Keppel Reit · SGX:K71U
Keppel Reit — 9M 2026 Earnings Presentation
36 slides from Keppel Reit's earnings presentation, Oct 28, 2026
Slide 1: 3Q 2026 Key Business and Operational Updates
3Q 2026 Key Business and Operational Updates 28 October 2026
Slide 2: Content
Content 1. Proposed Acquisition of 51.0% interest in Keppel South Central 3. Portfolio Review 2. Key Highlights 4. Market Review 5. 3. Financial Highlights 6. Additional Information 255 GEORGE STREET, SYDNEY 2
Slide 3: Proposed Acquisition of 51.0% interest in Keppel South Central
01 TO REPLACE Proposed Acquisition of 51.0% interest in Keppel South Central Please refer to the announcement dated 20 October 2026 titled "Proposed Acquisition of 51.0% interest in Keppel South Central”. Capitalised terms used herein, but not KEPPEL BAY TOWER otherwise defined, shall have the meani
Slide 4: Proposed Acquisition of 51.0% interest in Keppel South Central; reinforces Singapore market focus
Proposed Acquisition of 51.0% interest in Keppel South Central; reinforces Singapore market focus • Keppel South Central is a newly completed, 33-storey Grade A commercial building located in the heart of Tanjong Pagar, Singapore comprising 522,500 sq ft of NLA. • Reinforces Keppel REIT’s leading po
Slide 5: Stability of Income Backed by Committed Leases with Rental Growth Potential
Stability of Income Backed by Committed Leases with Rental Growth Potential Arrangement(1) for up to 5 years from Completion, or until occupancy and income thresholds are met POSITIVE LEASING PROGRESS WITH Adjusted Net RENTS ABOVE ASSUMPTIONS Property Income Committed occupancy stood at approximatel
Slide 6: Acquisition Cost & Funding Mix
Acquisition Cost & Funding Mix • The Manager will retain full flexibility over the final funding mix and available debt facilities are more than sufficient for completion. Any equity financing, if undertaken, will be up to $100 million. • The Manager has voluntarily waived 50% of the Acquisition Fee
Slide 7: 9M 2026 Key Highlights
02 9M 2026 KEPPEL BAY TOWER SINGAPORE Key Highlights 7
Slide 8: 9M 2026 Key Highlights
9M 2026 Key Highlights Strong financial performance supported by positive organic portfolio growth DI from Operations NPI Share of Results of Joint Ventures(1) $179.9m $181.8m $124.2m $179.9m $181.8m $144.6m $161.3m $124.2m $93.2m 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 Prudent capital manag
Slide 9: 9M 2026 Key Highlights
9M 2026 Key Highlights High Portfolio Strong Long Proactive Committed Occupancy Rental Reversion Portfolio WALE(1) Leasing Strategy 96.0 % 12.0 % 4.5 ~1.6m sf years As at 30 Sep 2026 for 9M 2026 As at 30 Sep 2026 of leases committed for 9M 2026 $ (1) Based on attributable committed gross rent. © Kep
Slide 10: Distribution of $15 million of Divestment Proceeds to Unitholders
Distribution of $15 million of Divestment Proceeds to Unitholders • Recent portfolio divestments demonstrate our disciplined approach to portfolio optimisation, while maintaining financial flexibility for future growth. • Up to $25 million of net sale proceeds from the divestments will be used to un
Slide 11: Financial Highlights
03 Financial TOP RYDE CITY SHOPPING CENTRE, SYDNEY Highlights 11
Slide 12: Higher NPI and Share of JV Results Driven by Contributions from Top Ryde City
Higher NPI and Share of JV Results Driven by Contributions from Top Ryde City Shopping Centre and MBFC Tower 3 Additional Interest • Property Income and NPI increased due mainly to contributions from Top Ryde City Shopping Centre • Share of results of joint ventures increased due mainly to an additi
Slide 13: Disciplined Capital Management
Disciplined Capital Management • AUD, KRW and JPY denominated loans formed ~14%, ~3% and ~1% of total borrowings(1) respectively • Sustainability-focused funding constituted 76% of total borrowings(1) As at 30 Sep 2026 Weighted Average Cost of Debt (9M 2026) 3.32% p.a. Aggregate Leverage 40.5% Weigh
Slide 14: Well-Spread Debt Maturity Profile
Well-Spread Debt Maturity Profile • Well-staggered debt maturity profile, with all refinancing requirements for 2026 completed • Issued S$200m 2.6% fixed-rate notes due 2033 in 3Q 2026 to refinance S$200m 3.72% fixed-rate notes due in 4Q 2026, reducing funding costs and extending maturities. Debt Ma
Slide 15: Portfolio Review
04 Portfolio MARINA BAY FINANCIAL CENTRE, SINGAPORE Review 15
Slide 16: Diversified Portfolio of Prime Commercial Assets
Diversified Portfolio of Prime Commercial Assets 13 Assets | AUM: $11.7b Seoul Portfolio by Region Seoul Interest Occupancy Singapore 79.2% T Tower(1) 99.4% 100.0% Australia 18.4% South Korea 2.4% Singapore Interest Occu- pancy Ocean Financial Centre 79.9% 95.2% Singapore Sydney Interest Occupancy 2
Slide 17: Performance Breakdown by Geography
Performance Breakdown by Geography Singapore Portfolio Seoul Portfolio(2) 9M 2026 242.8 9M 2026 8.4 Attributable NPI(1) 23.1% Attributable NPI -7.3% (S$m) (S$m) 9M 2025 197.2 9M 2025 9.1 3Q 2026 97.5 3Q 2026 100.0 Committed Occupancy Committed Occupancy (%) (%) 2Q 2026 98.1 2Q 2026 92.1 Australia Po
Slide 18: 9M 2026 Portfolio Performance
9M 2026 Portfolio Performance (By Attributable Committed Gross Rent) Leases Committed by Geography(1) Leases Committed by Type(1) As at 30 Sep 2026 Australia, Singapore, By Attributable 16.9% Renewal, By Attributable New, 96.0% 80.7% Committed 74.3% Committed 25.7% Portfolio committed Gross Rent Gro
Slide 19: Well-Staggered Lease Expiry Profile
Well-Staggered Lease Expiry Profile • Average signing rent for Singapore office leases(1) concluded in 9M 2026 was $13.27 psf pm, supported by healthy demand from diverse sectors for prime office space • Average rent of expiring leases for Singapore office leases(2) (psf pm): $11.94 in 2026, $11.44
Slide 20: Diversified and Established Tenant Base
Diversified and Established Tenant Base (By Attributable Committed Gross Rent) • Keppel REIT has a diversified tenant base of 710(1) • Top 10 tenants, mainly established blue-chip tenants corporations and government agencies, contribute 29.3% of attributable committed gross rent Top 10 Tenants Tenan
Slide 21: ESG Activities in 3Q 2026
ESG Activities in 3Q 2026 Ocean Financial Centre hosted an interactive booth designed to support workers’ emotional health and stress management through engaging educational activities. The booth drew a total of 446 participants across 3 days. 8 Exhibition Street hosted Daffodil Day, where proceeds
Slide 22: Market Review
ONE RAFFLES QUAY, SINGAPORE 05 Market Review 22
Slide 23: Singapore Office Market
Singapore Office Market • Core CBD (Grade A) office rents increased to $12.75 psf pm with occupancy in CBD Core (Grade A) higher at to 97.4% in 3Q 2026 Core CBD (Grade A) Occupancy and Rent Demand and Supply (million sf) 1.9 0.8 0.8 0.6 0.5 0.6 0.4 0.4 95.8% 96.5% 95.1% 95.5% 96.7% 96.7% 97.4% 0.2 0
Slide 24: Australia Office Market
Australia Office Market 1,800 88.6% 85.3% 84.1% 83.6% 83.9% 84.2% 85.5% 85.6% 86.7% 86.6% 86.9% 100% 79.9% 84.0% 76.7% 82.1% 83.6%84.0%83.5% Sydney CBD 1,500 North Sydney 1200 72.4%72.1%72.1% 75.4% 90% 100% 1,067 1,084 1,126 1,135 1,156 80% 80% 1,200 1,038 1,048 70% 885 919 955 993 60% 900 651 670 6
Slide 25: Australia Retail Market
Australia Retail Market Aug 2026 Seasonally Adjusted | billions 2018 2019 2022 2023 2024 2025 YTD Discretionary Household Spending A$426 A$424 A$518 A$562 A$573 A$596 A$417 Non-Discretionary Household A$233 A$237 A$274 A$296 A$310 A$327 A$228 Spending Total Household Spending A$658 A$661 A$792 A$858
Slide 26: Sydney retail market
Sydney retail market Sydney’s Regional & Sub-regional Retail Supply1 Sydney | New supply of regional & sub-regional centres • The new supply of regional and sub-regional retail in Sydney is below the historical average 80,000 sqm • New upcoming supply of regional retail properties is driven by 70,00
Slide 27: Additional Information
2 BLUE STREET, SYDNEY 06 Additional Information 27
Slide 28: Continued Focus on ESG Excellence to Attract Quality Tenants
Continued Focus on ESG Excellence to Attract Quality Tenants ESG Benchmarks • ISS Governance Risk Rating maintained at lowest risk level of “1” and ESG Corporate Rating maintained at “Prime” status Sustainability- • GRESB 2026 Assessment – achieved higher year-on-year score and retained 4-star ratin
Slide 29: Portfolio Information: Singapore
Portfolio Information: Singapore As at Ocean Financial Centre Marina Bay Financial Centre(4) One Raffles Quay Keppel Bay Tower 30 Sep 2026 Attributable NLA 697,194 sf 1,460,484 sf 442,135 sf 383,948 sf Ownership 79.9% 33.3%(5), 66.7%(6) 33.3% 100.0% The Executive Centre, DBS Bank, TikTok, Keppel, Pr
Slide 30: Portfolio Information: Australia and South Korea
Portfolio Information: Australia and South Korea As at 8 Chifley Pinnacle Office Top Ryde City 8 Exhibition Victoria Police David Malcolm 255 George 2 Blue Street, T Tower, 30 Sep 2026 Square, Park, Shopping Street(3), Centre, Justice Centre, Street, Sydney Sydney Seoul Sydney Sydney Centre, Sydney
Slide 31: 9M 2026 Portfolio Performance
9M 2026 Portfolio Performance (By Attributable Committed NLA) Leases Committed by Geography (1) Leases Committed by Type (1) As at 30 Sep 2026: By 96.0% Singapore, Renewal, Attributable New, Portfolio committed 73.6% Australia, 74.0% Committed 26.0% occupancy By 22.2% NLA Attributable Committed NLA
Slide 32: Diversified and Established Tenant Base
Diversified and Established Tenant Base (By Attributable Committed NLA) • Keppel REIT has a diversified tenant base of 710(1) • Top 10 tenants occupy 30.5% of attributable committed tenants NLA Top 10 Tenants Tenant Business Sector % Banking, insurance and financial services 30.6 State of Victoria 7
Slide 33: 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 Portfolio through strategic acquisitions and divestments Optimisation • Provide income stability and long-term capital appreciation of portfolio,
Slide 34: Well-Executed Portfolio Optimisation Strategy
Well-Executed Portfolio Optimisation Strategy In 2022, Divested Acquired expanded - KR Ginza II, Tokyo Victoria Police Centre (50%), Listed on SGX Acquired footprint to Purchase: JPY 8.83b - 8 Chifley Square (50%), Sydney Melbourne >$600m Japan: Sale: JPY 11.3b (+28%) Portfolio Value - Ocean Financi
Slide 35: Thank you
Thank you 35
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