Suntec Real Estate Investment Trust : Citi Asia Pacific Property Conference 2024

SUNTEC REIT

BUSINESS

UPDATES

For the Quarter ended 31 March 2024

Citi Asia Pacific Property Conference 2024 24 - 25 June 2024

Agenda

03	18
1Q 24 Financial Overview	Singapore Office Portfolio Performance
04	28
1Q 24 Operational Overview	Australia Portfolio Performance
05	32
Financial Highlights	UK Portfolio Performance
15	35
Capital Management	Singapore Retail Portfolio Performance
	42
	Suntec Convention Performance

45

Our ESG Commitment

48

Looking Ahead

Suntec City Office, Singapore

1Q 24 Financial Overview

Distributable Income	Distribution Per Unit	Capital Management
from Operations1 to	from Operations1 to	Refinanced
Unitholders	Unitholders	$950 million
$44.0 million	1.511 cents	due in FY 2024 & FY 2026
Interest savings of
-1.1%y-o-y	-1.8%y-o-y	~32 basis points

(~$3.1M per annum)

Note:
1. Excluding capital distribution	3

1Q 24 Operational Overview

Portfolio Committed Occupancy

Portfolio WALE

95.1%	95.5%	4.2
				2.2
Office Portfolio	Retail Portfolio		Office Portfolio	Retail Portfolio

Work Done

222,600 sq ft

Office Portfolio

Retail Portfolio

80%	20%
69%	31%
Renewal Leases		New Leases

4

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

Portfolio Performance Remained Resilient

Gross Revenue (S$ mil)

1.1M or 1.0%

108.7 109.8

NPI (S$ mil)

JV Income1 (S$ mil)

(2.9M or 3.8%)

Mainly due to:

Gross Revenue & Net Property Income:

Stronger operating performance from Suntec City Office, Mall and Suntec Convention

Lower contribution from 55 Currie Street (Adelaide) and 177 Pacific Highway (Sydney)

Lower contribution from The Minster Building (London)

JV Income:

76.3 73.4

2.0M or 8.8%

Stronger operating performance at MBFC Properties and One Raffles Quay

Higher contribution from Nova Properties (London)

22.8 24.8

1Q 23

1Q 24

1Q 23

1Q 24

1Q 23

1Q 24

Lower contribution from Southgate Complex (Melbourne)

Weaker AUD against SGD

Note:

1. Ownership interest of 33.3% for One Raffles Quay and MBFC Properties, 50.0% for Southgate Complex and Nova Properties.

6

DI and DPU from Operations Remained Resilient

DI and DPU from Operations Declined Slightly by 1.1% and 1.8% Respectively

Distributable Income (S$ mil)

50.3	(6.3M or 12.5%)

DPU (SG cents)

Mainly due to:

	5.8	44.0
	44.5
		44.0
	1Q 23		1Q 24

1.737	(0.226 ¢ or 13.0%)
1.511
0.199
1.538	1.511
1Q 23	1Q 24

Completion of capital distribution ($5.8m)

Higher financing cost ($2.4m)

Vacancies at 55 Currie Street, Southgate Complex and The Minster Building

Better operating performance from Suntec City Office, Suntec City Mall, MBFC Properties, One Raffles Quay and Nova Properties

Dividend contribution from Suntec Convention

Capital Distribution

7

Distribution Payment

Distribution Payment

Distribution Period

1 Jan 2024 - 31 Mar 2024

Amount (cents/unit)

1.5111

Ex-date	3 May 2024
Record date	6 May 2024
Payment date	30 May 2024

Note:

1. The Manager continues to receive 50% of its asset management fees in units and balance in cash in 1Q 2024.

8

Singapore Office Portfolio

Singapore Office Portfolio Revenue and NPI Remained Stable

Stronger JV Income from Higher Occupancy and Rent

Gross Revenue (S$ mil)

0.4M or 1.1%

36.0 36.4

NPI (S$ mil)

27.3 27.3

JV Income (S$ mil)

1.7M or 11.3%

15.1 16.8

Mainly due to:

Gross Revenue & Net Property Income:

Higher occupancy and rent at Suntec City Office offset by higher property tax

JV Income:

Higher occupancy and rent at One Raffles Quay and MBFC Properties

1Q 23

1Q 24

1Q 23

1Q 24

1Q 23

1Q 24

9

Australia Portfolio

Australia Portfolio Impacted by Vacancies, Incentives and Interest Expense

	Gross Revenue (A$ mil)		NPI (A$ mil)		JV Income (A$ mil)
	(1.7M or 6.5%)
				(2.7M or 12.9%)
26.3	24.6		21.0	18.3		(1.1M or 52.4%)
						2.1	1.0
	1Q 23	1Q 24	1Q 23	1Q 24	1Q 23	1Q 24

Mainly due to:

Gross Revenue & Net Property Income:

Lower occupancy at 55 Currie Street

Incentives at 177 Pacific Highway

Higher occupancy at 177 Pacific Highway and 21 Harris Street (Sydney)

Gross Revenue (S$ mil)

(2.3M or 9.6%)

23.9 21.6

NPI (S$ mil)

(3.0M or 15.7%)

19.1 16.1

JV Income (S$ mil)

(1.1M or 57.9%)

1.9 0.8

JV Income:

Higher interest expense at Southgate Complex Higher incentives

Weaker AUD against SGD1

1Q 23

1Q 24

1Q 23

1Q 24

1Q 23

1Q 24

Note:	10
1. Based on exchange rates of S$0.8807 = A$1.00 for 1Q 24 and S$0.9093 = A$1.00 for 1Q 23