Keppel REIT - UOB Kay Hian 2024-10-23: 3Q24 Benefitting From Higher Occupancies & Capital Values In Australia

• 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.

• - Read this at SGinvestors.io -
• Portfolio occupancy improved 0.6ppt q-o-q to 97.6% as of Sep 24, driven by Australia.

Singapore: Providing stability and resiliency.

• - Read this at SGinvestors.io -
• 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.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-02 Keppel REIT - Resiliency From Expansion In Singapore.

Previous report by UOB:
2025-10-31 Keppel REIT 9M25 - To Remain Singapore-centric & Office-focused.

Price targets by 3 other brokers at Keppel REIT Target Prices.

Listing of research reports at Keppel REIT Analyst Reports.

Relevant links:
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Keppel REIT Dividend Payout Dates & Corporate Actions,
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