KORE US REIT (CMOU) investor relations material

Executive summary

• Achieved record first-half leasing of over 550,000 sq ft (11.5% of portfolio NLA), reducing near-term lease expiries and supporting occupancy at 85.3% as of 30 June 2026.

• Net property income rose 6.1% year-over-year to US$43.1 million for 1H 2026, with income available for distribution up 2.1% to US$20.4 million.

• Distribution of 0.40 US cents per unit declared for 1H 2026, resuming after suspension under the Recapitalisation Plan, with a payout ratio of ~21%.

• Focused on amenity-led, tenant-centric office demand in high-growth, business-friendly US markets, with asset enhancements and spec suite initiatives supporting leasing momentum.

• Portfolio consists of 13 freehold office properties in key US growth markets, valued at approximately US$1.3 billion as of 30 June 2026.

Financial highlights

• Gross revenue for 1H 2026 was US$76.6 million, up 2.8% year-over-year; adjusted NPI rose 10.2% to US$45.6 million due to higher one-off termination fees and rental income.

• Net income increased 71.4% to US$20.1 million compared to 1H 2025.

• Finance and trust expenses rose 8.6% year-over-year due to higher finance costs after interest rate swaps expired.

• Aggregate leverage stood at 43.3% and interest coverage ratio at 2.5x as of 30 June 2026.

• Weighted average term to debt maturity was 1.7 years, with 58.2% of borrowings hedged via swaps.

Outlook and guidance

• Distribution payout ratio expected to progressively increase, with distribution quantum likely to remain consistent in 2H 2026, subject to market and financing conditions.

• Targeting year-end 2026 occupancy around 87%, in line with 2025, despite known vacates.

• US economic outlook remains resilient with projected GDP growth of 3.0% in 2026 and 3.4% in 2027.

• US office market shows gradual recovery, with vacancy declining to 20.1% and net absorption at its highest since 2020.

• Portfolio optimization, including selective divestments, is under consideration to support debt reduction or redeployment.