- 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.
- - Read this at SGinvestors.io -
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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
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/.
Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2025-04-23
Read also Maybank's most recent report:
2026-04-22 Keppel REIT - Organic and Inorganic Growth .
Previous report by Maybank:
2026-02-05 Keppel REIT - Stable FY25, But Enlarged Unit Base Dilutes Distribution.
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 Dividend Payout Dates & Corporate Actions,
Keppel REIT News
