Kore Us Reit · SGX:CMOU
Kore Us Reit — Keppel Pacific Oak US REIT — Q3 2025 Earnings Presentation
28 slides from Kore Us Reit's earnings presentation, Oct 28, 2025
Slide 1: 3Q 2025 Key Business and Operational Updates
3Q 2025 Key Business and Operational Updates 28 October 2025
Slide 2: Key Highlights
Key Highlights Completed refinancing for 2025 and progressing on 2026 refinancing, with a lender commitment(1) secured to early refinance 59% of loans maturing in Aggregate Leverage(3) 2026 43.1% Occupancy remained stable at 88.0%, supported by strong leasing of 168,542 sf (3.5% of NLA) in 3Q 20
Slide 3: Financial Highlights
Financial Highlights 3 Bellevue Technology Centre, Bellevue | Official Opening in March 2024
Slide 4: Financial Overview
Financial Overview 9M 2025 9M 2024 % (US$ ’m) (US$ ’m) Change Gross Revenue 112.1 112.0 0.1 Net Property Income (NPI) 61.3 62.1 (1.3) Adjusted NPI (excludes non-cash straight-line rent, lease incentives and amortisation of 63.2 64.6 (2.2) leasing commissions which have no impact on distribution) Inc
Slide 5: Debt Overview
Debt Overview Debt-Related Metrics for Keppel Pacific Oak US REIT as at 30 September 2025 Debt Maturity Profile as at 30 Sep 2025 Key Metrics Aggregate Leverage(4) 43.1% 100% of Loans Unsecured Average Cost of Debt 4.44% p.a. (1) (Excludes amortisation of upfront debt costs) 194.5m 188.2m 180.0m All
Slide 6: Debt Overview (cont’d)
Debt Overview (cont’d) Early Refinancing & Proactive Capital Management In September 2025, KORE successfully secured extensions for all of its loans due in 2025 As part of KORE’s proactive capital management, KORE has engaged with lenders to explore early refinancing options and has secured a co
Slide 7: Portfolio Highlights
Portfolio Highlights 7 The Greenhouse, The Plaza Buildings, Bellevue| Completed AEI in March 2025
Slide 8: Sustained Positive Leasing Momentum
Sustained Positive Leasing Momentum Executed Leases (% of NLA) 449,772 sf / 168,542 sf 88.0% 9.4% of NLA 3.5% of NLA 9M 2025 3Q 2025 Committed Portfolio Leasing Momentum Occupancy 19.6% 14.3% 13.7% 14.7% 9.4% 2.6% +9.6% / +36.0% 9M 2025 3Q 2025 2021 2022 2023 2024 9M25 Built-in portfolio average ren
Slide 9: Occupancy Stability Supported by Asset Quality
Occupancy Stability Supported by Asset Quality Notable 3Q 2025 Leasing Activities Properties 4Q 1Q 2Q 3Q Change 2024 2025 2025 2025 (ppt) The Plaza Buildings: new leases totalled ~18k sf Westmoor Center: technology company vacated ~48k sf of The Plaza Buildings (Bellevue) 83.3% 85.0% 85.0% 88.3%
Slide 10: KORE’s Occupancy Continues to Outperform US Average and Gateway Cities
KORE’s Occupancy Continues to Outperform US Average and Gateway Cities 100.0% 95.0% 90.0% 88.0% 85.9% 85.0% 83.1% 80.0% 75.0% 2019 2020 2021 2022 2023 2024 2025 KORE US Average Gateway Cities Source: CoStar’s Quarterly Office Report for the respective years 10
Slide 11: Completed Asset Enhancements Support Active Leasing
Completed Asset Enhancements Support Active Leasing Greenhouse @The Improved tenant The Hub @Bellevue Plaza features a six amenity with the Technology Centre, a varied spec suites launch of Dote To-Go freestanding amenity around a central on- at The Westpark building in the floor amenity core Portfo
Slide 12: Over 390 Tenants Across Diversified Regions and Industries
Over 390 Tenants Across Diversified Regions and Industries ~51% of NLA are occupied by high-quality tenants from the growing KORE’s buildings and business campuses in the tech hubs of and defensive sectors of technology, advertising, media and Bellevue/Redmond, Austin and Denver contribute ~66% of N
Slide 13: Established Top 10 Tenants with Low Concentration Risk
Established Top 10 Tenants with Low Concentration Risk Top 10 tenants account for only 29.1% of CRI; majority are established TAMI companies located in fast-growing technology hubs Top 10 Tenants* Sector Asset Location % of CRI % of NLA Comdata Inc TAMI Bridge Crossing Nashville 4.0 3.9 BAE System
Slide 14: Market Outlook & Strategy
Market Outlook & Strategy 14 1150 Iron Point, Sacramento| Completed AEI in November 2024
Slide 15: Structural Tailwinds in the US Office Sector
Structural Tailwinds in the US Office Sector Return to Office Push Materialises Average weekly requirement: 4.0 days Majority of Fortune 100 office employees are now required to work in-office 4–5 days a week; 97% have some Fully Remote Team Dependent/Other 2% form of hybrid schedule(1) 1% Requi
Slide 16: Positive Trends in US Office Real Estate
Positive Trends in US Office Real Estate Net absorption Supply-demand dynamic improving Historical absorption and vacancy Overall vacancy (‘000,000 s.f.) (%) - Shrinking office inventory: market will see just 6mil sq ft of office 30 25 space delivered next year, 90% below the four-year annual aver
Slide 17: Limited Supply in KORE’s First Choice Submarkets
Limited Supply in KORE’s First Choice Submarkets Property Submarket Last 12M Last 12M Under Last 12M Projected Submarket Vacancy Rate Vacancy Rate Deliveries Absorption Construction Rental Growth Rental Growth Property (%) (%) (sf’000) (sf’000) (sf’000) (%) (%) Seattle, Bellevue CBD 11.7 21.4 - (783
Slide 18: US Office Market Outlook – Rental Property Clock
US Office Market Outlook – Rental Property Clock Markets in the Sun Belt, most notably Texas, Florida, North Carolina, Nashville and Atlanta, lead office occupancy stabilisation, driven by corporate relocations and positive YTD net absorption KORE’s markets are predominantly in the Bottoming and
Slide 19: Near-term Key Focus Areas
Near-term Key Focus Areas Strengthen Balance Sheet - Active negotiations with new and existing lenders to complete early refinancing of 2026 maturing loans Drive occupancy - Focus on lease execution to backfill known vacates with a view to maintain occupancy rate at >85% - Potential spec suite c
Slide 20: Summary of KORE’s Highlights
Summary of KORE’s Highlights STRATEGIC MARKET FOCUS Concentrated in key U.S. growth markets with strong macro fundamentals and positive office dynamics Portfolio in attractive locations combining liveability, skilled talent, and affordability—benefitting from labour migration and corporate reloc
Slide 21: Thank You / Important Notice
Important Notice Thank You The past performance of Keppel Pacific Oak US REIT is not necessarily indicative of its future performance. Certain statements made in this release may not be based on historical information or facts and may be “forward-looking” statements due to a number of risks, uncerta
Slide 22: Additional Information
Additional Information 22 1800 West Loop South, Houston | Completed AEI in 2023
Slide 23: Important: Submission Of Relevant Tax Forms
Important: Submission Of Relevant Tax Forms It is important for Unitholders to continue to comply with the relevant documentation requirements or they will be subject to U.S. withholding tax under the IRC, including under FATCA While distributions to Unitholders are expected to be suspended throug
Slide 24: US Economic Updates
US Economic Updates % US Unemployment Rate US Labour Force Participation Rate % GDP growth strong but outlook cautious: Q2 GDP rebounded 3.8%, but forecasts trimmed to 64 ~1.5–1.6% for 2025 62.3% 5 4.3% 62 Tariffs continue to add inflationary pressure 60 and trade uncertainty with higher import
Slide 25: Keppel Pacific Oak US REIT
Keppel Pacific SEATTLE – BELLEVUE/REDMOND, Washington NASHVILLE, Tennessee Oak US REIT The Plaza Bellevue The Westpark Bridge Crossing First choice US office S-REIT with a Buildings Technology Center Portfolio focus on the fast-growing technology, advertising, media and ORLANDO, Florida information
Slide 26: Strong Sponsors: Keppel and KORE Pacific Advisors
Strong Sponsors: Keppel and KORE Pacific Advisors A global asset manager and operator with strong expertise Established commercial real estate investment manager in in sustainability-related solutions spanning the areas of the US2 infrastructure, real estate and connectivity • Across 18 US marke
Slide 27: Sustainability Highlights
Sustainability Highlights ENVIRONMENTAL PEOPLE & COMMUNITY RESPONSIBLE BUSINESS STEWARDSHIP 18.3% reduction in Scope 1 and Scope 2 Together with Keppel’s Fund Dedicated Board ESG Committee emissions from 2019 levels Management & Investment platforms, contributed >1,100 community hours Mainta
Slide 28: Trust Structure
Trust Structure Sponsors(2) No withholding tax in relation to Section 1446(f)1 Unitholders Tax-efficient structure for holding US properties Keppel KPA Keppel Capital International - No US corporate tax (21%) and US withholding Keppel tax (30%) Management Trustee Agreement - No Singapore corpora
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