Kore Us REIT · SGX:CMOU
Kore Us REIT — Keppel Pacific Oak US REIT — Q1 2020 Earnings Presentation
10 slides from Kore Us REIT's earnings presentation, Apr 20, 2020
Slide 1: 1Q 2020 Operational Updates
1Q 2020 Operational Updates 20 April 2020
Slide 2: 1Q 2020: Key Operational Performance
1Q 2020: Key Operational Performance Financial Performance • Continued year-on-year improvement largely due to: • contributions from One Twenty Five, which was acquired in November 2019; and • positive rental reversions from leasing done in 2019 • Final 267A tax regulation issued and reversion to or
Slide 3: 1Q 2020: Key Operational Performance (cont'd)
1Q 2020: Key Operational Performance (cont’d) Leasing Updates • All buildings remain open to tenants operating during COVID-19 • Continue to monitor situation actively and have implemented protocols that prioritises the safety of our employees and the communities • Leased 104,000 sf of space in 1Q 2
Slide 4: First Choice Submarkets in Key Growth Markets
First Choice Submarkets in Key Growth Markets SEATTLE, Washington (39.5%) ATLANTA, Georgia (5.7%) Overview 13 freehold office buildings The Plaza Buildings Bellevue Technology The Westpark Occupancy: 97.3% Powers Ferry Northridge Center and business campuses Center Portfolio Occupancy: 93.5% I & II
Slide 5: Resilient Portfolio
Resilient Portfolio • Highly diversified portfolio with low tenant concentration risk • Top 10 tenants contribute only 19.5% of CRI, with the largest tenant only contributing 3.5% of CRI • KORE’s buildings and business campuses in the tech hubs of Seattle, Austin and Denver contribute ~55% of CRI To
Slide 6: Last 12 Months Rent Growth
Last 12 Months Rent Growth 7.5% Key Growth Markets Gateway Cities 7.1% 6.9% 6.7% 5.0% 5.1% 3.8% 3.6% 3.6% 4.1% 3.4% 3.3% 2.5% 2.4% 2.2% 2.4% 1.4% 1.2% 0.1% -2.3% Last 12M Rental Growth Key Growth Markets Average United States and Gateway Cities Average Source: CoStar Office Report, 1 April 2020. 6
Slide 7: Projected 12-Month Rent Outlook
Projected 12-Month Rent Outlook 3.1% Key Growth Markets Gateway Cities 2.3% 2.2% 2.0% 0.8% 0.5% 0.6% 0.0% 0.2% 0.4% -0.6% -0.7% -0.7% -0.6% -0.5% -0.6% -1.6% -1.8% -2.6% -4.0% -5.1% Projected Rental Growth Key Growth Markets Average Gateway Cities Average United States Average Source: CoStar Office
Slide 8: Prudent Capital Management
Prudent Capital Management Limited interest rate exposure with term loans significantly hedged As at 31 March 2020 Debt Maturity Profile • US$480.4 million of external loans 100% of Loans Unsecured Total Debt • 100% unsecured Early refinanced ~21% of expiring loans in 2021 US$30m 30.1% 23.9% 25.0% ▪
Slide 9: Committed to Deliver Long Term
Strategically-located assets in key growth markets with positive economic and office fundamentals Highly diversified portfolio with quality tenants from high growth and defensive sectors Continued focus Low tenant concentration and strong tenant mix that supports on operational excellence Committed
Slide 10: Thank You
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, uncertainties and
Keppel Pacific Oak US REIT — Q1 2020 Earnings Presentation on 6ix