Keppel Ltd. · SGX:BN4
Keppel — Keppel REIT — Shareholder Meeting (April 2024)
18 slides from Keppel's shareholder meeting presentation, Apr 19, 2024
Slide 1: Annual General Meeting
Annual General Meeting 19 April 2024
Slide 2: Outline
Outline Constituent of: ▪ FY 2023 Key Highlights 3 ▪ Financial Results 4 FTSE ST Large & FTSE4GOOD Mid Cap Index Developed & ▪ Portfolio Review 7 FTSE4GOOD ASEAN 5 Index FTSE EPRA Nareit Global Developed Index IMPORTANT NOTICE: The past performance of Keppel REIT is not necessarily indicative of its
Slide 3: FY 2023 Key Highlights
FY 2023 Key Highlights Strong Operating Performance and Robust Balance Sheet Higher Net Property Income Healthy Aggregate Leverage Distribution to Unitholders $182.4m 38.9% $218.7m 3.7% higher than FY 2022 As at 31 Dec 2023 High Portfolio Occupancy All-in interest rate FY 2023 DPU 97.1% 2.89% p.a. 5
Slide 4: Financial Results
Financial Results Keppel Bay Tower, Singapore 4
Slide 5: Keppel REIT Achieves FY2023 Distribution to Unitholders of $218.7m on Higher NPI
Keppel REIT Achieves FY2023 Distribution to Unitholders of $218.7m on Higher NPI ▪ NPI for FY 2023 was 3.7% higher due mainly to higher rentals and occupancy for the Singapore properties. ▪ FY 2023 Distribution to Unitholders was 1.0% lower year-on-year at $218.7m, due mainly to increased borrowing
Slide 6: Healthy Debt Profile
As at 31 Dec 2023 Healthy Debt Profile Interest Coverage Ratio(2) 3.4x Adjusted Interest Coverage Ratio(3) 3.0x ▪ Aggregate leverage at 38.9% with 75% of borrowings on fixed rates All-in Interest Rate 2.89% p.a. Aggregate Leverage 38.9% ▪ AUD, KRW and JPY denominated loans formed ~15%, Weighted Aver
Slide 7: Portfolio Review
Portfolio Review Ocean Financial Centre, Singapore 7 Photo Credit: Central Narcotics Bureau
Slide 8: Diversified Portfolio of Prime Commercial Assets in Asia Pacific
Diversified Portfolio of Prime Commercial Assets in Asia Pacific $9.2b portfolio of prime quality assets anchored across different markets enhance income stability and long-term growth opportunities T Tower, Seoul KR Ginza II, Tokyo 99.4% Interest South Korea Japan 98.5% Interest Occupancy: 95.8% 3.
Slide 9: Prime Office Space Continues to Attract Quality Tenants
Prime Office Space Continues to Attract Quality Tenants ▪ Singapore portfolio committed occupancy remains high at 99.0% As at 31 Dec 2023: ▪ Ocean Financial Centre, 8 Chifley Square and KR Ginza II achieved 100% committed occupancy as at 31 Dec 2023 97.1% ▪ Strong portfolio rental reversion of 9.9%
Slide 10: 2 Blue Street Achieved Practical Completion on 3 April 2023
2 Blue Street Achieved Practical Completion on 3 April 2023 Blue & William is designed to achieve the 5 Star Green Star Design and As Built Rating by the Green Panoramic view of the iconic Sydney Harbour Bridge from Building Council of Australia, as well as the 5.5 Stars NABERS Base Building Energy
Slide 11: Well-spread Lease Expiry Profile
Well-spread Lease Expiry Profile ▪ Average signing rent for Singapore office leases(1) concluded in FY 2023 was $12.41 psf pm, supported by healthy demand from diverse sectors for prime office space ▪ Average expiring rents of Singapore office leases(2) (psf pm): $11.19 in 2024, $11.13 in 2025 and $
Slide 12: Established and Diversified Tenant Base
Established and Diversified Tenant Base ▪ Keppel REIT has a diversified tenant base of 459(1) ▪ Top 10 tenants take up 38.0% of NLA and contribute tenants, many of which are established blue-chip 32.7% of gross rent corporations Top 10 Tenants Tenant Business Sector % Banking, insurance and financia
Slide 13: Asset Enhancement Initiatives at One Raffles Quay: Elevate Arrival Experience
Asset Enhancement Initiatives at One Raffles Quay: Elevate Arrival Experience and Promote Collaboration and Networking Before After • Garden plaza, North Elevate arrival and South Tower experience at garden lobbies will be plaza enhanced to elevate arrival experience • New seating areas at North and
Slide 14: Asset Enhancement Initiatives at One Raffles Quay: Expand Food & Beverage Offerings
Asset Enhancement Initiatives at One Raffles Quay: Expand Food & Beverage Offerings Before After • Food & beverage New F&B offerings at offerings will be North Tower expanded to enrich the building’s amenities and provide more dining options • Asset enhancement initiatives to commence in 1Q 2024 and
Slide 15: Completion of Refurbishment at Pinnacle Office Park Lobby
Completion of Refurbishment at Pinnacle Office Park Lobby • Refurbishment at Pinnacle Office Park (Building B) lobby was completed in Jan 2024 • Refreshed ground floor lobby, café area and lift lobby to elevate arrival and tenant experience • A convertible clubhouse lounge and meeting rooms were add
Slide 16: Keppel REIT to Acquire 50% Interest in 255 George Street
Keppel REIT to Acquire 50% Interest in 255 George Street Grade A Property Attractive Pricing Core Sydney CBD with Prime Stable Cash Flows and Accretive Location Specifications Acquisition • Strategically located in • Large column free c.1,400 • High committed • Purchase consideration of the highly s
Slide 17: Advancing ESG Agenda
Advancing ESG Agenda Environmental Responsible People and Stewardship Business Community All Singapore assets have 16.9% reduction in Scope 1 and 100% of Keppel REIT’s achieved the WELL Health- 2 emissions1 properties are certified2 Safety rating Achieved an average of 8.2% reduction in energy usage
Slide 18: Thank you
Thank you One Raffles Quay, Singapore 18