Kore Us Reit · SGX:CMOU
Kore Us Reit — Q1 2026 Earnings Presentation
33 slides from Kore Us Reit's earnings presentation, Apr 17, 2026
Slide 1: 1Q 2026 Key Business and Operational Updates
1Q 2026 Key Business and Operational Updates 17 April 2026
Slide 2: 1Q 2026 Overview
1Q 2026 Overview Adjusted NPI(1) Leasing Momentum US$23.4 mil 58,157 sf / 1.2% of NLA +15.9% y-o-y Portfolio Rental Income available Occupancy Reversion for Distribution US$10.0 mil 85.1% +0.8% +4.3% y-o-y Reflects a known vacate at The Westpark Portfolio Aggregate Proactive Leasing Strategy Leverag
Slide 3: Financial Highlights
WESTECH 360 | AUSTIN Financial Highlights
Slide 4: Financial Overview
Financial Overview US$’000 1Q 2026 1Q 2025 % Change Gross Revenue 38,722 36,859 5.1 Net Property Income (NPI) 22,322 19,651 13.6 Adjusted NPI (excludes non-cash straight-line rent, lease incentives and 23,368 20,160 15.9 amortisation of leasing commissions which have no impact on distribution) Other
Slide 5: Debt Overview
Debt Overview Debt-related metrics as at 31 March 2026 Key Metrics Debt Maturity Profile (US$’) Aggregate Leverage (5) 43.7% 100% of Loans Unsecured Average Cost of Debt 4.73% p.a. 217.5m (Excludes amortisation of upfront debt costs) 188.2m(2) All-in Average Cost of Debt 4.89% p.a. 145.0m (Includes
Slide 6: Portfolio Highlights
BELLAIRE PARK | HOUSTON Portfolio Highlights
Slide 7: Steady Leasing Momentum
Steady Leasing Momentum Executed Leases (% of NLA) 58,157 sf 85.1% 1.2% of NLA Committed Portfolio 19.6% Leasing Momentum Occupancy 14.3% 13.7% 14.7% 13.0% 1.2% 2.4% + 0.8% 2021 2022 2023 2024 2025 1Q 2026 Built-in portfolio average rental escalation Portfolio Rental Reversion Lease Expiry Profile (
Slide 8: 1Q 2026 Portfolio Occupancy Performance
1Q 2026 Portfolio Occupancy Performance NLA 2Q 3Q 4Q 1Q Change Property (‘000 sf) 2025 2025 2025 2026 (ppt) The Plaza Buildings 491 85.0% 88.3% 76.7% 79.6% +2.9 Notable 1Q 2026 Leasing Activities Bellevue CBD Bellevue Technology Center The Plaza Buildings: ~8,700 sf of new 338 94.0% 93.8% 94.3% 93
Slide 9: Focused Leasing Strategy to Drive Occupancy
Focused Leasing Strategy to Drive Occupancy A Ongoing asset enhancement initiatives include: Strategic Repositioning of Assets Enhance amenities and common areas as Upgrades to lobby and common corridors at 105 Edgeview well as the conversion of under-utilised space to attract high-quality tenants
Slide 10: Proactive Leasing Strategy
Proactive Leasing Strategy Repositioning of 10800 The Plaza Building Lobby Completed asset enhancement to reposition the lobby, previously occupied by an operating bank branch, into new amenity spaces, additional leasable area and common areas The refreshed lobby features integrated seating alon
Slide 11: KORE's Spec Suites Strategy
KORE’s Spec Suites Strategy Ongoing built-out of Spec Suite Floor, The Post, 10800 The Plaza Building Full floor spec suites at Iron Point and 1800 West Loop are fully leased, while 5 out of 6 spec suites at 10900 The Plaza Building, completed in end-March 2025, have been leased Following the st
Slide 12: Over 390 Tenants in Diversified Regions and Industries
Over 390 Tenants in Diversified Regions and Industries KORE’s buildings and business campuses in the tech hubs of ~50% of NLA are occupied by high-quality tenants from the Bellevue/Redmond, Austin and Denver contribute ~65% of growing and defensive sectors of technology, advertising, media NPI(1) an
Slide 13: Established Top 10 Tenants with Low Concentration Risk
Established Top 10 Tenants with Low Concentration Risk Top 10 Tenants Sector Asset Location % of CRI % of NLA Comdata Inc TAMI Bridge Crossing Nashville 4.0% 3.9% TerraPower TAMI Bellevue Technology Center Bellevue/Redmond 3.8% 2.7% BAE Systems TAMI Westmoor Center/ Westpark Denver 3.8% 4.5% Spectru
Slide 14: Appointment of new US Asset Management Firm
Appointment of new US Asset Management Firm Entered into a new asset management outsourcing agreement with Transwestern Investment Group, L.L.C.(“Transwestern”) Same asset management team that had been supporting KORE will continue providing asset management services Established in 1978, Transwe
Slide 15: Outlook & Strategy
1.0 IRON POINT BELLAIRE | SACRAMENTO PARK | HOUSTON Outlook & Strategy
Slide 16: US Office Trends to Watch
US Office Trends to Watch 1 Turning point for US office(1) Leasing activity has reached post-pandemic highs and 2 High-quality and well amenitised space continues to outpace (1) is projected to pick up further through 2026, supported Workplaces increasingly serve as engagement tools, by lease ex
Slide 17: KORE's Amenitised Portfolio Remains Well Positioned
KORE’s Amenitised Portfolio Remains Well Positioned Active portfolio enhancements to tenant spaces have supported stronger employee engagement, higher building performance, and sustained leasing momentum 85% with tenant lounges 85% with conference rooms 85% with fitness centres 2025 77% fitt
Slide 18: Polarising income-tax systems
Polarising income-tax systems Favourable Tailwinds for KORE’s Low-tax Markets Washington: Introduced its first personal income tax on high earners State income tax rates increasingly polarised(1): In 2006, 15 states had top tax rates below 5% and only one exceeded 10%; today, more than New Yor
Slide 19: Corporate HQs Migration Favours KORE's Key Markets
Corporate HQs Migration Favours KORE’s Key Markets Relocations by Reason HQ relocation activity has rebounded in 2025, as companies reassess long-term operating models, talent Consolidate strategies and real estate needs post-pandemic Operations/Portfolio Optimisation/M&A Technology, manufacturi
Slide 20: Shift Towards Move-in-ready Suites
Shift Towards Move-in-ready Suites Average office lease sizes have moderated, with typical deal sizes now ~15% below pre-2020 levels; overall leasing activity remains robust, reflecting sustained demand for smaller spaces Preference for move-in-ready space expected to persist, as subdued job gro
Slide 21: Value Creation Strategy
Value Creation Strategy Committed to deliver stable distributions to Unitholders A B Asset Enhancements C Portfolio D Value Accretive Portfolio Optimisation Initiatives Reconstitution Investments for Growth Maintain high occupancy Potential spec suite Undertake appropriate Pursue growth rate
Slide 22: Thank You
Thank You For more information, please visit www.koreusreit.com Connect with us on: 10900 THE PLAZA BUILDING | BELLEVUE 22
Slide 23: Important Notice
Important Notice The past performance of KORE 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 assumptions.
Slide 24: Additional Information
1.0 THE WESTPARK IRON PORTFOLIO POINT BELLAIRE | SACRAMENTO PARK ||REDMOMD HOUSTON Additional Information
Slide 25: US Economic Updates
US Economic Updates GDP growth moderating but stable: % US Unemployment Rate US Labour Force Participation Rate % Latest IMF estimates peg 2025 GDP 17 growth at 2.1%; with growth forecasted 15 68 at 2.4%(1) in 2026. 13 66 11 64 9 61.9% Persistent geopolitical tensions and 4.3% 62 7 renewed tarif
Slide 26: Limited Supply in KORE's First Choice Submarkets
Limited Supply in KORE’s First Choice Submarkets 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 20.4 24.2 485 (9
Slide 27: Well-placed in Cities that are Mostly in Rising Phase
Well-placed in Cities that are Mostly in Rising Phase Markets in the Sun Belt, most notably Texas, Florida, North Carolina, Nashville and Atlanta, have reached ~95% of pre-pandemic leasing velocity for two consecutive years, while gateway markets’ leasing remains roughly 25% lower than pre-pandemi
Slide 28: KORE US REIT Overview
KORE US REIT Overview BELLEVUE/REDMOND, Washington NASHVILLE, Tennessee First choice US office S-REIT with a focus on the fast-growing technology, advertising, media and information (TAMI), medical and healthcare sectors across key US growth markets that combine robust economic The Plaza Bellevue Th
Slide 29: Strategically Positioned in Vibrant Lifestyle Markets
Strategically Positioned in Vibrant Lifestyle Markets 18-hour cities with vibrant entertainment, dining, Lower living costs and favourable income Access to top universities enhancing talent pools and outdoor recreation tax environments and innovation Denver Dallas Bellevue/Redmond Offers world-cla
Slide 30: Proven and Consistent Operational Excellence
Proven and Consistent Operational Excellence KORE’s Occupancy Continues to Outperform Steady Operational and Financial Performance Gateway Cities Leasing Volume (sf) 938,655 730,619 651,319 704,191 COVID-19 Pandemic 622,029 367,000 58,157 2020 2021 2022 2023 2024 2025 1Q 2026 Occupancy Rate 92.3% 91
Slide 31: Summary of KORE's Highlights
Summary of KORE’s Highlights STRATEGIC MARKET FOCUS Concentrated in key US growth markets with strong macro fundamentals and vibrant lifestyle offerings Portfolio in attractive locations combining liveability, skilled talent, and affordability— benefitting from labour migration and corporate rel
Slide 32: Portfolio Overview
Portfolio Overview Bellevue The Plaza The Westpark Westmoor Technology Great Hills Plaza Westech 360 105 Edgeview Buildings Portfolio Center Center Bellevue, Bellevue, Redmond, Austin, Austin, Denver, Denver, Location Washington Washington Washington Texas Texas Colorado Colorado Land Tenure Freehol
Slide 33: Portfolio Overview
Portfolio Overview 1800 West Loop Maitland Bridge Crossing Bellaire Park One Twenty Five Iron Point South Promenade I & II Nashville, Houston, Bellaire, Dallas, Orlando, Sacramento, Location Tennessee Texas Texas Texas Florida California Land Tenure Freehold Freehold Freehold Freehold Freehold Freeh