Kore Us Reit · SGX:CMOU
Kore Us Reit — Keppel Pacific Oak US REIT — Shareholder Meeting (April 2021)
25 slides from Kore Us Reit's shareholder meeting presentation, Apr 20, 2021
Slide 1: Annual General Meeting April 2021
Annual General Meeting 20 April 2021 Keppel
Slide 2: Our Sustainability Commitment
OUR SUSTAINABILITY COMMITMENT Sustainability lies at the heart of our strategy and we are committed to delivering sustainable distributions and strong total returns for Unitholders. FY 2020 Key Highlights 1Q 2021 Key Business and Operational Updates Market Outlook _Zo™ RESPONSIBLE BUSINESS | The lon
Slide 3: FY 2020 Key Highlights
FY 2020 Key Highlights The Plaza Buildings, ey % = L ula, Bellevue, Seattle, Washington 27 i. \ pot ‘ cM Ak es
Slide 4: Strategy Reinforced in a Challenging Year
STRATEGY REINFORCED INA CHALLENGING YEAR Delivered resilient financial performance and continued growth through the COVID-19 pandemic. CCTs cu Pacific Oak US REIT Distributable Income (USS ’m) Net Property Income (USS ’m) 58.6 83.0 FY 2019 FY 2020 FY 2019 FY 2020 DPU (US Cents) Portfolio Value (USS
Slide 5: Proven Resilience Through the Pandemic
PROVEN RESILIENCE THROUGH THE PANDEMIC KORE maintained its stable performance in 2020 and is well positioned to continue delivering value. CCTs cu Pacific Oak US REIT ~99% Average rent collected for FY 2020. Also received 100% of rent due from top 10 tenants throughout the year. 3.8 years Portfolio
Slide 6: 1Q 2021 Key Business and Operational Updates
1Q 2021 Key Business and Operational Updates Tenant space at The Westpark Portfolio Seattle, Washington
Slide 7: Financial Performance
Financial Performance Distributable Income for 1Q 2021 was US$14.9m, 3.6% above 1Q 2020, supported by: * New and expansion leases from the tech hubs of Seattle - Bellevue/Redmond and Denver Strong balance sheet with significant liquidity ¢ Low gearing of 37.5% with no long-term refinancing requireme
Slide 8: Capital Management
Capital Management Low aggregate leverage and 100% unsecured loans provide greater financial flexibility As at 31 March 2021 Debt Maturity Profile Total Debt * USS505.7m of external loans * 100% unsecured Available Facilities + US$50.0m of revolving credit facility + US$9.0m of uncommitted revolving
Slide 9: Portfolio driven by innovation
ATLANTA, Georgia The Plaza Bellevue Technology The Westpark Powers Ferry Northridge e Buildings Center Portfolio Occupancy: 80.1% Center! &ll D r | V e n B y Occupancy: 93.1% | Occupancy: 96.1% Occupancy: 94.6% Occupancy: 77.9% Innovation ORLANDO, Florida Westmoor Center — 7 : Maitland Promenade co)
Slide 10: Top tenants and lease expiry by NLA and CRI
30.9% 32.4% NLA 17.9% 17.0% 14.4% 15.7% 14.9% CRI 14.0%13.0% 12.5% 9.0% 8.3%
Slide 11: Tech Focused Tenant Composition and Industry Exposure
Tech Focused Tenant Composition and Industry Exposure KORE’s buildings and business campuses in (|: EE the tech hubs of Seattle - Bellevue/Redmond, Austin and Denver contribute ~62% of NPI) Geographic Diversification by NPI contribution as at 31 March 2021 Austin Seattle - 5.4% Bellevue/Redmond Denv
Slide 12: Tenant composition notes
(1) Subsidiary of QBE Insurance Group.
Slide 13: Projected 12-Month Rent Outlook
Projected 12-Month Rent Outlook KORE’s average EE. in-place rents are ~8% below asking rents, which provides an avenue for organic growth [CQ Pacific Oak US REIT Key Growth Markets Average United States Average Gateway Cities Average Seattle, Bellevue CBD Seattle, Eastside Bellevue Seattle, Redmond
Slide 14: First Choice Submarkets Outlook
First Choice Submarkets Outlook 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 The Plaza Buildings 6.9 8.9 - (57
Slide 15: Market Outlook
Tenant , 1800 West Loop South Houston, Texas
Slide 16: US Economy: Recovery Apace
US Economy: Recovery Apace Continued resumption of economic activity in Q4 2020 * US Real GDP increased 4.3% q-o-q in % GDP Growth % Labour Force Participation Rate 4Q 2020, following a 31.4% q-o-q 40 66 decline in 2Q 2020 and a 33.4% q-o-q rebound in 3Q 2020", 30 65 * Unemployment rate was 6.0% in
Slide 17: Gradual Return to the Workplace
Gradual Return to the Workplace The rollout of vaccines is raising confidence in workers returning to the office. Confidence among US business leaders is surging amid expectations of a strong US economic recovery. Optimism around a recovery US economic recovery 716% Global economic recovery 66% * Pe
Slide 18: Magnet Cities for Businesses and Individuals
Magnet Cities for Businesses and Individuals Majority of KORE’s key growth markets are located in cities that researchers have named Super Sun Belt and 18-Hour cities) SEATTLE - BELLEVUE/REDMOND, WASHINGTON “The Plaza Buildings + Bellevue Technology Center ‘The Westpark Portfolio DENVER, COLORADO -
Slide 19: The Great American Move
The Great American Move Less dense: COVID-19 has caused people to move out of . large metro areas at higher rates in 2020 than in 20190) Demographic trends accelerated by COVID-19"): Move to Sun Belt states and 18-Hour cities Bang for your buck: People are leaving high-cost cities in Suburban migrat
Slide 20: Increased Mobility is Driving Corporate Relocations
Increased Mobility is Driving Corporate Relocations Corporates are increasingly relocating to states such as Texas and Florida for their tax and lifestyle advantages @ * Hewlett Packard Enterprise is moving its HQ from Silicon Valley, California to Springwood, Houston ORACLE ¢ Oracle moved its HQ to
Slide 21: Big Tech Led Office Leasing in 2020
Big Tech Led Office Leasing in 2020 KORE’s focus on the historically fast-expanding tech sector will benefit the REIT 17% KG sta) Pacific Oak US REIT The tech sector took ~26m sf of office space in 2020, accounting for 17% of total office leasing - more than any other industry Tech has dominated as
Slide 22: Tech firms signed some of the largest leases in 2020
Tech firms signed some of the largest leases in 2020 PRP Bought REI’s 400,000 sf HQ in Sep 2020, expanding its Bellevue, Faceb. k Buys REI Seattle area footprint to over 3m sf”) Haad 00! = Shs ing Life f _ va leadquarters, Showing Life for Signed a 730,000 sf lease at the James A. Farley Building in
Slide 23: Positioned to Deliver Long-Term Value
Exposure to growth and defensive sectors of technology, as well as medical and healthcare. Highly diversified portfolio with low tenant concentration risk. Committed 100% unsecured debt, low aggregate leverage of 37.5% with no long-term . refinancing requirements until November 2022. to Deliver Long
Slide 24: Thank You
Thank You For more information, please visit Connect with us on: in| Westmoor Center Denver, Colorado = =
Slide 25: Disclaimer
CCTs cu Pacific Oak US REIT 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, uncert
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