Slide 1: 3Q 2024 Key Business and Operational Updates
3Q 2024 Key Business and Operational Updates 22 October 2024
Slide 2: Content
Content 1. 9M 2024 Key Highlights - Pg 3 4. Market Review – Pg 16 2. Financial Highlights 5. Additional Information – Pg 5 – Pg 21 3. Portfolio Review – Pg 8 2 BLUE STREET, SYDNEY © Keppel REIT 2
Slide 3: 9M 2024 Key Highlights
9M 2024 Key Highlights Property Income Net Property Income $193.7m $148.5m +12.3% y-o-y +10.8% y-o-y $193.7m $148.5m $134.0m $172.6m 9M 2023 9M 2024 9M 2023 9M 2024 % Aggregate All-in Borrowings on Leverage Interest Rate Fixed Rates 41.9% 3.38% p.a. 68% KEPPEL BAY TOWER, As at 30 Sep 2024 For 9M 202
Slide 4: 9M 2024 Key Highlights
9M 2024 Key Highlights Higher Portfolio Committed Occupancy 97.6 % vs 97.0% as at 30 Jun 2024 Long Portfolio WALE 4.6 years (1) Top 10 tenants’ WALE at 8.2 years(1) Robust Rental Reversion +10.2 % Proactive Leasing Strategy ~ 869,100 sf Total leases committed in 9M 2024 KR GINZA II, © Keppel REIT TO
Slide 5: Financial Highlights
02 Financial KEPPEL BAY TOWER, SINGAPORE Highlights 5
Slide 6: Higher Property Income Supported by Strong Operational Performance and Contributions
Higher Property Income Supported by Strong Operational Performance and Contributions from 2 Blue Street and 255 George Street • Property Income and NPI increased 12.3% and 10.8% year-on-year respectively due mainly to higher occupancy at Ocean Financial Centre and KR Ginza II, as well as contributio
Slide 7: Disciplined Capital Management
As at 30 Sep 2024 Disciplined Capital Management Interest Coverage Ratio (2) 3.0x Adjusted Interest Coverage Ratio(3) 2.7x • Aggregate leverage at 41.9% with 68% of borrowings All-in Interest Rate 3.38% p.a. on fixed rates Aggregate Leverage 41.9% • AUD, KRW and JPY denominated loans formed ~17%, We
Slide 8: Portfolio Review
03 Portfolio OCEAN FINANCIAL CENTRE, SINGAPORE Review 8
Slide 9: Diversified Portfolio of Prime Commercial Assets in Asia Pacific
Diversified Portfolio of Prime Commercial Assets in Asia Pacific $9.5b portfolio of prime quality assets anchored across different markets enhance income stability and long-term growth opportunities T Tower, Seoul 99.4% Interest Japan KR Ginza II, Tokyo South Korea 98.5% Interest Occ: 100.0% 3.1% 0.
Slide 10: Performance Breakdown by Geography
Performance Breakdown by Geography Singapore Portfolio North Asia Portfolio 9M 2024 191.3 9M 2024 10.7 NPI(1) 3.8% NPI(1) (S$m) (S$m) 15.5% 9M 2023 184.3 9M 2023 9.3 3Q 2024 98.9 3Q 2024 100.0 Committed Occupancy Committed Occupancy (%) (%) 2Q 2024 98.9 2Q 2024 100.0 Australia Portfolio Performance
Slide 11: 9M 2024 Portfolio Performance
9M 2024 Portfolio Performance (By Attributable Committed Gross Rent) Leases Committed by Geography Leases Committed by Type As at 30 Sep 2024 New, Singapore, 82.1% By Attributable Australia, By Attributable 42.5% 97.6% Committed 17.0% Committed Portfolio committed Renewal, Gross Rent 57.5% Gross Ren
Slide 12: Well-Spread Lease Expiry Profile
Well-Spread Lease Expiry Profile • Average signing rent for Singapore office leases(1) concluded in 9M 2024 was $12.93 psf pm, supported by healthy demand from diverse sectors for prime office space • Average expiring rents of Singapore office leases(2) (psf pm): $10.34 in 2024, $11.14 in 2025 and $
Slide 13: Established and Diversified Tenant Base
Established and Diversified Tenant Base (By Attributable Gross Rent) • Keppel REIT has a diversified tenant base of 487(1) • Top 10 tenants contribute 31.0% of committed tenants, many of which are established blue-chip attributable gross rent corporations Top 10 Tenants Tenant Business Sector % Stat
Slide 14: Updates on One Raffles Quay's Asset Enhancement Initiatives
Updates on One Raffles Quay’s Asset Enhancement Initiatives North Tower South Tower Upgraded Concierge Counter Refreshed Main Lobby Refurbished Seating Area South Tower Lobby Refurbished Seating Area Refreshed Lift Lobby Digital Directory Newly Installed Artwork © Keppel REIT 14
Slide 15: ESG Activities in 3Q 2024
ESG Activities in 3Q 2024 At Victoria Police Centre, a In support of Cancer Council’s complimentary bicycle servicing Daffodil Day, a donation drive exercise was extended to was hosted at 8 Exhibition tenants who rode bicycles to Street, where proceeds were work, with donations made to donated to th
Slide 16: Market Review
04 Market Review 255 GEORGE STREET, SYDNEY 16
Slide 17: 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 at 93.4% in 3Q 2024 Grade A Rent and Core CBD Occupancy Demand and Supply (million sf) 1.7 0.9 0.8 1.0 0.8 0.7 0.6 0.6 94.8% 95.8% 94.8% 95.1% 0.5 $15 93.8% 93.3% 94.7% 94.4%
Slide 18: Australia Office Market
Australia Office Market 96.0% 95.2% 87.5% 88.6% 85.3% 84.1% 84.6% 83.3% 84.5% 100% 90.4% 89.9% 84.0% Sydney CBD 1,500 1,200 1,032 1,045 80% North Sydney 1200 75.5% 79.9% 76.7% 78.4% 79.2% 79.9% 100% 90% 80% 930 919 955 956 961 982 70% 900 885 60% 900 729 688 651 670 693 686 673 670 60% 676 50% Prime
Slide 19: Seoul Office Market
Seoul Office Market • CBD Grade A vacancy remains low with occupancy at 97.2% in 3Q 2024 CBD Grade A Rent and Occupancy 97.0% 98.5% 98.3% 98.4% 97.2% 200,000 90.7% 89.2% 100% 86.7% 82.7% 160,000 80% 140,496 143,237 133,152 138,865 121,356 120,000 60% 92,325 97,572 98,926 91,656 80,000 40% 40,000 20%
Slide 20: Tokyo Office Market
Tokyo Office Market • Occupancy in Tokyo central 5 wards continues to be high in 3Q 2024 for Grade A office at 96.9% and Grade B office at 97.0% Tokyo Central 5 Wards Grade A Rent and Occupancy Tokyo Central 5 Wards Grade B Rent and Occupancy 99.6% 99.8% 99.1% 99.0% 99.4% 98.7% 97.8% 97.0% 97.0% 96.
Slide 21: Additional Information
2 BLUE STREET, SYDNEY 05 Additional Information 21
Slide 22: Portfolio Information: Singapore
Portfolio Information: Singapore As at Marina Bay Financial Ocean Financial Centre One Raffles Quay Keppel Bay Tower 30 Sep 2024 Centre(4) Attributable NLA 697,434 sf 1,018,104 sf 442,484 sf 386,224 sf Ownership 79.9% 33.3% 33.3% 100.0% BNP Paribas, DBS Bank, TikTok, Keppel, The Executive Centre, Pr
Slide 23: 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(3), T Tower, KR Ginza II, 30 Sep 2024 Street(4), Square, Park, Street(5), Centre, Justice Centre, Sydney Seoul Tokyo Sydney Sydney Sydney Melbourn
Slide 24: Singapore Portfolio Valuations (As at 30 June 2024)
Singapore Portfolio Valuations (As at 30 June 2024) Valuation based on Variance 31 Dec 2023 30 Jun 2024 30 Jun 2024 Cap Rate (%) attributable interest S$ % Ocean Financial Centre S$2,149.3m S$2,154.9m S$5.6m 0.3% S$3,090 psf 3.40 (79.9% interest) Towers 1 & 2, and S$1,794.0m S$1.0m 0.1% S$3,128 psf
Slide 25: Australia Portfolio Valuations (As at 30 June 2024)
Australia Portfolio Valuations (As at 30 June 2024) Valuation based on Local Currency (A$) Variance S$ Variance 30 Jun 2024 Cap Rate (%) attributable interest 31 Dec 2023 30 Jun 2024 A$ % 31 Dec 2023 30 Jun 2024 S$ % 2 Blue Street(1) A$18,578 A$287.0m A$263.5m A$(23.5m) (8.2) S$253.3m S$236.9m S$(16
Slide 26: North Asia & Total Portfolio Valuations (As at 30 June 2024)
North Asia & Total Portfolio Valuations (As at 30 June 2024) Valuation based on Local Currency (KRW/JPY) Variance S$ Variance 30 Jun 2024 Cap Rate (%) attributable interest 31 Dec 2023 30 Jun 2024 KRW/JPY % 31 Dec 2023 30 Jun 2024 S$ % T Tower(1) KRW 24.5m KRW 305.8b KRW 305.8b - - S$316.8m S$298.1m
Slide 27: 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 28: Well-Executed Portfolio Optimisation Strategy
Well-Executed Portfolio Optimisation Strategy Expanded footprint Expanded footprint to Australia: Expanded footprint to Japan: 77 King Street (100%), Sydney, and to South Korea: KR Ginza II (98.5%), 275 George Street (50%), Brisbane Acquired T Tower (99.4%), Seoul Tokyo - David Acquired Malcolm Acqu
Slide 29: 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’ • ISS Governance Risk Rating maintained at lowest risk level of “1” and ESG Corporate Rating maintained at “Prime” Sustainability s
Slide 30: Thank you
Thank you
Slide 31: 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