IREIT Global : 2024 Annual General Meeting

Important Notice

This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events. The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither IREIT Global Group Pte. Ltd. (the "Manager") or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of IREIT Global ("IREIT") is not indicative of the future performance of IREIT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of units in IREIT ("Units") and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST"). It is intended that unitholders of IREIT may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units.

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Agenda

Executing IREIT Strategy	4
Portfolio and Asset Management	9
FY2023 Financial Highlights	16
Looking Ahead	21

3

Executing

IREIT Strategy

Berlin Campus

4

Pure Play Western Europe-Focused REIT

Investing in real estate used primarily for office, retail and industrial (including logistics) purposes

Joint Sponsors:	Tikehau Capital, City
	Developments Limited
Portfolio:	Germany: 5 office properties
	France: 44 retail properties
	Spain: 4 office properties

France

23%

Retail

23%

Valuation

Awards and Accolades in 2023:

Platinum Award for "Best

Office REIT (Singapore)" (2)

Gold Award for "Best Investor Relations" (2)

Winner for Growth in Profit after Tax over 3 years (3)

€874.5m (1)

Office

77%

Spain

15%

Germany

62%

(1) Based on fair valuation as at 31 Dec 2023 (excluding Il∙lumina which was subsequently divested on 31 Jan 2024)

(2) Mar 2023: 8th Edition REITs Asia Pacific 'Best of the Breeds' REITs Awards 2023 (less than US$1bn market cap)

(3) Nov 2023: Edge Singapore Centurion Club 2023 Awards for S-REITs category (under S$1bn Market Cap)

5

Track Record Since Inception

Portfolio value increased by 201% since IPO to €874.5.0m as at 31 Dec 2023

KEY ACHIEVEMENTS

▪ Diversification through

acquisition and letting

activities

2014

2015

2016

4	€290.6m	•	First Singapore-listed REIT with investment strategy of investing in income-producing real estate in Europe
properties
5	€441.4m		• Berlin Campus was acquired for €144.2m
properties
5	€453.0m	• Tikehau Capital acquired a 80% stake in the Manager
properties

✓	Reduced rent exposure
	from DRV and DT from
	77.4% at end-2019 to
	37.4% at end-2023.
▪ Entry of joint sponsor
CDL
▪ Successful equity fund
raising with strong
investor participation
✓	S$345.4m (€237.5m)
	raised since 2020
▪ Secured low cost debt at
weighted average rate of
1.9%, with 96.5% of
borrowings hedged

2017

2018

2019

2020

2021

2022

2023 (1)

5

properties

5

properties

9

properties

9

properties

37

properties

37

properties

53

properties

€463.1m	•	One key tenant at Concor Park extended its lease for another 3 years, 1 year ahead of its lease expiry
€504.9m	•	Portfolio valuation surpassed the €500m mark
€630.2m		• Entered into a 40:60 joint venture with Tikehau Capital to acquire 100% of the Spanish portfolio
	•	CDL acquired 50% stake in the Manager, co-owning the Manager alongside Tikehau Capital
€719.6m	• Tikehau Capital and CDL jointly increased their combined stakes in IREIT to over 50%
•	Acquired the remaining 60% stake in the Spanish portfolio
€974.9m	• Acquired 27 retail properties in France, marking IREIT's foray into France and retail asset class
• Acquired a Grade A office building in Barcelona, Spain
€950.5m	• Established inaugural US$1bn multicurrency debt issuance programme in May 2022
• Secured a 6-year lease extension for 100% of Bonn Campus and a new 12-year major lease

for data centre space at Sant Cugat Green

• Acquired 17 retail assets in France for a purchase consideration of €76.8m

€874.5m • Secured 15-year new lease with German federal tenant for 25% of Darmstadt Campus

• Extended key leases at Berlin Campus, B&M Portfolio and Münster Campus

(1) Excluding Il∙lumina which was subsequently divested on 31 Jan 2024.

Acquisition and Divestment

Sharpening portfolio resilience with acquisitions and capital recycling activities in 2023

• Completed acquisition of 17 retail properties in France occupied by leading European discount retailer B&M Group ("B&M Portfolio") on 5 Sep 2023 at purchase consideration of €76.8m. (1)
• Further diversification into the resilient Retail Parks asset class and addition of a blue-chip tenant.

• Completed divestment of Il∙lumina, a Spanish office building, on 31 Jan 2024 at sale price of €24.5m, 6.1% above independent valuation as at 31 Dec 2023. (2)
• Net proceeds intended to be used for financing higher yielding assets or refurbishment of existing assets.

(1) Refer to announcement "Completion of acquisition of 17 retail properties in France and use of proceeds" dated 5 Sep 2023 for details.

(2) Refer to announcement "Completion of sale of Il∙lumina" dated 31 Jan 2024 for details.

7

Stable FY2023 Performance

Continued focus on maintaining portfolio resilience and healthy balance sheet

€49.9m	91.4% (1)	37.9%
Net Property Income	Portfolio Occupancy	Aggregate Leverage
+2.3% YoY	88.3% as at 31 Dec 2022	32.0% as at 31 Dec 2022
▪ Due mainly to addition	▪ Stable occupancy	▪ Due mainly to decline
of B&M Portfolio and	supported by addition	in portfolio valuation
other income from	of B&M Portfolio	as at 31 Dec 2023.
dilapidation cost	(100% occupied).
payable by tenant.

1.9%

Weighted Average Interest Rate

1.8% as at 31 Dec 2022

• No debt maturity until Jan 2026.
• 96.5% of all bank borrowings hedged.

(1) Excluding Il∙lumina which was divested on 31 Jan 2024. If Il∙lumina is included, the portfolio occupancy would have been 90.4%.

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Portfolio

and Asset

Management

B&M Tours (Saint-Cyr-sur-Loire)

9

Diversified Portfolio in Key European Markets (1)

53

Properties

425,116 sqm

Lettable Area

• €874.5mValuation (2)

€950.5m as at 31 Dec 2022

5

5 German Properties

Lettable Area (sqm)	201,103
Valuation (€ m) (2)	539.5
% of Portfolio	61.7%
Occupancy (%)	87.7%
WALE (years) (3)	3.4

44 French Properties

Lettable Area (sqm)	157,256
Valuation (2) (€ m)	203.0
% of Portfolio	23.2%

91.4%

Occupancy Rate

44

Germany

Occupancy	100%
WALE (years) (3)	7.6

4 Spanish Properties

88.3% as at 31 Dec 2022

4France

Lettable Area (sqm)	66,758
Valuation (€ m) (2)	132.0

4.9 years	Spain
WALE (3)
5.0 years as at 31 Dec 2022

% of Portfolio	15.1%
Occupancy (%)	82.1%
WALE (years) (3)	5.1

1. Excluding Il∙lumina which was divested on 31 Jan 2024
2. Based on fair valuations as at 31 Dec 2023

(3) Based on gross rental income as at 31 Dec 2023

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