Suntec Real Estate Investment Trust · SGX:T82U
Suntec Real Estate Investment Trust — Suntec REIT — H1 2025 Earnings Presentation
50 slides from Suntec Real Estate Investment Trust's earnings presentation, Jul 24, 2025
Slide 1: Suntec REIT Financial Results
SUNTEC REIT FINANCIAL RESULTS For the Half Year ended 30 June 2025 24 July 2025
Slide 2: Agenda
03 18 1H 25 Financial Overview Singapore Office Portfolio Performance 04 25 1H 25 Operational Overview Australia Portfolio Performance 05 29 Financial Highlights UK Portfolio Performance 15 32 Capital Management Singapore Retail Portfolio Performance Agenda 39 Suntec Convention Performance 42 Our ES
Slide 3: 1H 25 Financial Overview
1H 25 Financial Overview Distributable Income Distribution Per Unit Capital Management to Unitholders to Unitholders FY 2025 Refinancing $92.8 million 3.155 cents Completed +4.6% y-o-y +3.7% y-o-y Issued $250 million 4.48% perpetual securities 3
Slide 4: 1H 25 Operational Overview
1H 25 Operational Overview Committed Rent Retention Occupancy Reversion Rate Office 99.0%1 vs 99.3% (1H 24) Office +10.0% Office 85% Singapore Retail 98.0%2 Retail +17.2% Retail 69% vs 95.6% (1H 24) 88.6%3 +22.9% +85% Australia vs 89.1% (1H 24) 92.2%4 Not meaningful5 UK vs 95.5% (1H 24) Notes: 1. Ba
Slide 5: Financial Highlights
Suntec City MBFC Properties One Raffles Quay Olderfleet, 477 Collins Street Financial Highlights The Minster Building 177 Pacific Highway 55 Currie Street Nova Properties 21 Harris Street Southgate Complex
Slide 6: Strong Portfolio Performance
Strong Portfolio Performance Gross Revenue (S$ mil) NPI (S$ mil) JV Income1,2 (S$ mil) Gross Revenue & Net Property Income: 7.6M or 3.3% Higher gross revenue driven by one-off compensation received at 177 Pacific Highway (Sydney) and stronger operating performance across Singapore 8.5M or 5.6% Lower
Slide 7: Rise in DI and DPU
Rise in DI and DPU Distributable Income (S$ mil) DPU (SG cents) 4.1M or 4.6% 0.113¢ or 3.7% Strong operating performance from Singapore Portfolio Lower financing cost ($6m) 92.8 Higher AU withholding tax provision due to loss of MIT 88.7 3.042 3.155 status ($4m) 1H 24 1H 25 1H 24 1H 25 7
Slide 8: Distribution Payment
Distribution Payment Distribution Payment Distribution Period 1 April 2025 – 30 June 2025 Amount (cents/unit) 1.5921,2 Ex-date 31 July 2025 Record date 1 August 2025 Payment date 29 August 2025 Notes: 1. 1.563 cents had been paid on 30 May 2025. Total of 3.155 cents for 1H 2025. 2. The Manager conti
Slide 9: Singapore Office Performance Remained Strong
Singapore Office Portfolio Singapore Office Performance Remained Strong Gross Revenue (S$ mil) NPI (S$ mil) JV Income (S$ mil) Gross Revenue & Net Property Income: Stronger operating performance at Suntec City Office due to higher rent on resilient market 0.6M or 0.8% conditions Lower operating expe
Slide 10: Australia Portfolio Remained Stable
Australia Portfolio Australia Portfolio Remained Stable A$ mil S$ mil1 Gross Revenue NPI Gross Revenue NPI Gross Revenue & Net Property Income: Revenue increased due to one-off 5.3M or 11.9% compensation at 177 Pacific Highway 9.0M or 18.0% 4.8M or 14.6% (A$10 mil) from the surrender of 3 floors 7.7
Slide 11: Stable Operating Performance
UK Portfolio Stable Operating Performance £ mil S$ mil1 Gross Revenue NPI Gross Revenue NPI Gross Revenue & Net Property Income: (0.5M or 6.8%) (0.7M or 5.6%) Operating performance stable at The (0.3M or 4.8%) (0.5M or 4.6%) Minster Building One-off compensation from ex-tenant 7.3 6.8 6.3 12.4 11.7
Slide 12: Continued Revenue Growth
Singapore Retail Portfolio Continued Revenue Growth Gross Revenue (S$ mil) NPI (S$ mil) JV Income (S$ mil) Gross Revenue & Net Property Income: 1.6M or 2.3% Higher gross revenue due to higher rent at Suntec City Mall NPI maintained due to higher marketing expenses JV Income: 69.3 70.9 Stable operati
Slide 13: Improvement in NPI Margin
Suntec Convention Improvement in NPI Margin Gross Revenue (S$ mil) NPI (S$ mil) 0.8M or 2.8% Higher revenue from MICE due to more large and mid-scale events and conferences NPI improved due to higher-yielding events and lower utility rates secured 28.2 29.0 2.9M or 64.4% 7.4 4.5 1H 24 1H 25 1H 24 1H
Slide 14: Diversified Portfolio Across Geography and Sector
Diversified Portfolio Across Geography and Sector Singapore Market and Office Properties Are Mainstays Income Contribution by Geography Income Contribution by Sector 3% 12% 24% 18% 70% 73% Singapore Australia UK Office Retail Convention 14
Slide 15: Capital Management
Capital Management Olderfleet, 477 Collins Street, Melbourne
Slide 16: Key Financial Indicators
Key Financial Indicators All-in Financing Cost Expected to Remain Below 4% with Softening of SGD Interest Rates As at 31 Dec 24 As at 30 Jun 25 NAV Per Unit $2.05 $1.99 Total Debt Outstanding $4,227 mil $4,060 mil Aggregate Leverage Ratio1 (“ALR”) 42.4% 41.1% Weighted Average Debt Maturity 2.83 year
Slide 17: Completed All Refinancing Due in 2025
Completed All Refinancing Due in 2025 Debt Maturity Profile Perpetual Securities 1600 (First Reset) 1000 1400 1200 800 1000 1012 600 800 600 1150 400 700 400 200 200 366 357 250 200 150 200 175 100 0 0 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 Oct 2025 Jun 2026 Jun 2030 Bank facility Medium t
Slide 18: Singapore Office Portfolio Performance
Singapore Office Portfolio Performance 18 One Raffles Quay, Singapore
Slide 19: Strong Occupancies with Well-Spread Lease Expiries
Singapore Office Portfolio Strong Occupancies with Well-Spread Lease Expiries Committed Occupancy Lease Expiry Profile As at 30 Jun 25 % of Total NLA2 Comparison Core CBD Occupancy: 95.0%1 99.5% 97.2% 99.0% 99.0% 29.7% 24.1% 26.1% 1.0% 8.8% 4.8% 5.5% Suntec City One Raffles MBFC Towers 1 Singapore 2
Slide 20: Suntec City Office Performance
Suntec City Office Performance Suntec City Office, Singapore
Slide 21: Strong Tenant Retention with Positive Rent Reversion
Suntec City Office Strong Tenant Retention with Positive Rent Reversion Rent Reversion +6.9% for 1H 25 $12.0 100.0% Lease Expiry Profile % of Total NLA Comparison 90.0% $11.5 14.0% 80.0% $11.55 $11.0 8.6% 8.3% 70.0% 5.5% $10.5 60.0% 3Q 24 4Q 24 1Q 25 2Q 25 $10.60 $10.63 $10.55 $10.0 50.0% $10.38 $9.
Slide 22: Performance of One Raffles Quay and Marina Bay Financial Centre
Performance of One Raffles Quay and Marina Business Financial Centre Towers 1 & 2 MBFC Properties, Singapore
Slide 23: Double Digit Rent Reversion with Strong Tenant Retention
One Raffles Quay & MBFC Towers 1 & 2 Double Digit Rent Reversion with Strong Tenant Retention Rent Reversion Work Done1 +13.0% for 1H 25 203,200 sq ft in 1H 25 16.2% 91% 76% 10.1% 10.3% 6.8% 24% 9% 3Q 24 4Q 24 1Q 25 2Q 25 1H 24 1H 25 Renewal Leases New Leases Note: 1. Based on Suntec REIT’s interest
Slide 24: Singapore Office Outlook and Focus
Singapore Office Outlook and Focus Limited new supply and Expect cautious office Singapore’s reputation as a demand amid global stable and attractive headwinds and slower business hub will continue to economic growth support core CBD rent growth1 Portfolio performance Portfolio occupancy expected re
Slide 25: Australia Portfolio Performance
Australia Portfolio Performance 55 Currie Street, Adelaide
Slide 26: Full Occupancy in Sydney Properties & 477 Collins Street, Melbourne
Australia Portfolio Full Occupancy in Sydney Properties & 477 Collins Street, Melbourne Committed Occupancy As at 30 Jun 25 85.0% 84.4% 81.6% 82.9% 100% 100% 100% 87.3% 88.6% 52.4% 177 Pacific Highway 21 Harris Street 477 Collins Street Southgate Complex 55 Currie Street Australia Overall Sydney Mel
Slide 27: Key Focus on Vacancies at 55 Currie and Southgate
Australia Portfolio Key Focus on Vacancies at 55 Currie and Southgate Rent Reversion Lease Expiry Profile % of Total NLA2 Comparison +22.9% for 1H 25 Work Done1 90,500 sq ft in 1H 25 45.1% 11.4% 17.3% 85% 11.5% 5.8% 6.3% 2.6% 47% 53% 2025 2026 2027 2028 2029 2030 & 15% Beyond 1H 24 1H 25 Vacant NLA
Slide 28: Australia Outlook and Focus
Australia Outlook and Focus Market vacancy in Melbourne Incentives in Melbourne and and Adelaide remain elevated Adelaide expected to remain although lower than 1Q20251 in the range of 40% to 45% Portfolio performance Demand mainly driven by expected to remain stable flight to premium grade new supp
Slide 29: UK Portfolio Performance
UK Portfolio Performance 29 Nova Properties, London
Slide 30: Portfolio Occupancy In Line with Market
UK Portfolio Portfolio Occupancy In Line with Market Committed Occupancy Lease Expiry Profile As at 30 Jun 25 % of Total NLA2 Comparison Central 74.4% of lease expiries will be in London Office 2029 and beyond if tenants do Occupancy: not exercise lease breaks 91.1%1 3.8% 100.0% 92.2% 84.9% 57.1% 4.
Slide 31: UK Office Outlook and Focus
UK Office Outlook and Focus Market demand in Central Market volatility and London driven mainly by challenging global outlook take-up in new builds and affecting decision making for large space requirements of office space >40,000 sq ft1 Portfolio occupancy Portfolio operating expected to remain in
Slide 32: Singapore Retail Portfolio Performance
Singapore Retail Portfolio Performance Suntec City, Singapore
Slide 33: Portfolio Committed Occupancy Remained Stable
Singapore Retail Portfolio Portfolio Committed Occupancy Remained Stable Committed Occupancy Lease Expiry Profile As at 30 Jun 25 % of Total NLA2 Comparison Central Area Outside Orchard occupancy: 92.5%1 98.0% 97.8% 98.0% 31.8% 20.8% 18.5% 14.1% 2.0% 8.6% 4.2% Suntec City Mall Marina Bay Link Mall O
Slide 34: Suntec City Mall Performance
Suntec City Mall Performance Suntec City Mall, Singapore
Slide 35: High Rent Reversion in Cautious Market Due to Space Optimization
Suntec City Mall High Rent Reversion in Cautious Market Due to Space Optimization Rent Reversion Work Done1 +18.0% for 1H 25 144,200 sq ft in 1H 25 31.9% 77% 70% 21.2% 21.6% 10.4% 30% 23% 3Q 24 4Q 24 1Q 25 2Q 25 1H 24 1H 25 Renewal Leases New Leases Note: 1. Reflects net lettable area of new leases
Slide 36: Curating Tenant Mix to Elevate Shopper Experience
Suntec City Mall Curating Tenant Mix to Elevate Shopper Experience Toy-C OH!SOME Superpark New-to-market specialty toy store New-to-market lifestyle brand Revamped with 13 new activities Note: 1. Images do not reflect all the leases which commenced operations in 1H 25. 36
Slide 37: Slight Drop in Shopper Traffic and Tenant Sales
Suntec City Mall Slight Drop in Shopper Traffic and Tenant Sales Driven by Fashion, Bars and Restaurants Traffic YoY Variance Tenant Sales psf ($) YoY Variance 140,000 2019 Avg Daily 60.0 -1% -3% -2% 0% 0% +2% -4% -1% -2% Traffic +2% -2% 120,000 -3% 50.0 2019 Avg Tenant 100,000 Sales psf Tenant Sale
Slide 38: Singapore Retail Outlook and Focus
Singapore Retail Outlook and Focus Committed occupancy Retail sales remain under expected to remain >95%, pressure due to cautious supported by rebound in consumer spending amid tourist arrivals and recovery weakened economic outlook1 of MICE events2 Stable performance expected FY25 rent reversion e
Slide 39: Suntec Convention Performance
Suntec Convention Performance Suntec Singapore
Slide 40: 9 New-to-SG / New-to-Suntec MICE Events in 2Q 25
Suntec Convention 9 New-to-SG / New-to-Suntec MICE Events in 2Q 25 Smart Home Tech Show LESI Annual Conference Aquatic Garden & Pet Asia Show 17 – 20 Apr 27 – 29 Apr 6 – 8 Jun (Recurring event) (New to Singapore) (New to Suntec) Consumer Electronics Exhibition APAC Conference on Combustion Echelon S
Slide 41: Suntec Convention Outlook and Focus
Suntec Convention Outlook and Focus Singapore perceived as an expensive destination1 for STB continues to draw new organisers and participants events to Singapore with amid global uncertainty support for MICE organisers1 resulted in relocation of events to lower-cost cities Continual focus on drivin
Slide 42: Our ESG Commitment
Our ESG Commitment 177 Pacific Highway, Sydney
Slide 43: Continual Commitment to ESG
Continual Commitment to ESG Achievements All Properties 100% RENEWABLE ENGERY CARBON NEUTRAL GREEN BUILDING CERTIFIED 21 Harris Street, 477 Collins 21 Harris Street 6 Properties achieved Highest Street, Nova Properties and 177 Pacific Highway Certifications - The Minster Building 55 Currie Street Pl
Slide 44: Roadmap Towards Net-Zero Carbon Emission Target by 2050
Roadmap Towards Net-Zero Carbon Emission Target1 by 2050 All properties are Net-Zero carbon Green Certified emissions1 for all properties 4 properties on 100% 100% Renewable Energy: Renewable Energy: Complete electrification 21 Harris, 477 Collins, Southgate Complex of equipment Nova & Minster All S
Slide 45: Thank you
Thank you For enquiries, please contact: Melissa Chow Eugenia Ong Manager, Investor Relations Associate Director, Portfolio Management Melissa.chow@esr.com Eugenia.ong@esr.com Southgate Complex, Melbourne
Slide 46: Disclaimer
Disclaimer This presentation is focused on the comparison of the financial results for the half year ended 30 June 2025 and the half year ended 30 June 2024. The information included in this release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to p
Slide 47: About Suntec REIT
About Suntec REIT 21 Harris Street, Sydney
Slide 48: About Suntec REIT
About Suntec REIT Singapore’s First Composite REIT Market Capitalisation $3.3 Billion1 London Asset Under Management $12.2 Billion2 Listed on 9 Dec 2004 on the SGX-ST High quality office properties, complemented Singapore by retail and convention components 10 properties – 3 in Singapore, 2 in Sydne
Slide 49: Portfolio Snapshot
Portfolio Snapshot Singapore and UK Properties Suntec City One Raffles MBFC The Minster Nova Properties Suntec City – Suntec Convention Quay Properties Building Office & Retail Description Integrated commercial World-class convention Two premium Two premium Two Grade A Grade A Office development com
Slide 50: Portfolio Snapshot
Portfolio Snapshot Australia Properties 177 Southgate Olderfleet 477 55 Currie Street 21 Harris Street Pacific Highway Complex Collins Street Description 31-storey Grade A office Integrated development Premium Grade, 40- Twelve-storey, Grade A Nine-storey, Grade A building comprising two A-Grade lev