Kore Us REIT · SGX:CMOU
Kore Us REIT — Keppel Pacific Oak US REIT — Shareholder Meeting (April 2023)
23 slides from Kore Us REIT's shareholder meeting presentation, Apr 19, 2023
Slide 1: Annual General Meeting
Annual General Meeting 19 April 2023
Slide 2: Important Notice
Important Notice 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, Content Outline u
Slide 3: FY 2022 Key Highlights
FY 2022 Key Highlights Bridge Crossing Nashville, Tennessee
Slide 4: FY 2022 Key Highlights
FY 2022 Key Highlights Robust Stable Continued Growth Financial Position Income Stream in Operating Income Portfolio Valuation Adjusted Distributable Income (DI) Leases Signed in FY 2022 0.2% YoY 5.1% YoY 13.7% Portfolio NLA Portfolio valuation improved by FY 2022 actual DI of US$60.6 million was 2.
Slide 5: KORE's Presence In Key Growth Markets
KORE’s Presence In Key Growth Markets Popular in-migration destinations due to attractive lifestyle, culture and employment opportunities Seattle, Washington ❖ The Plaza Buildings SEATTLE ❖ Bellevue Technology Center #17 Seattle ❖ The Westpark Portfolio Austin, Texas ❖ Westech 360 #4 ❖ Grea
Slide 6: 2022 Sustainability Achievements
2022 Sustainability Achievements Execute sound fiscal and asset management strategy to drive growth and long-term value for Unitholders ENVIRONMENTAL STEWARDSHIP RESPONSIBLE BUSINESS ✓ Established a dedicated Board ESG ✓ Maintain high standards of ethical Committee business conduct and compliance ✓
Slide 7: 1Q 2023 Key Business and Operational Updates
1Q 2023 Key Business and Operational Updates Tenant lounge, 1800 West Loop South Houston, Texas
Slide 8: Financial Performance
Financial Performance Financial Highlights 1Q 2023 1Q 2022 % Adjusted Distributable Income for (US$ ’m) (US$ ’m) Change 1Q 2023 was down 12.5% year-on-year to US$13.1m due to: Gross Revenue 37.1 37.0 0.2 • Divestments of Northridge Center I & II and Powers Ferry in 2H 2022. • Higher financing cost a
Slide 9: Stable Financial Position
Stable Financial Position Prudent capital management with 100% unsecured loans provide greater financial flexibility, no long-term refinancing obligation till late 2024 As at 31 March 2023 Debt Maturity Profile (as at 31 March 2023) Total Debt • US$580.2 million of external loans • 100% unsecured an
Slide 10: Quality Portfolio Driven By Tech and Innovation
SEATTLE – BELLEVUE/REDMOND, Washington NASHVILLE, Tennessee Quality Portfolio The Plaza Buildings Bellevue Technology Center Occupancy: 95.1% The Westpark Portfolio Bridge Crossing Occupancy: 100% Occupancy: 90.3% Occupancy: 97.2% Driven By ORLANDO, Florida Tech and DENVER, Colorado Innovation Westm
Slide 11: Steady Income with Visible Organic Growth
Steady Income with Visible Organic Growth ~218,897sf New Renewal Expansion Leased spaces for 1Q 2023, equivalent to 4.6% New leasing demand and expansions from: of portfolio NLA. Excluding Spectrum’s major renewal/expansion, the leased spaced is 25.9% TAMI(2) 59.5% ~117,931 sf, equivalent to 2.5% of
Slide 12: Resilient Portfolio with Diversified Tenant Composition
Resilient Portfolio with Diversified Tenant Composition KORE’s buildings and business campuses in ~49% of KORE’s portfolio NLA comprises the tech hubs of Seattle – Bellevue/Redmond, high-quality tenants from the growing and Austin and Denver contribute ~67% of NPI(1) defensive sectors of TAMI, medic
Slide 13: Low Tenant Concentration Risk
As at 31 March 2023 Low Tenant Top 10 Tenants Comdata Inc Sector TAMI Asset Bridge Crossing Location Nashville % of CRI 3.5 Concentration Ball Aerospace TAMI Westmoor Center Denver Seattle – 3.0 Lear Cooperation TAMI The Plaza Buildings 2.8 Bellevue/Redmond Risk Gogo Business Aviation TAMI 105 Edgev
Slide 14: First Choice Submarkets Outlook
First Choice Submarkets Outlook 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 9.7 7.9 - (243) 4,747(1)* 1.1 0.9
Slide 15: Market Outlook
Market Outlook Maitland Promenade Orlando, Florida
Slide 16: U.S. Economic Updates
U.S. Economic Updates (2) % Unemployment Rate (2) % Labour Force Participation Rate 20 66 65 • US real GDP increased by 2.6% 15 64 quarter-on-quarter in 4Q 2022(1). 63 10 62 • Unemployment rate dipped to 3.5% in 5 61 March 2023(2). 60 0 59 • Labour force participation rate increased to 62.6% in Marc
Slide 17: Growth in the U.S. Economy
Growth in the U.S. Economy Real GDP Percent Change at Annual Rate(1), 2022: Q3 – 2022: Q4 Key Growth Markets Average 4.7% 2.6% United States Average 2.6% US Average Gateway Cities Average 1.7% Seattle 3.7% Austin 7.0% 4.7% Denver 2.7% Nashville 4.3% Houston 7.0% Average of Key Dallas 7.0% Growth Mar
Slide 18: Continued Exodus From America's Big Cities
Continued Exodus From America’s Big Cities • Most of the gateway cities continue to face a tough future. 2021-2022 population change among the top 10 largest metro areas(1) • New York continues to lead the country in population loss and outmigration(1). Phoenix Miami ➢ Saw largest annual numeric and
Slide 19: California's Business Exits
California’s Business Exits California lost a total of 352 headquarters in the period January 1, 2018 through December 31, 2021 • Los Angeles and San Francisco counties have experienced the highest number of relocations, to growth markets where KORE is present. California Headquarters Losses From Ja
Slide 20: Relocations Out of California
Relocations Out of California Top 10 states for California relocations (1) Rank State Known Relocations 1 Texas 132 2 Tennessee 31 3 Nevada 25 • High cost of buildings are driving large 4 Florida 24 corporations away from California. 5 Arizona 21 • Housing affordability crisis another reason 6 Color
Slide 21: Large Firms Cutting Back Work-From Home
Large Firms Cutting Back Work-From Home • Amazon and Meta joins corporate giants Disney, General Motors, Walmart, Starbucks and Vanguard Group in asking employees to return to offices more frequently. ❖ Workplace collaboration and culture essential for employee development. ❖ Shift in bargaining pow
Slide 22: First choice US office S-REIT
Strategic presence in some of the fastest growing states in the U.S. First choice Exposure to the fast-growing TAMI, medical and healthcare sectors provides US office S-REIT income resilience. focused on the fast-growing TAMI, medical and Highly diversified portfolio with low tenant concentration ri
Slide 23: Thank You
Thank You For more information, please visit www.koreusreit.com Connect with us on: The Plaza Building Seattle – Bellevue/Redmond
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