Keppel REIT - CGS-CIMB Research 2023-10-17: Robust Operational Performance

• In its 9M23 business update, Keppel REIT (SGX:K71U) reported a 5% rise in 9M23 revenue to S$172.6m, but NPI grew by a smaller 1% y-o-y to S$134m due to higher property expenses including utilities cost and property taxes.
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Higher take-ups in Australia and Japan boost occupancy

• Portfolio occupancy increased 100bp q-o-q in 3Q23 to 95.9% (97.9% excluding the newly-completed Blue & William in Australia), with take-up at 8 Chifley Square and KR Ginza II rising 9.7% and 38.2% points, respectively, to 97.1% and 74.5%, while occupancy at Blue & William increased 4.8% points to 42.5%.
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Expect low-to-mid single-digit rental reversions for FY24

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LOCK Mun Yee CGS-CIMB Research | Natalie ONG CGS-CIMB Research | https://www.cgs-cimb.com 2023-10-17 SGinvestors.io

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