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CONFIGURED for GROWTH Report to Unitholders 2013 Vision Contents

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CONFIGURED for GROWTH Report to Unitholders 2013 Vision Contents CONFIGURED FOR GROWTH Report to Unitholders 2013 Vision Contents To be a successful commercial OVERVIEW GOVERNANCE & SUSTAINABILITY real estate investment trust 1 Key Figures for 2013 72 Sustainability Report with a sterling portfolio 2 Financial Highlights 73 Letter to Our Stakeholders of assets pan-Asia. 3 Quarterly Results Sustaining Growth 4 Corporate Profile 74 Corporate Governance 5 Strategic Direction 92 Risk Management 6 Chairman’s Statement 94 Environmental Responsibility 10 Trust Structure Empowering Lives Mission 11 Organisation Structure 96 Safety and Health 12 Board of Directors 97 People Development To deliver stable and sustainable 17 Present and Past Directorships Nurturing Communities returns to Unitholders by 18 The Manager 98 Community Relations continually enhancing our assets 22 Milestones and expanding our portfolio. 23 Investor Relations OTHER INFORMATION 100 Corporate Information OPERATIONS & MARKET REVIEW 26 Office Market Review FINANCIAL STATEMENTS 30 Singapore REIT Sector 102 Report of the Trustee 34 Configured for Growth 103 Statement by the Manager 36 Property Portfolio 104 Independent Auditors’ Report 42 – At a Glance 105 Balance Sheets – Singapore 106 Statement of Total Return 44 - Ocean Financial Centre 107 Distribution Statement 46 - Marina Bay Financial Centre 108 Portfolio Statement Phase One 111 Statements of Movements 48 - One Raffles Quay in Unitholders’ Funds 50 - Prudential Tower 114 Statement of Cash Flows 52 - Bugis Junction Towers 116 Notes to the Financial Statements – Australia 169 Additional Information 54 - 8 Chifley Square 170 Unit Price Performance 56 - 77 King Street Office Tower 58 - 8 Exhibition Street 172 Statistics of Unitholdings 60 - 275 George Street 174 Notice of Annual General Meeting 62 - Office tower on the Proxy Form Old Treasury Building site 64 Financial Review CONFIGURED FOR GROWTH Constantly shaping itself for the future, Keppel’s drive for sustainable growth finds expression in the tangram, a symbol of flexibility and potential. CONFIGURED FOR GROWTH Key Figures for 2013 Distributable Income Distribution Per Unit (DPU) $214.0m 7.88 cents 1 Rose 6.0% year-on-year to Grew by 1.4% year-on-year $214.0 million due to higher net to 7.88 cents. property income and share of results of associates. Net Property Income Distribution Yield $138.3m 6.6% 2 Improved to $138.3 million as a result of Grew by 10% from 31 December 2012. contribution from new acquisitions and higher occupancy levels. Share of Results of Associates Weighted Average All-in Interest Rate $62.1m 2.15% Increased 32.6% to $62.1 million due to Was 2.02% for FY 2012. higher income contributions from the one-third interests in Marina Bay Financial Centre Phase One and One Raffles Quay. Assets Under Management Net Asset Value Per Unit $7.2b $1.38 Grew 10.4% to $7.2 billion due to Increased to $1.38 in 2013 from new acquisitions and higher capital $1.30 a year ago. values of properties. 1 DPU based on the sum of 1.97 cents for each quarter in 2013 announced during the fi nancial results. 2 Distribution yield based on 7.88 cents DPU and market closing price of $1.185 per unit on 31 December 2013. Key Figures for 2013 1 Financial Highlights Actuals for the fi nancial year ended 31 December 2013 2012 Change $’000 $’000 % Property income 174,043 1 156,870 2 10.9 Net property income 138,294 124,660 10.9 Share of results of associates 3 62,134 46,844 32.6 Interest income and rental support 109,826 4 115,667 5 (5.0) Distributable income 214,043 201,899 6.0 Balance Sheet as at 31 December 2013 2012 Change $’000 $’000 % Total assets 6,775,539 6,139,472 10.4 Total liabilities 2,876,568 2,673,504 7.6 Unitholders' funds 3,896,993 3,464,157 12.5 Total borrowings (gross) 6 3,030,824 2,800,545 8.2 Value of deposited properties 7,200,498 6,521,406 10.4 Market capitalisation ($'000) 7 3,303,403 3,407,378 (3.1) Net asset value per unit ($) 1.40 1.32 6.1 Adjusted net asset value per unit ($) 1.38 1.30 6.2 – excluding distributable income Financial Ratios 2013 2012 Change % Distribution per unit (DPU) (cents) 7.88 8 7.77 9 1.4 Distribution yield (%) 6.6 6.0 10.0 Aggregate leverage (%) 42.1 42.9 (1.9) Interest coverage ratio (times) 5.50 5.20 5.8 All-in interest rate (%) 2.15 2.02 6.4 Management expense ratio (%) 1.38 1.32 4.5 1 Property income in 2013 comprised of property income from Bugis Junction Towers, 99.9% interest in Ocean Financial Centre (the Ocean Financial Centre Interest), 92.8% interest in Prudential Tower, 50% interest in 275 George Street (the 275 George Street Interest), 77 King Street Offi ce Tower and 50% interest in 8 Exhibition Street (the 8 Exhibition Street Interest). 2 Property income in 2012 comprised of property income from Bugis Junction Towers, the Ocean Financial Centre Interest, 92.8% interest in Prudential Tower, the 275 George Street Interest and 77 King Street Offi ce Tower. 3 Share of results of associates comprised Keppel REIT’s one-third share of the net profi t after tax of One Raffl es Quay Pte Ltd (ORQPL) and BFC Development Limited Liability Partnership (BFCDLLP). 4 Rental support in 2013 comprised of rental support from vendors of the respective 19.4% and 29% interests in Prudential Tower, the 77 King Street Offi ce Tower, one-third interest in BFCDLLP, and the Ocean Financial Centre Interest. Interest income in 2013 included contribution from the 50% interest in 8 Chifl ey Square (the 8 Chifl ey Square Interest) and 50% interest in the new offi ce tower to be built on the Old Treasury Building site in Perth. 5 Rental support in 2012 comprised of rental support from vendors of the respective 19.4% and 29% interests in Prudential Tower, the 275 George Street Interest, 77 King Street Offi ce Tower, respective one-third interests in ORQPL and BFCDLLP, and the Ocean Financial Centre Interest. Interest income in 2012 included contribution from the 8 Chifl ey Square Interest. 6 Including Keppel REIT’s share of deferred payments in relation to the development of Ocean Financial Centre carpark and retail podium, and share of borrowings carried at ORQPL. 7 Based on closing unit price as at the last trading day for the fi nancial year. 8 7.88 cents total DPU for FY 2013 is based on 1.97 cents, 1.97 cents, 1.97 cents and 1.97 cents announced during the 1Q 2013, 2Q 2013, 3Q 2013 and 4Q 2013 results announcements respectively. 9 7.77 cents total DPU for FY 2012 is based on 1.90 cents, 1.94 cents, 1.96 cents and 1.97 cents announced during the 1Q 2012, 2Q 2012, 3Q 2012 and 4Q 2012 results announcements respectively. 2 Keppel REIT Management Limited Report to Unitholders 2013 CONFIGURED FOR GROWTH Quarterly Results Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Year $'000 % $'000 % $'000 % $'000 % $'000 Distributable income 2013 52,216 24 52,828 25 54,079 25 54,920 26 214,043 2012 48,544 24 49,811 25 51,685 25 51,859 26 201,899 Property income 2013 41,432 24 41,167 24 43,952 25 47,492 27 174,043 2012 36,588 23 39,285 25 40,200 26 40,797 26 156,870 Net property income 2013 34,418 25 32,249 23 34,277 25 37,350 27 138,294 2012 28,509 23 31,269 25 32,083 26 32,799 26 124,660 Share of results of associates 2013 14,198 23 16,173 26 15,999 26 15,764 25 62,134 2012 11,230 24 10,862 23 12,709 27 12,043 26 46,844 Distribution per unit (DPU) For the Annual- For the Annual- For the Annual- For the Annual- cents Period ised Period ised Period ised Period ised 2013 1.97 7.99 1.97 7.90 1.97 7.82 1.97 7.82 7.88 2012 1.90 7.64 1.94 7.80 1.96 7.80 1.97 7.84 7.77 Quarterly Results 3 Corporate Profile Keppel REIT was listed by way of Marina Bay Financial Centre Phase an introduction on 28 April 2006. One (comprising Towers 1 and 2 and Today, Keppel REIT is one of the Marina Bay Link Mall), a one-third largest real estate investment trusts interest in One Raffles Quay, listed on the Singapore Exchange a 92.8% interest in Prudential Tower, Securities Trading Limited. and Bugis Junction Towers. Keppel REIT’s objective is to In Australia, Keppel REIT owns generate stable income and five premium commercial assets, long-term growth for Unitholders which comprises a 50% interest in by owning and investing in a portfolio 8 Chifley Square and 77 King Street of quality income-producing Office Tower in Sydney, a 50% interest commercial real estate and real in the office building at 8 Exhibition estate-related assets pan-Asia. Street in Melbourne, a 50% interest in 275 George Street in Brisbane, As at 31 December 2013, Keppel REIT as well as a 50% interest in the has an asset size of approximately new office tower to be built on $7.2 billion comprising 10 premium the Old Treasury Building site commercial assets strategically in Perth. located in the central business districts of Singapore and key cities Keppel REIT is sponsored by of Sydney, Melbourne, Brisbane Keppel Land Limited (Keppel Land), and Perth in Australia.
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