- Keppel REIT delivered a stable set of FY24 results, with revenues and net property income (NPI) rising by approximately 12.2% and 10.7% q-o-q to S$ 261.6mil and S$ 201.9mil, respectively. This performance was mainly attributed to higher portfolio occupancies (97.9%) and the income contribution from its recent acquisition, 255 George Street (acquisition completed on 9 May 2024).
- - Read this at SGinvestors.io -
Distributable income (before anniversary dividend) was down 2.1% y-o-y.
- Distributable income (before anniversary dividend) was down 2.1% y-o-y to S$194.5mil, mainly due to a 32.2% y-o-y rise in overall borrowing costs, due to a higher amount of loans taken for the acquisition of 255 George Street and also higher portfolio interest costs of 3.4% (+0.5% compared to a year ago).
- - Read this at SGinvestors.io -
- For 2H24, we note that Keppel REIT's distributable income was marginally stronger h-o-h, despite a ~8.5% h-o-h rise in NPI. The slower rise in distributable income is largely due to higher interest costs, which eroded a large part of the gains in operational performance.
The REIT also reported stable overall valuations for the year ended 2024.
- Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
Dale LAI NA DBS Group Research | Derek TAN DBS Group Research | Dale LAI DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-01-28
Read also DBS's most recent report:
2026-02-05 Keppel REIT - Strength Of Singapore Office Market To Lead Organic Income Growth.
Price targets by 4 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 Dividend Payout Dates & Corporate Actions,
Keppel REIT News
