Kore Us Reit · SGX:CMOU
Kore Us Reit — Keppel Pacific Oak US REIT — FY2025 Earnings Presentation
36 slides from Kore Us Reit's earnings presentation, Feb 3, 2026
Slide 1: FY2025 Financial Results
FY2025 Financial Results 3 February 2026
Slide 2: FY2025 Performance and Market Highlights
FY2025 Performance and Market Highlights Proactive Capital Management Robust Leasing US Office Market Strengthens(3) Addressed all 2025 Leasing Momentum Annual Annual Net 622,029 sf / 13.0% of NLA Leasing Absorption (5) and 2026 term loan maturities(1) (4Q:172,257 sf / 3.6% NLA ) +5.2% y-o-y +6.4 mi
Slide 3: Proven and Consistent Operational Excellence
Proven and Consistent Operational Excellence KORE’s Occupancy Continues to Outperform US Steady Operational and Financial Performance Average and Gateway Cities Leasing Volume (sf) 938,655 730,619 651,319 704,191 COVID-19 Pandemic 622,029 95% 367,000 2020 2021 2022 2023 2024 2025 90% Occupancy Rate
Slide 4: Stable Portfolio Valuation
Stable Portfolio Valuation FV gain/(loss) on 31 Dec 2024 Capex 31 Dec 2025 Change Property Investment Property % Change (US$ ‘million) (US$ ‘million) (US$ ‘million) (US$ ‘million) (US$ ‘million) The Plaza Buildings 299.7 10.5 (22.7) 287.5 (12.2) (4.1) Bellevue CBD Bellevue Technology Center 139.6 4.
Slide 5: Financial Highlights
BELLEVUE TECHNOLOGY CENTRE OFFICIAL OPENING IN MARCH 2024 Financial Highlights 5
Slide 6: Financial Overview
Financial Overview US$’000 2H 2025 2H 2024 % Change FY 2025 FY 2024 % Change Gross Revenue 75,609 72,065 4.9 150,165 146,437 2.5 Net Property Income (NPI) 40,000 36,275 10.3 80,656 78,290 3.0 Adjusted NPI (excludes non-cash straight-line rent, lease incentives and amortisation of 42,234 40,016 5.5 8
Slide 7: Balance Sheet
Balance Sheet As at 31 Dec 2025 As at 31 Dec 2024 % Change US$’000 US$’000 Total Assets 1,389,738 1,387,973 0.1 Investment Properties 1,325,370 1,326,410 (0.1) Cash and Cash Equivalents 56,286 44,193 27.4 Other Assets 8,082 17,370 (53.5) Total Liabilities 677,503 671,663 0.9 Gross Borrowings 612,720
Slide 8: Debt Overview
Debt Overview Debt-related metrics as at 31 Dec 2025 Debt Maturity Profile (US$’) Key Metrics 100% of Loans Unsecured Aggregate Leverage (4) 44.1% 194.5m(1) 188.2m Average Cost of Debt 4.53% p.a. 180.0m (Excludes amortisation of upfront debt costs) All-in Average Cost of Debt 4.66% p.a. 31.7% 30.7%
Slide 9: Debt Overview
Debt Overview Proactive Capital Management Addressed all 2025 and 2026 term loan maturities following execution of US$152.5 million loan facilities (1) Will continue to engage with prospective lenders and consider early refinancing where practicable to manage debt profile As at 31 Dec 2025 (Pro-form
Slide 10: Distribution Details
Distribution Details Distribution Period 1 July 2025 to 31 December 2025 Distribution Per Unit (US cents) 0.25 Ex-Date Tuesday, 10 February 2026 Record Date Wednesday, 11 February 2026 Distribution Payment Date Monday, 30 March 2026 Reminder: Submission Of Relevant Tax Forms As KORE resumes distribu
Slide 11: Portfolio Highlights
THE GREENHOUSE, THE PLAZA BUILDINGS COMPLETED AEI IN MARCH 2025 Portfolio Highlights 11
Slide 12: Sustained Positive Leasing Momentum
Sustained Positive Leasing Momentum Executed Leases (% of NLA) 622,029 sf / 172,257 sf 13.0% of NLA 3.6% of NLA 87.2% FY 2025 4Q 2025 Committed Portfolio Leasing Momentum Occupancy 19.6% 14.3% 13.7% 14.7% 13.0% 2.6% +6.8% / -0.6% FY 2025 4Q 2025 2021 2022 2023 2024 FY25 Built-in portfolio average re
Slide 13: Maintained Healthy Portfolio Occupancy
Maintained Healthy Portfolio Occupancy NLA 4Q 1Q 2Q 3Q 4Q Change Property (‘000 sf) 2024 2025 2025 2025 2025 (ppt) The Plaza Buildings 491 83.3% 85.0% 85.0% 88.3% 76.7% (11.6) Bellevue CBD Bellevue Technology Center 338 95.6% 96.1% 94.0% 93.8% 94.3% +0.5 Notable 4Q’25 Leasing Activities Eastside Bel
Slide 14: FY2025 Asset Enhancement Initiatives
FY2025 Asset Enhancement Initiatives COMPLETED Property Initiative The Plaza Buildings ▪ Greenhouse spec suite floor with shared amenities ▪ Pickleball court The Westpark ▪ Tenant Dote To-Go started providing an on-site coffee Portfolio and pastry bar at our newly constructed tenant lounge Westmoor
Slide 15: Spec Suites Strategy
Spec Suites Strategy Smartly Programmed Move-in-ready Tenant Spaces ▪ Full floors spec suite at Iron point, 1800 West Loop and The Plaza Buildings with common amenity hub ▪ Ongoing build out of a full spec suite floor, The Post, at 10800 The Plaza Buildings, following vacant of a long-term tenant in
Slide 16: Case Study: 1150 Iron Point
Case Study: 1150 Iron Point Asset Enhancement and Spec Suites Strategy ▪ Commenced asset enhancement and spec suites programme after a long-term tenant vacated in mid-2023; completed end-2024 ▪ Identified spec suites of <3,000 sf as optimal offering to attract smaller tenants who value flexibility a
Slide 17: 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 ~51% of NLA are occupied by high-quality tenants from the Bellevue/Redmond, Austin and Denver contribute ~66% of growing and defensive sectors of technology, advertising, media NPI(1) an
Slide 18: 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 BAE Systems TAMI Westmoor Center/Westpark Denver 3.9 4.7 TerraPower TAMI Bellevue Technology Center Bellevue/Redmond 3.7 2.7 Spectrum TAMI
Slide 19: Outlook & Strategy
THE GREENHOUSE, THE PLAZA 1150 IRON BUILDINGS,| POINT, COMPLETED COMPLETED AEINOVEMBER AEI IN IN MARCH 2024 2025 Outlook & Strategy 19
Slide 20: Clear Signals of Expansionary Cycle Beginning
Clear Signals of Expansionary Cycle Beginning ▪ Leasing reaches new post pandemic highs in 4Q 2025 Historical absorption and vacancy - Activity rose 4.4% q-o-q to 55.1million sf; full-year 2025 Net absorption (s.f.) Net absorption Overall vacancy Overall vacancy (%) increased 5.2% y-o-y to 207 milli
Slide 21: Structural Shifts Bode Well for KORE
Structural Shifts Bode Well for KORE OFFICE ATTENDANCE TIGHTENS FLIGHT TO QUALITY PERSISTS LIFESTYLE MARKET ADVANTAGE(4) ▪ Office attendance continues to rise to ▪ 50% of occupiers in a CBRE survey ▪ Today’s workforce prioritises new post-pandemic highs expressed concern about securing experience, c
Slide 22: Flight to Quality: Resilience of Amenity-Led Assets
Flight to Quality: Resilience of Amenity-Led Assets Cumulative Occupancy Gain since 2019 Cumulative net absorption since 2019 Q1 (million s.f.) Highly Amenitised All Other Enhance F&B offerings 30 Activate ground floor 10 (10) Experiential programming (30) Community-based amenities (50) Develop outd
Slide 23: Rise of Lifestyle Office Markets
Rise of Lifestyle Office Markets Lifestyle office markets are mixed-use regions that share traits of traditional CBDs and traditional suburban markets: Moderate Strong transit Diverse high-end Strong amenitisation density infrastructure property types and walkability A Demographic Momentum B Post-pa
Slide 24: Strategically Positioned in Vibrant Lifestyle Markets
Strategically Positioned in Vibrant Lifestyle Markets 18-hour cities with vibrant entertainment, dining, Lower living costs and favorable income Access to top universities enhancing talent pools and outdoor recreation tax environments and innovation Denver Dallas Bellevue/Redmond ▪ Offers world-clas
Slide 25: 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 26: Strong Market Drivers Supporting Leasing Demand
Strong Market Drivers Supporting Leasing Demand Leasing Drivers in KORE’s Markets Robust tech-sector leasing in Bellevue/Redmond strengthened by major anchors like Microsoft’s new Redmond leases and Amazon’s continued office build-out; entry of major tech players OpenAI, TikTok (ByteDance), Robinhoo
Slide 27: 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 28: 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 29: Thank You
Thank You For more information, please visit www.koreusreit.com Connect with us on: Linkedin logo | Free Icon 10900 PLAZA BUILDING, BELLEVUE CBD 29
Slide 30: Important Notice
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
Slide 31: Additional Information
1800 WEST LOOP SOUTH, HOUSTON |COMPLETED AEI IN 2023 \ Additional Information 31
Slide 32: 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 23.3 24.1 485 (8
Slide 33: 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 growth at 2.1%; with growth forecasted at 2.4%(1) in 2026. 4.4% 64 62.4% 5 62 ▪ Tariffs continue to weigh on growth and dampen trade flows, partially
Slide 34: Keppel Pacific Oak US REIT Overview
Keppel Pacific Oak 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 Pla
Slide 35: 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 36: 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
Keppel Pacific Oak US REIT — FY2025 Earnings Presentation on 6ix