Slide 1: Second Half & Full Year 2024 Financial Results
Second Half & Full Year 2024 Financial Results 27 January 2025
Slide 2: Content
Content 1. FY 2024 Key Highlights – Pg 3 3. Portfolio Review – Pg 10 2. Financial Results 4. Additional Information – Pg 5 – Pg 21 2 BLUE STREET, SYDNEY © Keppel REIT 2
Slide 3: FY 2024 Key Highlights
FY 2024 Key Highlights Property Income Net Property Income Distribution Per Unit $261.6m $201.9m 5.60 cents +12.2% y-o-y +10.7% y-o-y (3.4%) y-o-y 5.80 5.60 $261.6m $201.9m $182.4m cents cents $233.1m FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 % Aggregate All-in Borrowings on Leverage Interest
Slide 4: FY 2024 Key Highlights
FY 2024 Key Highlights High Portfolio Committed Occupancy 97.9 % vs 97.6% as at 30 Sep 2024 Strong Rental Reversion +13.2 % Long 4.7 years (1) Portfolio WALE vs 4.6 years as at 30 Sep 2024 Top 10 tenants’ WALE at 9.0 years(1) Proactive Leasing Strategy ~1,660,700 sf Total area committed in FY 2024 K
Slide 5: Financial Results
02 Financial KEPPEL BAY TOWER, SINGAPORE Results 5
Slide 6: Strong Property Income Growth Underpinned by Robust Operational Performance
Strong Property Income Growth Underpinned by Robust Operational Performance and Contributions from New Assets • Property Income and NPI increased due mainly to better performance at Ocean Financial Centre, T Tower and KR Ginza II, as well as contributions from 2 Blue Street and newly acquired 255 Ge
Slide 7: Distribution Timetable
Distribution Timetable ONE RAFFLES QUAY, SINGAPORE Distribution Period 1 July to 31 December 2024 Distribution per Unit 2.80 cents Key Dates Ex-Date: 5 Feb 2025 Record Date: 6 Feb 2025 Payment Date: 17 Mar 2025 © Keppel REIT 7
Slide 8: Healthy Balance Sheet
Healthy Balance Sheet As at 31 Dec 2024 As at 31 Dec 2023 +/(-) Deposited Property(1) $9,643m $9,421m 2.4% Total Assets $8,458m $8,259m 2.4% Borrowings(2) $3,973m $3,664m 8.4% Total Liabilities $2,816m $2,508m 12.3% Unitholders’ Funds $4,891m $5,005m (2.3%) Adjusted NAV per Unit(3) $1.24 $1.29 (3.9%
Slide 9: Disciplined Capital Management
As at 31 Dec 2024 Disciplined Capital Management Interest Coverage Ratio (2) 2.5x All-in Interest Rate 3.40% p.a. • Aggregate leverage at 41.2% with 69% of borrowings on fixed rates Aggregate Leverage 41.2% • AUD, KRW and JPY denominated loans formed ~17%, ~3% Weighted Average Term to Maturity 2.5 y
Slide 10: Portfolio Review
03 Portfolio OCEAN FINANCIAL CENTRE, SINGAPORE Review 10
Slide 11: Diversified Portfolio of Prime Commercial Assets in Asia Pacific
Diversified Portfolio of Prime Commercial Assets in Asia Pacific $9.5b portfolio of prime quality assets anchored across different markets enhance income stability and long-term growth opportunities T Tower, Seoul 99.4% Interest Japan KR Ginza II, Tokyo South Korea 98.5% Interest Occ: 100.0% 2.9% 0.
Slide 12: Performance Breakdown by Geography
Performance Breakdown by Geography Singapore Portfolio North Asia Portfolio FY 2024 254.6 FY 2024 14.6 Attributable NPI(1) 3.1% Attributable NPI(1) (S$m) (S$m) 18.7% FY 2023 247.0 FY 2023 12.3 4Q 2024 98.8 4Q 2024 100.0 Committed Occupancy Committed Occupancy 3Q 2024 98.9 3Q 2024 100.0 (%) (%) 4Q 20
Slide 13: FY 2024 Portfolio Performance
FY 2024 Portfolio Performance (By Attributable Committed Gross Rent) Leases Committed by Geography Leases Committed by Type As at 31 Dec 2024 Singapore, 88.6% By Attributable Australia, Renewal, By Attributable New, 28.2% 97.9% Committed 10.9% 71.8% Committed Portfolio committed Gross Rent Gross Ren
Slide 14: Well-Staggered Lease Expiry Profile
Well-Staggered Lease Expiry Profile (By Attributable Committed Gross Rent) • Average signing rent for Singapore office leases(1) concluded in FY 2024 was $12.56 psf pm, supported by healthy demand from diverse sectors for prime office space • Average expiring rents of Singapore office leases(2) (psf
Slide 15: Established and Diversified Tenant Base
Established and Diversified Tenant Base (By Attributable Committed Gross Rent) • Keppel REIT has a diversified tenant base of 489(1) • Top 10 tenants contribute 31.3% of attributable tenants, many of which are established blue-chip committed gross rent corporations Top 10 Tenants Tenant Business Sec
Slide 16: Singapore Portfolio Valuations (As at 31 Dec 2024)
Singapore Portfolio Valuations (As at 31 Dec 2024) Valuation based on 30 Jun 2024 31 Dec 2024 Variance 31 Dec 2024 Cap Rate (%) attributable interest S$ S$ S$ % Ocean Financial Centre 2,154.9m 2,168.5m 13.6m 0.6 S$3,109 psf 3.40 (79.9% interest) Towers 1 & 2, and 1,810.0m 16.0m 0.9 S$3,157 psf 3.25(
Slide 17: Australia Portfolio Valuations (As at 31 Dec 2024)
Australia Portfolio Valuations (As at 31 Dec 2024) Valuation based on Local Currency (A$) Variance S$ Variance 31 Dec 2024 Cap Rate (%) attributable interest 30 Jun 2024 31 Dec 2024 A$ % 30 Jun 2024 31 Dec 2024 S$ % 255 George Street(1) A$18,894 363.8m 367.5m 3.7m 1.0 327.1m 323.4m (3.7m) (1.1) 6.50
Slide 18: North Asia & Total Portfolio Valuations (As at 31 Dec 2024)
North Asia & Total Portfolio Valuations (As at 31 Dec 2024) Valuation based on Local Currency (KRW/JPY) Variance S$ Variance 31 Dec 2024 Cap Rate (%) attributable interest 30 Jun 2024 31 Dec 2024 KRW/JPY % 30 Jun 2024 31 Dec 2024 S$ % T Tower(1) KRW 305.8b KRW 298.8b KRW (7.0b) (2.3) 298.1m 280.9m (
Slide 19: Updates on One Raffles Quay's Asset Enhancement Initiatives
Updates on One Raffles Quay’s Asset Enhancement Initiatives Refreshed Garden Plaza s New Food & Beverage Outlets Vino Tinto Drop-Off Point Vino Tinto Volks Garden Plaza © Keppel REIT 19
Slide 20: ESG Activities in 4Q 2024
ESG Activities in 4Q 2024 On 16 October, Victoria Police Victoria Police Centre was Centre organised “Ride 2 Work illuminated in orange on 10 and Day” to encourage an active 11 December as part of an lifestyle and reduce carbon annual effort to raise awareness emissions. Tenants enjoyed on gender-ba
Slide 21: Additional Information
2 BLUE STREET, SYDNEY 04 Additional Information 21
Slide 22: Singapore Office Market
Singapore Office Market • Average core CBD Grade A office rents remained at $11.95 psf pm with average occupancy in core CBD increased to 94.7% in 4Q 2024 Grade A Rent and Core CBD Occupancy Demand and Supply (million sf) 0.9 1.0 0.7 0.5 0.8 0.6 0.6 0.3 0.2 0.3 0.3 0.2 0.2 95.8% 94.7% 94.8% 95.1% 94
Slide 23: Australia Office Market
Australia Office Market 95.2% 87.5% 88.6% 85.3% 84.1% 84.6% 83.3% 84.5% 83.6% 100% 89.9% 84.0% Sydney CBD 1,500 1,200 1,045 80% North Sydney 1200 75.5% 79.9% 76.7% 78.4% 79.2% 79.9% 82.1% 100% 90% 80% 930 919 955 956 961 982 993 70% 900 885 60% 900 729 688 651 670 693 686 673 670 671 60% 50% Prime G
Slide 24: Seoul Office Market
Seoul Office Market • CBD Grade A vacancy remains low with occupancy at 96.6% in 4Q 2024 CBD Grade A Rent and Occupancy 97.0% 98.5% 98.3% 98.4% 97.2% 96.6% 200,000 90.7% 89.2% 100% 86.7% 143,237 145,742 160,000 80% 133,152 138,865 140,496 121,356 120,000 60% 97,572 98,926 91,656 80,000 40% 40,000 20
Slide 25: Tokyo Office Market
Tokyo Office Market • Occupancy in Tokyo central 5 wards continues to be high in 4Q 2024 for Grade A office at 97.2% and Grade B office at 97.4% Tokyo Central 5 Wards Grade A Rent and Occupancy Tokyo Central 5 Wards Grade B Rent and Occupancy 99.8% 99.1% 99.4% 98.7% 97.8% 97.0% 97.0% 97.4% 96.9% 97.
Slide 26: Attributable NPI by Property
Attributable NPI by Property FY 2024 FY 2023 % % $’000 $’000 Breakdown of Attributable NPI Ocean Financial Centre 75,180 20.4 73,601 21.4 by Geography (For FY 2024) Marina Bay Financial Centre 107,186 29.1 102,109 29.7 One Raffles Quay 45,249 12.3 44,090 12.8 Singapore, Keppel Bay Tower 26,973 7.3 2
Slide 27: Portfolio Information: Singapore
Portfolio Information: Singapore As at Marina Bay Financial Ocean Financial Centre One Raffles Quay Keppel Bay Tower 31 Dec 2024 Centre(4) Attributable NLA 697,434 sf 1,017,696 sf 442,486 sf 386,224 sf Ownership 79.9% 33.3% 33.3% 100.0% BNP Paribas, DBS Bank, TikTok, Keppel, The Executive Centre, Pr
Slide 28: Portfolio Information: Australia, South Korea & Japan
Portfolio Information: Australia, South Korea & Japan As at 255 George 8 Chifley Pinnacle Office 8 Exhibition Victoria Police David Malcolm 2 Blue Street, T Tower, KR Ginza II, 31 Dec 2024 Street(3), Square, Park, Street(4), Centre, Justice Centre, Sydney Seoul Tokyo Sydney Sydney Sydney Melbourne M
Slide 29: FY 2024 Portfolio Performance
FY 2024 Portfolio Performance (By Attributable Committed NLA) As at 31 Dec 2024: Leases Committed Leases Committed by Geography by Type 97.9% Singapore, By By Portfolio committed 80.5% Attributable Renewal, Attributable occupancy Australia, New, Committed 69.6% Committed 30.4% NLA 17.5% NLA South Ko
Slide 30: Well-Staggered Lease Expiry Profile
Well-Staggered Lease Expiry Profile (By Attributable Committed NLA) • Average signing rent for Singapore office leases(1) concluded in FY 2024 was $12.56 psf pm, supported by healthy demand from diverse sectors for prime office space • Average expiring rents of Singapore office leases(2) (psf pm): $
Slide 31: Established and Diversified Tenant Base
Established and Diversified Tenant Base (By Attributable Committed NLA) • Keppel REIT has a diversified tenant base of 489(1) • Top 10 tenants contribute 35.9% of attributable tenants, many of which are established blue-chip committed NLA corporations Top 10 Tenants Tenant Business Sector(2) % State
Slide 32: Committed to Delivering Stable Income & Sustainable Returns
Committed to Delivering Stable Income & Sustainable Returns Portfolio Optimisation • Improve yield by enhancing Keppel REIT’s portfolio of quality assets through strategic acquisitions and divestments Portfolio • Provide income stability and long-term capital appreciation of portfolio, anchored Opti
Slide 33: Well-Executed Portfolio Optimisation Strategy
Well-Executed Portfolio Optimisation Strategy Expanded footprint Expanded footprint to Australia: to Japan: Expanded footprint 77 King Street (100%), Sydney, and KR Ginza II (98.5%), to South Korea: 275 George Street (50%), Brisbane Tokyo Acquired T Tower (99.4%), Seoul - David Acquired Malcolm Acqu
Slide 34: Continued Focus on ESG Excellence to Attract Quality Tenants
Continued Focus on ESG Excellence to Attract Quality Tenants Sustainable ESG Benchmarks and Future Ready Portfolio with • MSCI ESG Rating ESGatExcellence maintained ‘A’ Sustainability • ISS Governance Risk Rating maintained at lowest risk level of “1” and ESG Corporate Rating maintained at “Prime” s
Slide 35: Thank you
Thank you
Slide 36: Important Notice
Important Notice IMPORTANT NOTICE: The past performance of Keppel REIT is not necessarily indicative of its future performance. Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking” statements due to a number of risks, uncertain