Keppel Ltd. · SGX:BN4
Keppel — Keppel Corp Ltd Ord — 1H 2025 Earnings Presentation
26 slides from Keppel's earnings presentation, Feb 5, 2025
Slide 1: First Half 2025 Financial Results
First Half 2025 Financial Results 29 July 2025
Slide 2: 1H 2025 Key Highlights
1H 2025 Key Highlights Leasing momentum Rental Reversion Income Available For Distribution 281,230 sf 0.5% 16.2% Y-o-Y leases signed in 1H 2025 Positive rental reversion for 1H 2025. 2Q 2025 Income available for distribution of This was equivalent to 5.9% of the portfolio rental reversion was +3.3%.
Slide 3: Financial Highlights
Financial Highlights 1H 2025 1H 2024 % (US$’000) (US$’000) Change Income Available for Distribution for Gross Revenue 74,556 74,372 0.2 1H 2025 was 16.2% lower year-on- year to US$19.9m mainly due to: Net Property Income (NPI) 40,656 42,015 (3.2) • Lower adjusted NPI mostly a result of lower cash re
Slide 4: Balance Sheet
Balance Sheet As at 30 Jun 2025 As at 31 Dec 2024 % US$’000 US$’000 change Total Assets 1,403,160 1,387,973 1.1 Investment 1,344,545 1,326,410 1.4 Properties Cash and 46,314 44,193 4.8 Cash Equivalents Other Assets 12,301 17,370 (29.2) Total Liabilities 675,112 671,663 0.5 Gross Borrowings 612,720 6
Slide 5: Debt Overview
Debt Overview Debt-Related Financials for Keppel Pacific Oak US REIT as at 30 June 2025 Debt Maturity Profile as at 30 June 2025 Key Financials Aggregate Leverage(4) 43.7% 100% of Loans Unsecured 180.5m 180.0m Average Cost of Debt 4.32% p.a. 163.2m (Excludes amortisation of upfront debt costs) All-i
Slide 6: Quality Portfolio In Key Growth Markets
Quality Portfolio 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 #24 Seattle ❖ The Westpark Portfolio Austin, Texas ❖ Westech 360 #15 ❖ Grea
Slide 7: Portfolio Occupancy Rates In 1H 2025
Portfolio Occupancy Rates In 1H 2025 Properties 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Performance The Plaza Buildings 88.5% 80.5% 83.3% 85.0% 85.0% Bellevue Technology Center 90.3% 87.3% 95.6% 96.1% 94.0% The Westpark Portfolio 97.3% 93.7% 92.9% 94.6% 94.1% Great Hills Plaza 95.3% 95.3% 92.1% 92.1
Slide 8: KORE's Historical Occupancy Against The US Average and Gateway Cities
KORE’s Historical Occupancy Against The US Average and Gateway Cities 100% 95% 90% 88.2% 85.8% 85% 83.0% 80% 75% 2019 2020 2021 2022 2023 2024 2025 KORE US Average Gateway Cities Source: CoStar’s Quarterly Office Report for the respective years. 8
Slide 9: Healthy Leasing Performance
Healthy Leasing Performance Executed leases (by NLA) 22.8% 281,230 sf 19.6% Leased spaces for 1H 2025, equivalent to 5.9% 17.8% of portfolio NLA. 2Q 2025 leased a total of 14.3% 14.7% 13.7% 155,034 sf of space, equivalent to 3.2% of portfolio NLA. Portfolio WALE of 3.7 years(2) by CRI. 7.8% 5.9% 35.
Slide 10: Diversified Tenant Composition Across Regions and Industries
Diversified Tenant Composition Across Regions and Industries KORE’s buildings and business campuses in ~51% of KORE’s portfolio NLA comprises the tech hubs of Bellevue/Redmond, Austin and high-quality tenants from the growing and defensive Denver contribute ~66% of NPI(1) sectors of TAMI, medical an
Slide 11: Low Tenant Concentration Risk
Low Tenant Concentration Risk Top 10 Tenants Sector Asset Location % of % of CRI NLA BAE Systems TAMI Westmoor Center / Westpark Denver 4.0 4.7 Comdata Inc TAMI Bridge Crossing Nashville 4.0 3.9 KORE has over Spectrum TAMI Maitland Promenade I & II Orlando 3.5 2.4 390 distinct tenants Bellevue with
Slide 12: 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 15.0 18.3 528 (169) 1,485(1)* (1.
Slide 13: Market Outlook
Market Outlook Neighborhood Dallas, Texas
Slide 14: US Office Rental Market Outlook
US Office Rental Market Outlook US Office Rental Property Clock Peaking Miami KORE’s Markets in the KORE Current Rental Market Falling Rising Non- Peaking KORE Falling Phase Washington, DC Phase Bottoming Minneapolis, Philadelphia Los Angeles Aside from New York, Sun Belt and Bottoming Chicago, Denv
Slide 15: Broad-based Market Recovery with Firm Demand and Higher Rents
Broad-based Market Recovery with Firm Demand and Higher Rents • Uncertainty due to trade policy shifts from the Trump administration have stalled forecasts for global economic growth and monetary easing, but office-using industries have been resilient to date(1). Fortune 100 Office Attendance Polici
Slide 16: U.S. Economic Updates
U.S. Economic Updates % U.S. Unemployment Rate (1) % U.S. Labour Force Participation Rate (2) U.S. Unemployment Rate & Labour Force 1 Participation Rate remained stable despite 20.0 65.0 GDP dropping in Q1(1). 15.0 64.0 62.4% 63.0 10.0 62.0 The effects of tariffs announced by the U.S. 2 4.1% 61.0 ha
Slide 17: Gateway Cities Losing Attractiveness as Business Hubs due to Political Turmoil
Gateway Cities Losing Attractiveness as Business Hubs due to Political Turmoil • California has lost 54,800 jobs in Q1 2025, largely due to deportations ordered by U.S. President Donald Trump(1). • New, stricter laws on immigration have led to multiple riots in Los Angeles, under the joint name of “
Slide 18: First choice US office S-REIT focused on the fast-growing TAMI, medical and healthcare
First choice US office S-REIT focused on the fast- growing TAMI, medical and healthcare sectors across key growth markets in the U.S. Strategic presence in Exposure to the Highly diversified Resilient operating several of the fastest fast-growing TAMI, portfolio with low metrics with built-in growin
Slide 19: 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 20: Additional Information
Additional Information The Plaza Buildings Seattle – Bellevue, Washington
Slide 21: 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 throu
Slide 22: Last 12 Months Rent Growth
Last 12 Months Rent Growth Key Growth Markets Average 0.3% United States Average 0.6% 0.6% Gateway Cities Average -0.2% US Average Seattle, Bellevue CBD -1.8% Seattle, Eastside Bellevue 0.2% Seattle, Redmond -0.6% Austin, Northwest 0.7% Denver, Northwest Denver, Broomfield 0.8% 1.0% 0.3% Nashville,
Slide 23: Projected 12-Month Rent Outlook
Projected 12-Month Rent Outlook Key Growth Markets Average United States Average 1.0% 1.3% 1.3% Gateway Cities Average 0.9% US Average Seattle, Bellevue CBD 0.7% Seattle, Eastside Bellevue 1.0% Seattle, Redmond 0.8% Austin, Northwest -0.2% Denver, Northwest Denver, Broomfield 0.9% 1.2% 1.0% Nashvill
Slide 24: Sustainability Highlights
Sustainability Highlights Environmental People & Responsible Stewardship Community Business ✓ 18.3% reduction in Scope 1 and Scope ✓ Together with Keppel’s Fund Management & ✓ Dedicated Board ESG Committee 2 emissions from 2019 levels Investment platforms, contributed >1,100 community hours ✓ Mainta
Slide 25: Trust Structure
Sponsors(2) Trust Structure Keppel KPA Unitholders Keppel Capital International Keppel ✓ No withholding (1) tax in relation to Section Trustee Management Management Agreement 1446(f) Services Fees Keppel Pacific Oak US REIT Trustee Management Trustee Management (Manager) ✓ Tax-efficient structure fo
Slide 26: Strong Sponsors: Keppel and KORE Pacific Advisors
Strong Sponsors: Keppel and KORE Pacific Advisors (2) • A global asset manager and operator with strong expertise in • Established commercial real estate investment manager in sustainability-related solutions spanning the areas of the US infrastructure, real estate and connectivity • Operates in mor