- Keppel REIT (SGX:K71U)'s 1H24 revenues were up 8.9% y-o-y to S$125.1mil, and NPI was up 7.7% to S$96.8mil, mainly due to higher occupancy at Ocean Financial Centre (OFC) and KR Ginza II, as well as additional contributions from 2 Blue Street and 255 George Street. 2 Blue Street construction was completed on 3 April 2023. Acquisition of 255 George Street was completed on 9 May 2024.
- - Read this at SGinvestors.io -
- Share of results of JV was down 3.5% to S$11.5mil due to lower contributions from 8CS and David Malcolm Justice Centre.
1H24 DPU of 2.80 cents was 3.4% lower y-o-y and h-o-h
- 1H24 Keppel REIT's DPU of 2.80 cents came in slightly below our earlier projections, made up slightly more than 48% of our FY24 DPU projections. Lower DPU was mainly due to higher borrowing costs.
- - Read this at SGinvestors.io -
Portfolio occupancy inched up to 97.0% with sustained positive rental reversions
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Dale LAI DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-07-31
Previous report by DBS:
2023-07-26 Keppel REIT - More Resilient Than 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 Dividend Payout Dates & Corporate Actions,
Keppel REIT News
