Keppel REIT reported 1Q25 distributable income of S$53.4m, -0.9% q-o-q/-3.3% y-o-y. Higher borrowing cost and fees in cash more than offset organic and inorganic growth.
Positive reversions continued at a low-double digit range with a similar guidance for rest of the year. However, occupancy slipped due to expected non-renewals of a few large leases.
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Top-line growth offset by financing expenses.
Keppel REIT's 1Q25 revenue was S$68.7m, +1.2% q-o-q / +12.1% y-o-y. NPI was S$54.6m, +2.2% q-o-q / +13.3% y-o-y. Top-line growth was supported by contribution from 255 George St (acquired in May 2024) and increased occupancy at 2 Blue Street.
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The manager has elected to receive 25% of its management fees in cash, starting from this fiscal year. This quarter’s distributable income has S$3m of one-off income related to pre-termination of leases.
Mixed operating trend, high gearing persists.
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Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
