- Keppel REIT reported distributable income of S$53.7m for 3Q24 (-1.6% y-o-y), which is in line with our expectations. It rewarded unitholders with an anniversary distribution of S$5m during the quarter.
Broad-based progress.
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- Portfolio occupancy improved 0.6ppt q-o-q to 97.6% as of Sep 24, driven by Australia.
Singapore: Providing stability and resiliency.
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- Singapore maintained a high and stable occupancy of 98.9% in 3Q24. Ocean Financial Centre (OFC) maintained occupancy at 99.3%. Occupancy at Keppel Bay Tower improved 1.6ppt q-o-q to 99.3%.
- The average signing rent for Singapore offices was S$12.93 psf/month, supported by healthy demand.
- Keppel REIT expects to maintain mid to high single-digit positive rental reversion given that average expiring rent is low at S$10.34psf/month in 4Q24 and S$11.14psf/month in 2025.
Australia: Increased contributions from 2 Blue Street and 255 George Street.
- Read more at SGinvestors.io.
