Suntec Real Estate Investment Trust · SGX:T82U
Suntec Real Estate Investment Trust — Suntec REIT — FY2025 Earnings Presentation
59 slides from Suntec Real Estate Investment Trust's earnings presentation, Jan 22, 2026
Slide 1: Suntec REIT Financial Result
SUNTEC REIT FINANCIAL RESULT For the 2H and Financial Year ended 31 December 2025 22 January 2026
Slide 2: Agenda
03 19 FY 25 Financial Overview Singapore Office Portfolio Performance 04 26 FY 25 Operational Overview Australia Portfolio Performance 05 30 Financial Highlights UK Portfolio Performance 16 33 Capital Management Singapore Retail Portfolio Performance Agenda 42 Suntec Convention Performance 46 Our ES
Slide 3: FY 25 Financial Overview
FY 25 Financial Overview Distributable Income Distribution Per Unit to Unitholders to Unitholders $207.3 million 7.035 cents +14.6% y-o-y +13.6% y-o-y MIT Status in Australia Capital Management MIT Status Maintained for FY 25 Refinanced $730 million bank loans Withholding tax rate to remain at Lower
Slide 4: FY 25 Operational Overview
FY 25 Operational Overview Committed Rent Retention Occupancy Reversion Rate Office 98.2%1 vs 98.7% (FY 24) Office +9.6% Office 80% Singapore Retail 99.5%2 Retail +15.3% Retail 66% vs 98.3% (FY 24) 90.6%3 +25.9% 50% Australia vs 90.9% (FY 24) 92.5%4 Minimal leases renewed/replaced UK vs 95.1% (FY 24
Slide 5: Financial Highlights
Suntec City MBFC Properties One Raffles Quay Olderfleet, 477 Collins Street Financial Highlights The Minster Building 177 Pacific Highway 55 Currie Street Nova Properties 21 Harris Street Southgate Complex
Slide 6: Singapore Portfolio Drove Performance Improvement
Singapore Portfolio Drove Performance Improvement Gross Revenue (S$ mil) NPI (S$ mil) JV Income1,2,3 (S$ mil) 8.0M or 1.7% Gross Revenue & Net Property Income: Stronger operating performance across Singapore Office, 471.6 Retail and Convention 463.6 6.0M or 1.9% One-off compensation received at 177
Slide 7: Increase in DI and DPU
Increase in DI and DPU Distributable Income (S$ mil) DPU (SG cents) 0.843¢ or 13.6% 26.4M or 14.6% 7.0351 207.31 6.192 Stronger operating performance from Singapore Portfolio 180.9 3.880 Lower financing cost ($19.9m) 114.5 3.150 2H 92.2 1H 88.7 92.8 3.042 3.155 FY 24 FY 25 FY 24 FY 25 Note: 1. On a
Slide 8: Distribution Payment
Distribution Payment Distribution Payment Distribution Period 1 October 2025 – 31 December 2025 Amount (cents/unit) 2.1021,2,3 Ex-date 29 Jan 2026 Record date 30 Jan 2026 Payment date 27 Feb 2026 Notes: 1. Excluding the reversal of Australian withholding tax, the DPU for 4Q 25 would be 2.054 cents.
Slide 9: Singapore Office: Strong Resilience Demonstrated
Singapore Office Portfolio Strong Resilience Demonstrated Gross Revenue (S$ mil) NPI (S$ mil) JV Income (S$ mil) Gross Revenue & Net Property Income: Stronger operating performance at Suntec City 0.2M or 0.3% Office from higher occupancy and achieved rents Lower operating expenses 0.4M or 0.7% 2.9M
Slide 10: Australia: Operating Results Impacted by Portfolio Vacancies
Australia Portfolio Operating Results Impacted by Portfolio Vacancies A$ mil S$ mil1 Gross Revenue NPI Gross Revenue NPI Gross Revenue & Net Property Income: (1.5M or 2.9%) Loss of revenue from the surrender of 3 (2.7M or 6.0%) (2.0M or 5.4%) floors at 177 Pacific Highway which have (2.8M or 8.7%) b
Slide 11: Vacancies at The Minster Building Impacted Operating Performance
UK Portfolio Vacancies at The Minster Building Impacted Operating Performance £ mil S$ mil1 Gross Revenue NPI Gross Revenue NPI Gross Revenue & Net Property Income: 0.2M or 3.0% (0.1M or 1.7%) 0.4M or 3.5% (0.2M or 1.9%) One-off claim received at The Minster Building 6.7 6.9 11.5 11.9 Lower occupanc
Slide 12: Singapore Retail Performance Stayed Robust
Singapore Retail Portfolio Singapore Retail Performance Stayed Robust Gross Revenue (S$ mil) NPI (S$ mil) JV Income (S$ mil) Gross Revenue & Net Property Income: 2.1M or 2.9% Higher occupancy and rent at Suntec City Mall 1.0M or 2.1% JV Income: 71.6 73.7 Higher occupancy and rent at MBLM 48.3 49.3 0
Slide 13: Lesser Higher-Yielding Events in 2H25
Suntec Convention Lesser Higher-Yielding Events in 2H25 Gross Revenue (S$ mil) NPI (S$ mil) Higher revenue due to more conferences, corporate 0.3M or 0.8% events and higher rentals from long-term licensees 35.5 35.8 (0.9M or 7.0%) 12.9 12.0 2H 24 2H 25 2H 24 2H 25 13
Slide 14: Portfolio Valuation Improved by 0.7%
Portfolio Valuation Improved by 0.7% Driven by Singapore and UK Portfolio Investment 31 Dec 242 31 Dec 25 Against 31 Dec 24 Range of Cap Rates Range of Cap Rates Properties1 as at 31 Dec 242 as at 31 Dec 25 Variance ($) Variance (%) Singapore S$9,167.4M S$9,250.9M S$83.5M 0.9% Office 3 S$6,400.7M S$
Slide 15: Diversified Portfolio Across Geography and Sector
Diversified Portfolio Across Geography and Sector Singapore Market and Office Properties Are Mainstays Income Contribution by Geography AUM Breakdown by Geography 12% 10% 12% 16% FY25 FY25 72% 78% Singapore Australia UK Singapore Australia UK Income Contribution by Sector AUM Breakdown by Sector 5%
Slide 16: Capital Management
Suntec City MBFC Properties One Raffles Quay Olderfleet, 477 Collins Street Capital Management The Minster Building 177 Pacific Highway 55 Currie Street Nova Properties 21 Harris Street Southgate Complex
Slide 17: Key Financial Indicators
Key Financial Indicators All-in Financing Cost Expected to Remain Below 3.8% As at 31 Dec 24 As at 31 Dec 25 NAV Per Unit $2.05 $2.03 Total Debt Outstanding $4,227 mil $4,069 mil Aggregate Leverage Ratio1 (“ALR”) 42.4% 41.5% Weighted Average Debt Maturity 2.83 years 2.72 years All-in Financing Cost2
Slide 18: $250m Refinancing Due in 2026
$250m Refinancing Due in 2026 Debt Maturity Profile Perpetual Securities (First Reset) 1600 600 1400 500 1200 400 1000 1022 800 300 600 1150 700 200 400 250 100 200 366 356 150 200 175 100 0 0 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 Jun 2026 Jun 2030 Green/Sustainability- Medium term notes Bank fa
Slide 19: Singapore Office Portfolio Performance
Singapore Office Portfolio Performance
Slide 20: High Occupancies with Well-Spread Lease Expiries
Singapore Office Portfolio High Occupancies with Well-Spread Lease Expiries Committed Occupancy Lease Expiry Profile As at 31 Dec 25 % of Total NLA2 Comparison Core CBD Occupancy: 95.2%1 2.3% 99.8% 97.1% 95.4% 98.2% 29.7% 28.8% 19.4% 9.2% 6.8% 3.8% Suntec City One Raffles MBFC Towers 1 Singapore 202
Slide 21: Suntec City Office Performance
Suntec City Office Performance Suntec City Office, Singapore
Slide 22: Strong Occupancy with Healthy Rent Reversion
Suntec City Office Strong Occupancy with Healthy Rent Reversion Rent Reversion +6.7% for FY 25 Lease Expiry Profile % of Total NLA Comparison 60.0% $12.00 8.3% $11.62 5.5% 6.7% 6.2% $11.59 50.0% $11.00 $10.69 $10.83 $10.62 1Q 25 2Q 25 3Q 25 4Q 25 $10.35 40.0% $10.00 Work Done1 30.0% $9.00 337,500 sq
Slide 23: Performance of One Raffles Quay and MBFC Towers 1 & 2
Performance of One Raffles Quay and Marina Business Financial Centre Towers 1 & 2 MBFC Properties, Singapore One Raffles Quay, Singapore
Slide 24: Strong Rent Uplift and High Tenant Retention
One Raffles Quay & MBFC Towers 1 & 2 Strong Rent Uplift and High Tenant Retention Rent Reversion Work Done1 +12.8% for FY 25 292,800 sq ft in FY 25 84% 16.2% 71% 13.3% 10.3% 11.1% 29% 16% 1Q 25 2Q 25 3Q 25 4Q 25 FY 24 FY 25 Renewal Leases New Leases WALE 3.1 years Note: 1. Based on Suntec REIT’s int
Slide 25: Singapore Office Outlook and Focus
Singapore Office Outlook and Focus Portfolio performance Office market expected to Portfolio occupancy expected Proactive lease management remains stable supported by remain resilient underpinned to remain high ahead of expiry and past quarters of robust rent by limited new supply and Positive rent
Slide 26: Australia Portfolio Performance
Australia Portfolio Performance
Slide 27: Portfolio Occupancy Outperformed Market
Australia Portfolio Portfolio Occupancy Outperformed Market Committed Occupancy As at 31 Dec 25 85.3% 85.0% 81.2% 81.1% 100% 97.8% 100.0% 86.8% 90.6% 66.0% 177 Pacific Highway 21 Harris Street 477 Collins Street Southgate Complex 55 Currie Street Australia Overall Sydney Melbourne Adelaide CBD Offic
Slide 28: Leasing is Key Priority for 55 Currie and Southgate
Australia Portfolio Leasing is Key Priority for 55 Currie and Southgate Rent Reversion Lease Expiry Profile % of Total NLA2 Comparison +25.9% for FY 25 (Effective Rent: +1%) Work Done1 298,800 sq ft in FY 25 37.7% 9.3% vacancy from 55 Currie 9.6% 19.1% Street and 52% 12.0% 10.0% 48% 50% 50% Southgat
Slide 29: Australia Outlook and Focus
Australia Outlook and Focus Portfolio performance expected to remain stable Incentives in Melbourne and Creation of fitted suites to supported by strong Subdivision of spaces to Adelaide remain elevated at improve marketability of occupancies at 177 Pacific meet diverse tenants’ needs 45% to 50% spa
Slide 30: UK Portfolio Performance
mmm (©) SUNTEC Real Estate Investment Trust UK Portfolio Performance
Slide 31: Portfolio Occupancy In Line with Market
UK Portfolio Portfolio Occupancy In Line with Market Committed Occupancy Lease Expiry Profile As at 31 Dec 25 % of Total NLA2 Comparison 73.3% of lease expiries will be in 2030 and beyond if tenants do Central not exercise lease breaks London Office Occupancy: 1.0% 90.9%1 100.0% 92.5% 85.4% 47.2% 4.
Slide 32: UK Outlook and Focus
UK Outlook and Focus High quality, newly built and Operating performance for Enhancement works and Subdivision of large floor refurbished spaces in good Nova expected to be stable creation of fitted units to plates to capture varied locations remain well sought with Minster impacted by improve marke
Slide 33: Singapore Retail Portfolio Performance
Singapore Retail Portfolio Performance Marina Bay Link Mall, Singapore Suntec City Mall, Singapore
Slide 34: Suntec City Nears Full Occupancy
Singapore Retail Portfolio Suntec City Nears Full Occupancy Committed Occupancy Lease Expiry Profile As at 31 Dec 25 % of Total NLA2 Comparison Central Area 1.9% Outside Orchard occupancy: 91.8%1 99.5% 98.9% 99.5% 28.7% 23.3% 20.8% 12.3% 5.9% 7.1% Suntec City Mall Marina Bay Link Overall SG Retail 2
Slide 35: Suntec City Mall Performance
Suntec City Mall Performance Suntec City Mall, Singapore
Slide 36: Strong Results for FY25
Suntec City Mall Strong Results for FY Committed Rent Retention Occupancy Reversion Rate 99.5% +16.2% 67% vs 98.4% (FY 24) Shopper Tenant Occupancy Traffic Sales psf Cost -1% +1% Stable y-o-y y-o-y y-o-y 36
Slide 37: Robust Rent Reversion With Healthy Leasing Demand
Suntec City Mall Robust Rent Reversion With Healthy Leasing Demand Rent Reversion Work Done1 +16.2% for FY 25 229,200 sq ft in FY 25 21.6% 19.1% 65% 67% 10.4% 35% 33% 8.6% 1Q 25 2Q 25 3Q 25 4Q 25 FY 24 FY 25 Renewal Leases New Leases Note: 1. Reflects net lettable area of new leases and renewals com
Slide 38: Curated Tenant Mix to Drive Footfall and Sales
Suntec City Mall Curated Tenant Mix to Drive Footfall and Sales 52 New-to-Market / New-to-Suntec Brands1 in FY 25 New-to-Market1 New-to-Suntec1 Note: 1. Images do not reflect all the leases which commenced operations in FY 25. 38
Slide 39: Increased Traffic and Sales From Strategic Marketing Partnerships and Events
Suntec City Mall Increased Traffic and Sales From Strategic Marketing Partnerships and Events Suntec City X Kidztopia Jun School Atrium Activation – MapleStorySEA 20th Activation – McDonald’s McCafé Coffee Holiday Campaign Anniversary Celebration giveaway pop-up Suntec City X Pokémon Christmas Atriu
Slide 40: Strong Tenant Sales Growth in 2H 25
Suntec City Mall Strong Tenant Sales Growth in 2H 25 Driven by Leisure & Entertainment, Supermarkets and F&B Traffic YoY Variance Tenant Sales psf ($) YoY Variance 2019 Avg +5% 140,000 Daily 60.0 +5% +1% -1% 0% 0% -1% Traffic -3% -2% -3% 120,000 2019 Avg 50.0 Tenant 100,000 Sales psf ($) Avg Daily T
Slide 41: Singapore Retail Outlook and Focus
Singapore Retail Outlook and Focus Retail spend leakage ~3% arising from SG-JB RTS (end Committed occupancy Improvement in revenue Continual effort to refresh 2026) with services / F&B expected to remain high supported by higher trade mix to drive shopper tenants and malls located in Positive rent r
Slide 42: Suntec Convention Performance
Suntec Convention Performance Suntec Singapore
Slide 43: Increased No. of Events Helped To Enhance Performance
Suntec Convention Increased No. of Events Helped To Enhance Performance > 1100 Conferences and Corporate 15 Events New Events to SG / Suntec +15% YoY Key 4Q 25 events ROSCon 2025 ANIME Festival Asia ATTD Asia (Diabetes Conference) 27 – 29 Oct 28 – 30 Nov 9 – 11 Dec (New to Singapore) (Recurring even
Slide 44: Additional Revenue Streams From Completed AEIs
Suntec Convention Additional Revenue Streams From Completed AEIs New Engage Theatres Large Screen Overhaul Equipped with lighting and AV systems to reduce Will boost advertising revenue through new media move-in/out time required by event organisers contract and improve exposure for event organisers
Slide 45: Suntec Convention Outlook and Focus
Suntec Convention Outlook and Focus STB continues to strengthen Singapore’s value Continual focus on driving Stronger performance proposition and cost more higher-yielding events expected in 2026 competitiveness as a MICE destination1 Note: 1. Source: The Business Times article (“With MICE takings a
Slide 46: Our ESG Commitment
Our ESG Commitment 177 Pacific Highway, Sydney
Slide 47: ESG Initiatives
ESG Initiatives World Environment Day (“From Excess to Purple Parade – Suntec City BCARE Active Ageing Centre – Suntec REIT Access”) – MBFC Properties and ORQ “Wrap up London” – annual winter coat campaign to support the vulnerable and National Ride2Work Day – 21 Harris Food and Toy Donation Drive –
Slide 48: Continual Commitment to ESG
Continual Commitment to ESG Achievements All Properties 100% RENEWABLE ENGERY GREEN BUILDING CERTIFIED 21 Harris Street, 477 Collins 6 Properties achieved Highest Street, Nova Properties and Certifications - The Minster Building Highest 5 Star rating Platinum or 6-Star Rating (6 consecutive years) ‘
Slide 49: Roadmap Towards Net-Zero Carbon Emission Target by 2050
Roadmap Towards Net-Zero Carbon Emission Target1 by 2050 All properties are Net-Zero carbon Green Certified emissions1 for all properties 4 properties on 100% 100% Renewable Energy: Renewable Energy: Complete electrification 21 Harris, 477 Collins, Southgate Complex of equipment Nova & Minster All S
Slide 50: Thank you
Thank you For enquiries, please contact: Melissa Chow Manager, Investor Relations Melissa.chow@esr.com Southgate Complex, Melbourne
Slide 51: Disclaimer
Disclaimer This presentation is focused on the comparison of the financial results for the half year and financial year ended 31 December 2025 versus results achieved for the half year and financial year ended 31 December 2024. The information included in this release does not constitute an offer or
Slide 52: About Suntec REIT
Suntec City MBFC Properties One Raffles Quay Olderfleet, 477 Collins Street About Suntec REIT The Minster Building 177 Pacific Highway 55 Currie Street Nova Properties 21 Harris Street Southgate Complex
Slide 53: About Suntec REIT
About Suntec REIT Singapore’s First Composite REIT Market Capitalisation $4.2 Billion1 London Asset Under Management $12.1 Billion2 Listed on 9 Dec 2004 on the SGX-ST High quality office properties, complemented Singapore by retail and convention components 10 properties – 3 in Singapore, 2 in Sydne
Slide 54: Portfolio Snapshot
Portfolio Snapshot Singapore and UK Properties Suntec City One Raffles MBFC The Minster Nova Properties Suntec City – Suntec Convention Quay Properties Building Office & Retail Description Integrated commercial World-class convention Two premium Two premium Two Grade A Grade A Office development com
Slide 55: Portfolio Snapshot
Portfolio Snapshot Australia Properties 177 21 Harris Street Olderfleet 477 Southgate 55 Currie Street Pacific Highway Collins Street Complex Description 31-storey Grade A office Nine-storey, Grade A Premium Grade, 40- level Integrated development Twelve-storey, Grade A building office building stat
Slide 56: Appendix
Suntec City MBFC Properties One Raffles Quay Olderfleet, 477 Collins Street Appendix The Minster Building 177 Pacific Highway 55 Currie Street Nova Properties 21 Harris Street Southgate Complex
Slide 57: Singapore Portfolio Increased by S$83.5 million or 0.9%
Singapore Portfolio Increased by S$83.5 million or 0.9% Increase in Valuation driven mainly by MBFC Properties and One Raffles Quay Investment 31 Dec 242 31 Dec 25 31 Dec 25 Against 31 Dec 24 Cap Rates as at Properties1 31 Dec 25 Variance Variance ($) (%) Singapore Suntec City Office 3 S$3,296.0M S$
Slide 58: Australia Portfolio Decreased by A$62.8 million or 3.7%
Australia Portfolio Decreased by A$62.8 million or 3.7% Cap Rate Expansion moderated to ~10 to 40 bps Investment 31 Dec 24 2 31 Dec 25 31 Dec 25 Against 31 Dec 24 Cap Rates as at Properties1 31 Dec 25 Variance Variance ($) (%) Australia 177 Pacific A$590.0M A$555.0M A$13,864 psm -A$35.0M -5.9% 6.75%
Slide 59: UK Portfolio Increased by £4.1 million or 0.6%
UK Portfolio Increased by £4.1 million or 0.6% Valuation improvement driven by Nova Properties Investment 31 Dec 24 2 31 Dec 25 31 Dec 25 Against 31 Dec 24 Cap Rates as at Properties1 31 Dec 25 Variance Variance ($) (%) UK Nova Properties £395.0M £398.2M £1,369 psf £3.2M 0.8% 5.39% (50%) 3 The Minst