Suntec Real Estate Investment Trust · SGX:T82U
Suntec Real Estate Investment Trust — Suntec REIT — 3Q 2025 Earnings Presentation
50 slides from Suntec Real Estate Investment Trust's earnings presentation, Oct 23, 2025
Slide 1: Suntec REIT Business Updates
SUNTEC REIT BUSINESS UPDATES For the Quarter ended 30 September 2025 23 October 2025
Slide 2: Agenda
03 18 3Q 25 Financial Overview Singapore Office Portfolio Performance 04 25 3Q 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: 3Q 25 Financial Overview
3Q 25 Financial Overview Distributable Income Distribution Per Unit MIT Status in Australia to Unitholders to Unitholders MIT Status Maintained for FY 25 $52.4 million 1.778 cents Withholding tax rate to remain at +13.4% y-o-y +12.5% y-o-y 10%1 and 15%2 Notes: 1. For 177 Pacific Highway, 21 Harris S
Slide 4: 3Q 25 Operational Overview
3Q 25 Operational Overview Committed Rent Retention Occupancy Reversion Rate Office 98.5%1 vs 99.1% (3Q 24) Office +8.5% Office 74% Singapore Retail 99.3%2 Retail +8.6% Retail 61% vs 98.3% (3Q 24) 87.3%3 +11.9% 46% Australia vs 90.6% (3Q 24) 92.5%4 Minimal leases renewed/replaced for the quarter UK
Slide 5: Financial Highlights
Suntec City MBFC Properties One Raffles Quay Olderfleet, 477 Collins Street Financial Highlights The Minster Building 177 Pacific Highway 55 Currie Street Nova Properties 21 Harris Street Southgate Complex
Slide 6: Stable Portfolio Performance
Stable Portfolio Performance Gross Revenue (S$ mil) NPI (S$ mil) JV Income1,2 (S$ mil) Gross Revenue & Net Property Income: (0.2M or 0.2%) Stronger operating performance across Singapore Loss of revenue from the surrender of 3 floors at 177 Pacific Highway (Sydney) which have been backfilled (1.3M o
Slide 7: Improvement in DI and DPU Supported by Lower Financing Cost and Reversal of Withholding Tax Provision
Improvement in DI and DPU Supported by Lower Financing Cost and Reversal of Withholding Tax Provision Distributable Income (S$ mil) DPU (SG cents) 6.2M or 13.4% 0.198¢ or 12.5% Stronger operating performance from Singapore Portfolio Lower financing cost ($6m) Reversal of withholding tax provision ($
Slide 8: Distribution Payment
Distribution Payment Distribution Payment Distribution Period 1 July 2025 – 30 September 2025 Amount (cents/unit) 1.7781,2 Ex-date 30 Oct 2025 Record date 31 Oct 2025 Payment date 28 Nov 2025 Notes: 1. Total of 4.933 cents for YTD Sep 2025. 2. The Manager continues to receive 50% of its asset manage
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 0.3M or 0.8% Office arising from higher achieved rents Lower operating expenses 0.5M or 1.
Slide 10: Operating Performance Impacted by Vacancies with Improvement Expected in 2026
Australia Portfolio Operating Performance Impacted by Vacancies with Improvement Expected in 2026 A$ mil S$ mil1 Gross Revenue NPI Gross Revenue NPI Gross Revenue & Net Property Income: (1.1M or 4.3%) (1.9M or 8.5%) Loss of revenue from the surrender of 3 (1.3M or 7.2%) floors at 177 Pacific Highway
Slide 11: Operating Performance Impacted by Vacancies at The Minster Building
UK Portfolio Operating Performance Impacted by Vacancies at The Minster Building £ mil S$ mil1 Gross Revenue NPI Gross Revenue NPI (0.5M or 8.2%) Gross Revenue & Net Property Income: (0.7M or 13.0%) (0.3M or 8.6%) (0.4M or 12.9%) Lower occupancy at The Minster 6.1 5.6 5.4 Building 3.5 3.2 3.1 4.7 2.
Slide 12: Singapore Retail Performance Remained Strong
Singapore Retail Portfolio Singapore Retail Performance Remained Strong Gross Revenue (S$ mil) NPI (S$ mil) JV Income (S$ mil) Gross Revenue & Net Property Income: 0.9M or 2.6% Higher occupancy and rent at Suntec City Mall 0.6M or 2.5% JV Income: 35.2 36.1 Higher occupancy and rent at MBLM 24.3 24.9
Slide 13: Convention Performance Continued to Strengthen
Suntec Convention Convention Performance Continued to Strengthen Gross Revenue (S$ mil) NPI (S$ mil) 1.1M or 6.5% Higher revenue and NPI due to more corporate events and higher rentals from long-term licensees 16.9 18.0 0.2M or 3.7% 5.4 5.6 3Q 24 3Q 25 3Q 24 3Q 25 13
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 11% 5% 14% 24% 71% 75% 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 30 Jun 25 As at 30 Sep 25 NAV Per Unit $1.99 $2.02 Total Debt Outstanding $4,060 mil $4,065 mil Aggregate Leverage Ratio1 (“ALR”) 41.1% 41.0% Weighted Average Debt Maturity 3.23 year
Slide 17: Completed All Refinancing Due in 2025
Completed All Refinancing Due in 2025 Debt Maturity Profile Perpetual Securities (First Reset) 1600 300 1400 250 1200 200 1000 1018 800 150 250 600 1150 700 100 2001 400 150 50 200 366 356 200 175 100 0 0 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 Oct 2025 Jun 2026 Jun 2030 Bank facility Mediu
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 Sep 25 % of Total NLA2 Comparison Core CBD Occupancy: 95.1%1 100.0% 97.2% 96.0% 98.5% 29.9% 27.8% 22.6% 1.5% 9.5% 6.5% 2.2% Suntec City One Raffles MBFC Towers 1 Singapore
Slide 20: Suntec City Office Performance
Suntec City Office Performance Suntec City Office, Singapore
Slide 21: Full Occupancy with Healthy Rent Reversion
Suntec City Office Full Occupancy with Healthy Rent Reversion Rent Reversion +6.8% for YTD 3Q 25 Lease Expiry Profile % of Total NLA Comparison 60.0% $12.00 8.6% 8.3% 50.0% $11.00 5.5% 6.7% $11.01 40.0% $10.60 $10.66 $10.00 $10.38 4Q 24 1Q 25 2Q 25 3Q 25 30.0% $9.68 $9.00 Work Done1 20.0% $8.00 55,2
Slide 22: Performance of One Raffles Quay and Marina Bay Financial Centre Towers 1 & 2
Performance of One Raffles Quay and Marina Business Financial Centre Towers 1 & 2 MBFC Properties, Singapore
Slide 23: Strong Rent Reversion and Tenant Retention
One Raffles Quay & MBFC Towers 1 & 2 Strong Rent Reversion and Tenant Retention Rent Reversion Work Done1 +12.7% for YTD 3Q 25 35,700 sq ft in 3Q 25 81% 16.2% 59% 10.1% 10.3% 11.1% 41% 19% 4Q 24 1Q 25 2Q 25 3Q 25 3Q 24 3Q 25 Renewal Leases New Leases Note: 1. Based on Suntec REIT’s interests in One
Slide 24: Singapore Office Outlook and Focus
Singapore Office Outlook and Focus Moderate rent growth in Portfolio performance office underpinned by limited remains stable supported by new supply and tight past quarters of robust rent vacancies amid slower reversions and healthy economic growth occupancies Proactive engagement with Subdivision
Slide 25: Australia Portfolio Performance
Australia Portfolio Performance 55 Currie Street, Adelaide
Slide 26: Portfolio Occupancy Outperformed National Market
Australia Portfolio Portfolio Occupancy Outperformed National Market Committed Occupancy As at 30 Sep 25 85.1% 85.1 % 81.2% 79.4% 100% 97.8% 96.7% 86.3% 87.3% 51.6% 177 Pacific Highway 21 Harris Street 477 Collins Street Southgate Complex 55 Currie Street Australia Overall Sydney Melbourne Adelaide
Slide 27: Leasing is Key Priority for 55 Currie and Southgate
Australia Portfolio Leasing is Key Priority for 55 Currie and Southgate Rent Reversion Lease Expiry Profile % of Total NLA2 Comparison +11.9% for YTD 3Q 25 Work Done1 21,000 sq ft in 3Q 25 46.0% 11.8% vacancy from 55 Currie Street and 12.7% 17.4% 97% Southgate 11.2% 5.2% 6.3% Complex 1.2% 46% 54% 20
Slide 28: Australia Outlook and Focus
Australia Outlook and Focus Portfolio performance Incentives in Melbourne and expected to remain stable Adelaide expected to remain supported by healthy in the range of 40% to 45% occupancies of Sydney and Melbourne properties Creation of fitted suites to improve marketability of Subdivision of spac
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 Sep 25 % of Total NLA2 Comparison 79.7% of lease expiries will be in Central 2029 and beyond if tenants do London Office not exercise lease breaks Occupancy: 91.1%1 3.8% 100.0% 92.5% 85.4% 60.2% 4.
Slide 31: UK Office Outlook and Focus
UK Office Outlook and Focus High quality, newly built and Operating performance for refurbished spaces in good Nova Properties expected to locations remain well sought be stable with Minster after impacted by vacancies Enhancement works to Subdivision of large floor improve marketability of plates t
Slide 32: Singapore Retail Portfolio Performance
Singapore Retail Portfolio Performance Suntec City, Singapore
Slide 33: Suntec City Nears Full Occupancy
Singapore Retail Portfolio Suntec City Nears Full Occupancy Committed Occupancy Lease Expiry Profile As at 30 Sep 25 % of Total NLA2 Comparison Central Area Outside Orchard occupancy: 91.5%1 99.3% 98.3% 99.3% 30.7% 20.8% 22.9% 14.1% 0.7% 9.6% 1.2% Suntec City Mall Marina Bay Link Mall Overall SG Ret
Slide 34: Suntec City Mall Performance
Suntec City Mall Performance Suntec City Mall, Singapore
Slide 35: Strong Rent Reversion Maintained Though Moderated from Previous Quarter
Suntec City Mall Strong Rent Reversion Maintained Though Moderated from Previous Quarter Rent Reversion Work Done1 +15.4% for YTD 3Q 25 49,300 sq ft in 3Q 25 31.9% 73% 61% 21.6% 39% 10.4% 27% 8.6% 4Q 24 1Q 25 2Q 25 3Q 25 3Q 24 3Q 25 Renewal Leases New Leases Note: 1. Reflects net lettable area of ne
Slide 36: Space Optimization to Enhance ROI and Broaden Retail Offerings
Suntec City Mall Space Optimization to Enhance ROI and Broaden Retail Offerings Additional 13 units created Achieved ROI > 40% Brought in 12 new-to-Suntec concepts 36
Slide 37: Steady Improvement in Tenant Sales in 3Q 25
Suntec City Mall Steady Improvement in Tenant Sales in 3Q 25 Driven by Improvement in Leisure & Entertainment, Supermarket and F&B Traffic YoY Variance Tenant Sales psf ($) YoY Variance 140,000 2019 Avg Daily 0% 0% +3% -2% -1% 0% Traffic 60.0 +5% 120,000 +4% +7% -2% 2019 Avg 50.0 100,000 Tenant Sale
Slide 38: Singapore Retail Outlook and Focus
Singapore Retail Outlook and Focus Stable performance expected, Committed occupancy supported by high occupancy expected to remain >95% and past quarters of positive rent reversion Drive shopper traffic and Proactive lease management sales through strategic to further improve occupancy partnerships
Slide 39: Suntec Convention Performance
Suntec Convention Performance Suntec Singapore
Slide 40: 11 New-to-SG / New-to-Suntec MICE Events in 3Q 25
Suntec Convention 11 New-to-SG / New-to-Suntec MICE Events in 3Q 25 Ladies First Expo 2025 World Aquatics General Congress World Sleep 2025 4 – 6 Jul 29 Jul 5 – 10 Sep (New to Singapore) (New to Singapore) (New to Singapore) APAC Summit for Aviation Safety AFA Creators Super Fest TableCon 2025 15 –
Slide 41: Suntec Convention Outlook and Focus
Suntec Convention Outlook and Focus STB’s partnership with STB continues to draw new institutes of higher learning events to Singapore and strengthen pipeline of talent provide support for MICE and manpower2 for the MICE organisers1 industry Continual focus on driving higher-yielding events, public
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 GREEN BUILDING CERTIFIED 21 Harris Street, 477 Collins 6 Properties achieved Highest Street, Nova Properties and Certifications - Highest 5 Star rating The Minster Building Platinum or 6-Star Rating (6 consecutive years) ‘
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 business updates for the quarter ended 30 September 2025 and the quarter ended 30 September 2024. The information included in this release does not constitute an offer or invitation to sell or the solicitation of an offer or invitation
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 $3.8 Billion1 London Asset Under Management $12.3 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