Keppel REIT - OCBC Investment Research 2025-04-23: Slight Dip In Distributable Income

• Keppel REIT’s 1Q25 property income and net property income (NPI) increased 12.1% and 13.3% y-o-y to S$68.7m and S$54.6m, respectively, while its NPI attributable to unitholders jumped 15.5% to S$50.1m.

1Q25 distributable income fell 3.2% y-o-y to S$53.4m.

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Continued solid portfolio rental reversions of 10.6%.

• Given Singapore’s resilient CBD office market and its quality portfolio, Keppel REIT continued to deliver robust rental reversions. This came in at 10.6% in 1Q25, and management highlighted that it was aiming to achieve double-digits portfolio rental reversions in FY25.
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Although committed occupancy fell 1.9 ppt q-o-q to 96.0%.

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2025-01-28 Keppel REIT - Singapore Office Market Outlook Appears More Positive.

Price targets by 2 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