- 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.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-04-24
Read also UOB's most recent report:
2024-07-31 Keppel REIT - Pick-up In Growth In Australia & North Asia.
Price targets by 2 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
