- Keppel REIT (SGX:K71U) reported distributable income of S$55.2m for 1Q24 (flat y-o-y), which is marginally below our expectations. Keppel REIT rewarded unitholders with an anniversary distribution of S$5.0m.
Broad-based growth from Singapore & Australia.
- - Read this at SGinvestors.io -
- NPI from Singapore and Australia grew 7.3% and 19.1% y-o-y respectively.
Maintained healthy positive rental reversion.
- Keppel REIT recorded positive rental reversion of 10.9% (Singapore: 10.1%, Australia: 16.4%) and signed 111,300sf of office leases in 1Q24 (attributable area). The weighted average signing rent for Singapore office leases was S$12.30psf/month in 1Q24, which is higher than the average expiring rents of S$11.01psf/month for the rest of 2024.
- - Read this at SGinvestors.io -
Occupancy largely stable in Singapore.
- Portfolio committed occupancy eased 0.7ppt q-o-q to 96.4% in 1Q24.
- In Singapore, occupancy was stable at 98.8%. OFC maintained full occupancy of 100%, while occupancy at One Raffles Quay (ORQ) and Marina Bay Financial Centre (MBFC) was stable at about 99%.
Making sustained progress overseas.
- Read more at SGinvestors.io.
