- 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 the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-10-23
Previous report by UOB:
2024-07-31 Keppel REIT - Pick-up In Growth In Australia & North Asia.
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
