- Keppel REIT's 1H24 distribution per unit (DPU) declined 3.4% y-o-y to 2.80 Singapore cents and was within our expectations.
- - Read this at SGinvestors.io -
1H24 results came in within our expectations.
- Property income rose 8.9% y-o-y to S$125.1m due to higher occupancy at Ocean Financial Centre and KR Ginza II, coupled with maiden contributions from 2 Blue Street and 255 George Street in Sydney, Australia.
- Net property income (NPI) attributable to Keppel REIT's unitholders increased by a smaller magnitude of 8.0% y-o-y to S$87.2m due in part to higher land taxes in Australia.
- - Read this at SGinvestors.io -
- We expect a slightly stronger 2H24 due to a full six-month contribution from the newly acquired 255 George Street property (50% effective stake).
Robust rental reversions of 9.3% in 1H24 albeit with a moderation in 2Q24 (+7.2%) compared to 1Q24 (+10.9%)
- Read more at SGinvestors.io.
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 @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-07-30
Read also OCBC's most recent report:
2024-10-23 Keppel REIT - Solid Operational Performance But Gearing Crept Higher .
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
