Kore Us Reit · SGX:CMOU
Kore Us Reit — Keppel Pacific Oak US REIT — Investor Presentation (June 2021)
25 slides from Kore Us Reit's investor presentation, Jun 1, 2021
Slide 1: Presentation for Phillip Securities
Keppel Pacific Oak US REIT Presentation for Phillip Securities 1 June 2021 Keppel
Slide 2: 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 3: Overview
Overview Tenant lounge at The Westpark Portfolio Redmond, Seattle, Washington
Slide 4: About Keppel Pacific Oak US REIT (KORE)
Indoor courtyard, Great Hills Plaza,Austin, Texas About Keppel Pacific Oak US REIT (KORE) Distinctive US office REIT focused on key growth markets significantly driven by tech and innovation growth markets Benefitting from Unique exposure : . to key US solid US office Tax advantaged real estate stru
Slide 5: Successful Execution of Growth Strategy
Successful Execution of Growth Strategy 9 Nov Jan 2017 2019 Listed on SGX Portfolio value: US$0.83b IPO with 11 office buildings and business campuses across 7 key growth markets Maiden acquisition of The Westpark Portfolio in Redmond, Seattle, Washington Nov 2018 KG sta) Pacific Oak US REIT Acquire
Slide 6: Magnet Cities for Businesses and Individuals
Magnet Cities for Businesses and Individuals Popular in-migration destinations due to attractive lifestyle, culture and employment opportunities Y Low or no taxes in most markets v GDP, employment and population growth above national average v Highly-educated workforce Y Amenity-rich locations Y Goo
Slide 7: Portfolio of Properties 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 8: 1Q 2021 Key Business and Operational Updates
1Q 2021 Key Business and Operational Updates Tenant space at The Westpark Portfolio Redmond, Seattle, Washington
Slide 9: 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 10: Robust Financial Position and Healthy Aggregate Leverage
Robust Financial Position and Healthy Aggregate Leverage 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 . 100% of Loans Unsecured 28.6% 24.7% 22.8% Available Facil
Slide 11: Lease expiry profile (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 12: 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 13: Low Tenant Concentration Risk
As at 31 March 2021 Low Tenant Top 10 Tenants Sector Asset % of CRI I Ball Aerospace Technolo: Westmoor Center Sul Concentration E sy Lear Technology The Plaza Buildings 2.8 R Is k Oculus VR Technology The Westpark Portfolio 2.4 Zimmer Biomet Spine Technology Westmoor Center 2.0 Top 10 tenants Spect
Slide 14: Market Outlook
Market Outlook Westmoor Center Denver, Colorado
Slide 15: US Economy: Recovery Apace
US Economy: Recovery Apace Continued resumption of economic activity in1Q 2021 * US Real GDP increased 6.4% q-o-q in % GDP Growth % Labour Force Participation Rate 1Q 2021 reflecting the continued 40 66 economic recovery, reopening of establishments, and continued 30 65 government response related t
Slide 16: Gradual Return to the Workplace
Gradual Return to the Workplace * Progress in vaccinations and the removal of COVID-19 restrictions are raising confidence and optimism. * Select companies are accelerating their return-to-office plans. People Vaccinated in the US Employee Office Visits (% of total Population)” (week ending 21 April
Slide 17: 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 2019%) 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 18: 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 19: 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 20: Tech Firms Signed Some of the Largest Leases in 2020
Tech Firms Signed Some of the Largest Leases in 2020 Pele ttsia) © Bought REI’s 400,000 sf HQ in Sep 2020, expanding its Bellevue, Seattle area footprint to over 3m sf”) * Signed a 730,000 sf lease at the James A. Farley Building in Midtown Manhattan, New York'2) amazon * Pre-leased 555 Tower and We
Slide 21: Committed to Deliver
Committed to Deliver 100% unsecured debt, low aggregate leverage of 37.5% with no long-term refinancing requirements until November 2022. Positive average rental reversion of 5.7%, driven mainly by rent growth in Seattle - Bellevue/Redmond and Austin. OF Healthy committed occupancy of 91.6% and WALE
Slide 22: Thank You / Our Sustainability Commitment
Thank Y u OUR SUSTAINABILITY COMMITMENT We place sustainability at the heart of our strategy and are committed to For more information, delivering sustainable distributions and strong total returns for Unitholders. please visit www.koreusreit.com Connect with us on: in| RESPONSIBLE BUSINESS The long
Slide 23: Additional Information
Additional Information Westech 360 Austin, Texas
Slide 24: Trust Structure
Trust Structure v Tax-efficient structure for holding US properties * No US corporate tax (21%) and US withholding tax (30%) * No Singapore corporate tax (17%) and Singapore withholding tax (10%) * Subject to limited tax v Leverage Sponsors' expertise and resources to optimise returns for Unitholder
Slide 25: Strong Sponsors: Keppel Capital and KORE Pacific Advisors
Strong Sponsors: Keppel Capital and KORE Pacific Advisors Fy] Capital AR vce oni * Asset management arm of Keppel Corporation * Established commercial real estate investment and a premier manager in Asia manager in the US * US$28 billion” * US$4.0 billion Global assets under management as at end-202
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