Keppel REIT - OCBC Investment 2023-10-18: Improved Occupancy But Softer Market Rental Outlook

Keppel REIT - Improved Occupancy But Softer Market Rental Outlook

Keppel REIT (SGX:K71U) | SGinvestors.ioKeppel REIT (SGX:K71U)
  • Keppel REIT (SGX:K71U)’s 9M23 property income and net property income attributable to unitholders rose 5.0% and 0.3% y-o-y to S$172.6m and S$120.4m, respectively.

9M23 distributable income fell 1.1% y-o-y to S$163.6m but was in-line with our expectations

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  • 9M23 distributable income formed 73.7% of our initial FY23 forecast.

Improved occupancy

  • Keppel REIT’s portfolio committed occupancy improved by 1.0 ppt q-o-q to 95.9% and this was driven largely by ramp up in occupancies at 8 Chifley Square (97.1%) and Blue & William (42.5%) properties in Australia, and KR Ginza II (74.5%) in Japan.
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Acceleration in 3Q23 portfolio rental reversions to 10.7%

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2023-10-18

Previous report by OCBC:
2023-07-27 Keppel REIT - Slight Dip In DPU As Expected.

Price targets by 3 other brokers at Keppel REIT Target Prices.

Listing of research reports at Keppel REIT Analyst Reports.

Relevant links:
Keppel REIT Share Price History,
Keppel REIT Announcements,
Keppel REIT Dividends & Corporate Actions,
Keppel REIT News Articles


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