Keppel REIT provided a business update for its 9M24 results. 9M24 distributable income (DI) declined 1.9% y-o-y to S$160.6m and was within our expectations.
9M24 results in-line with our expectations
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Taking into account other major line items such as the 33.3% y-o-y jump in borrowing costs to S$65.0m and increase in share of results of associates and joint ventures (+6.0% y-o-y to S$83.1m), Keppel REIT’s 9M24 distributable income (including its anniversary distribution) fell 1.9% y-o-y to S$160.6m. This accounted for 73.6% of our FY24 forecast and was in-line with our expectations.
Healthy operational trends in portfolio occupancy
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Occupancy in Singapore and North Asia remained stable and high at 98.9% and 100%, respectively.
Another quarter of robust rental reversions
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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