||||||||
| Change in fair value of investment properties$’000 | (27,500) | 7,436 | (1,765) | 6,132 | (14,301) | (824) | (49,884) | 18,777 | PDF p. 177 |
| Assets and liabilities | |||||||||
| Reportable segment assets$’000 | 340,378 | 333,732 | 442,855 | 421,486 | 42,625 | 58,491 | 2,738,974 | 2,760,425 | PDF p. 177 |
| Reportable segment liabilities$’000 | (6,972) | (5,864) | (3,230) | (3,152) | (3,351) | (2,685) | (63,949) | (65,227) | PDF p. 177 |
| Other segmental information | |||||||||
| Capital expenditure$’000 | 7,909 | 4,615 | 167 | 1,278 | 2 | 19 | 9,474 | 10,559 | PDF p. 177 |
| Non-current assets(1)$’000 | 336,089 | 331,916 | 442,129 | 420,801 | 41,740 | 57,568 | 2,731,827 | 2,755,755 | PDF p. 177 |
Notes
Continuation of the segment table from page 176; row labels are on page 176 and are matched by row order. Unallocated items and totals appear only in the Total columns. Non-current assets footnote (1): Exclude derivative financial instruments.
Segment note: Unallocated items comprise mainly finance income, finance expenses, income taxes and other non-property expenses; unallocated assets/liabilities mainly cash, derivatives, borrowings, income tax payable and deferred tax liabilities.
Debt
Borrowings
Terms and debt repayment schedule – 2026 (Group and Trust)
| Item / unit | 2026Nominal interest rate per annum (%) | 2026Calendar year of maturity | 2026Carrying amount ($’000) | Source |
|---|---|---|---|---|
| 2026 Group (currency RM) | ||||
| Malaysia MTN$’000 | 5.25 | 2029 | 158,925 | PDF p. 166 |
Notes
Group total printed 1,015,000; Trust total printed 795,997 (2026). Trust SGD term loan facilities (425,000) and SGD RCF (75,000) rows also printed, same as Group.
(1) Unsecured sustainability-linked/term facilities incl. $100m term loan (June 2030), $200m term loan and $200m committed RCF (Sept 2030), A$100m term loan (Sept 2031), JPY1.5b term loan (Sept 2027), $25m/$75m (May/Nov 2028), A$63m (June 2028), $25m (Aug 2028); partially hedged via interest rate swaps. (2) $75m sustainability-linked RCF (July 2031) outstanding; $150m RCFs (2029) undrawn. (3) $70m MTN 3.14% (Oct 2026) and $125m MTN 2.23% (Sept 2028), unsecured, proceeds lent to Trust as intercompany loans. (4) JPY500 million Japan bond maturing August 2031 with statutory preferred right. (5) RM500 million fixed 5.25% Senior MTN, expected maturity Sept 2029, legal maturity March 2031, secured by fixed and floating charge over assets of Ara Bintang Berhad.
Borrowing notes 4 tables
Borrowings (Group and Trust)
| Item / unit | 2026Group | 2025Group | 2026Trust | 2025Trust | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Secured borrowings$’000 | 158,925 | 151,150 | – | – | PDF p. 164 |
| Unsecured borrowings$’000 | 786,075 | 808,402 | 725,997 | 755,948 | PDF p. 164 |
| Unamortised loan acquisition expenses$’000 | (3,749) | (4,688) | (3,403) | (4,438) | PDF p. 164 |
| Non-current subtotal$’000 | 941,251 | 954,864 | 722,594 | 751,510 | PDF p. 164 |
| Current | |||||
| Unsecured borrowings$’000 | 70,000 | 64,316 | 70,000 | 60,000 | PDF p. 164 |
| Unamortised loan acquisition expenses$’000 | (3) | (159) | (3) | (152) | PDF p. 164 |
| Current subtotal$’000 | 69,997 | 64,157 | 69,997 | 59,848 | PDF p. 164 |
| Total | |||||
| Total borrowings (net of unamortised loan acquisition expenses)$’000 | 1,011,248 | 1,019,021 | 792,591 | 811,358 | PDF p. 164 |
Notes
The contractual terms of the Group’s and the Trust’s borrowings, which are measured at amortised cost are disclosed below.
Capital Management – Debt Gearing and Other Highlights (as at 30 June 2026)
| Item / unit | 2026Group, as at 30 June 2026 | Source |
|---|---|---|
| Ratios | ||
| Weighted average interest rate per annum(5)% | 3.66 | PDF p. 66 |
| Fixed/hedged debt ratio(3)% | 80 | PDF p. 66 |
Notes
Perpetual securities S$100m classified as equity instruments. Weighted average interest rate as at 30 June 2026 includes interest rate swaps but excludes upfront costs. Debt Maturity Profile bar chart (S$ million, FY26/27 to FY31/32) is printed on this page as a graphic: FY26/27 S$70m MTN, S$25m term loan, A$63m term loan; FY27/28 JPY1.5b term loan, S$75m, S$25m term loans; FY28/29 S$125m MTN, S$100m term loan, RM500m MTN; FY29/30 S$200m term loan; FY30/31 S$75m RCF, A$100m term loan, JPY0.5b bond. Peak maturity FY2029/30 about 26% of total debt and 9% of total assets. Chart values not extractable as rows.
Borrowings by currency exposure – 2026 (Group and Trust)
| Item / unit | 2026A$ | 2026RM | 2026Others | 2026Total | Source |
|---|---|---|---|---|---|
| Group 2026 | |||||
| Borrowings$’000 | (144,743) | (158,850) | (15,782) | (319,375) | PDF p. 180 |
| Trust 2026 | |||||
| Borrowings$’000 | (88,766) | – | (11,951) | (100,717) | PDF p. 180 |
Notes
Singapore dollar equivalent of borrowings denominated in currency other than functional currency, excluding foreign exchange derivatives.
Borrowings by currency exposure – 2025 (Group and Trust)
| Item / unit | 2025A$ | 2025RM | 2025Others | 2025Total | Source |
|---|---|---|---|---|---|
| Group 2025 | |||||
| Borrowings$’000 | (135,421) | (151,057) | (21,958) | (308,436) | PDF p. 180 |
| Trust 2025 | |||||
| Borrowings$’000 | (83,124) | – | (17,649) | (100,773) | PDF p. 180 |
Notes
Singapore dollar equivalent of borrowings denominated in currency other than functional currency, excluding foreign exchange derivatives.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution policy | The Trust’s distribution policy is to distribute at least 90% of its annual taxable income to its unitholders or any other minimum level as allowed under the tax ruling issued by IRAS (as may be updated from time to time), with the actual level of distribution to be determined at the discretion of the Manager, having regard to funding requirements, operations and debt repayments, other capital management considerations, and the overall stability of distributions. | Trust | PDF p. 156 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| FY 25/26 1H | 1.80 cents per unit | 1H FY 2025/26 distribution per unit | PDF p. 64 |
| FY 25/26 2H | 1.88 cents per unit | 2H FY 2025/26 distribution per unit | PDF p. 64 |
| FY 24/25 1H | 1.80 cents per unit | 1H FY 2024/25 distribution per unit (comparative) | PDF p. 64 |
| FY 24/25 2H | 1.85 cents per unit | 2H FY 2024/25 distribution per unit (comparative) | PDF p. 64 |
| Distribution Per Unit (DPU) | 3.68 cents per unit | FY 2025/26 total DPU; comparative FY 2024/25 3.65 cents; change 0.8% | PDF p. 61 |
| Distribution Per Unit (DPU) | 3.65 cents per unit | FY 2024/25 total DPU (comparative) | PDF p. 61 |
| Subsequent events – distribution | The Manager declared a distribution of 1.88 cents per unit in respect of the period from 1 January to 30 June 2026, which is payable on 24 September 2026. | 2H FY 2025/26 distribution | PDF p. 189 |
| Distribution reinvestment plan | Represent 18,091,444 units (2025: 26,648,403 units issued in September 2024 and March 2025) issued in September 2025 and March 2026 as part payment of distribution for 1 January to 30 June 2025 and 1 July to 31 December 2025 (2025: 1 January to 30 June 2024 and 1 July to 31 December 2024) through distribution reinvestment plan. | Group and Trust, FY 2025/26 (comparative 2025) | PDF p. 140 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Income to be Distributed to Unitholders(1) | 85,345 S$'000 | Group, FY 2025/26; comparative FY 2024/25 83,785 | PDF p. 61 |
Extracted from Annual Report FY 2025/26 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Gearing ratio(2) | 35.8% | Group, as at 30 June 2026 (comparative 30 June 2025: 36.0%); based on consolidated deposited property · As at 2026-06-30 | PDF p. 66 |
| Gearing Ratio | 36.0% | Group, as at 30 June 2025 (comparative to 30 June 2026: 35.8%) · As at 2025-06-30 | PDF p. 15 |
| Interest coverage ratio(4) | 3.1x | Group, as at 30 June 2026, trailing 12 months interest expenses · As at 2026-06-30 | PDF p. 66 |
| Weighted average interest rate per annum(5) | 3.66% | Group, as at 30 June 2026 · As at 2026-06-30 | PDF p. 66 |
| Fixed/hedged debt ratio(3) | 80% | Group, as at 30 June 2026 · As at 2026-06-30 | PDF p. 66 |
| Portfolio Occupancy(1) | 97.2% | Portfolio, as at 30 June 2026, committed leases · As at 2026-06-30 | PDF p. 9 |
| Portfolio Committed Occupancy | 94.6% | Portfolio, as at 30 June 2025 (comparative to 97.2% at 30 June 2026) · As at 2025-06-30 | PDF p. 28 |
| Weighted Average Lease Expiry(1)(2) | 7.3Years By GRI | Portfolio, as at 30 June 2026, committed leases · As at 2026-06-30 | PDF p. 9 |
| portfolio WALE | 7.0 years | Portfolio, as at 30 June 2026, committed leases · As at 2026-06-30 | PDF p. 28 |
| portfolio WALE | 6.9 years | Portfolio, as at 30 June 2026, based on date of commencement of leases · As at 2026-06-30 | PDF p. 29 |
| portfolio WALE | 7.2 years | Portfolio, as at 30 June 2026, based on date of commencement of leases · As at 2026-06-30 | PDF p. 29 |
| - Valuation(1) | S$2,731.8 million | Investment properties, as at 30 June 2026 (comparative 30 June 2025: S$2,755.8 million; change (0.9%)) · As at 2026-06-30 | PDF p. 15 |
| Net Asset Value attributable to Unitholders Per Unit | S$0.71 | Group, as at 30 June 2026 (comparative 30 June 2025: S$0.71) · As at 2026-06-30 | PDF p. 15 |
| Distribution Per Unit (DPU)(2) | 3.68 cents | FY 2025/26 (comparative FY 2024/25: 3.65 cents; change 0.8%) | PDF p. 15 |
Extracted from Annual Report FY 2025/26 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group and Trust, FY ended 30 June 2026 | PDF p. 136 |
| Engagement partner | Wong Yan Xiu | Group and Trust, FY ended 30 June 2026 | PDF p. 136 |
| Opinion | present fairly, in all material respects | Group and Trust, FY ended 30 June 2026 | PDF p. 134 |
Extracted from Annual Report FY 2025/26 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report FY 2025/26, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
The original FY2025/26 report supplies a five-year comparison ending 2022–2026. Original historical annual-report backfill remains outstanding.
The auditor identifies Group total return, distribution, cash flow and funds movements, and Group/Trust financial position plus Trust funds movements. Separate Trust total-return/distribution/cash-flow and a separately titled comprehensive-income statement are not disclosed among these audited primary statements.
Original reported chart totals and percentages are retained. Two p64 segment totals differ by S$0.1 million from sums of rounded components, as the source rounding note explains.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.