- Keppel REIT's dividends for 1H25 dipped 2.9% y-o-y to 2.72 Singapore cents but was in-line with our expectations – KREIT’s 1H25 property income and net property income (NPI) increased 9.1% and 11.8% y-o-y to S$136.5m and S$108.3m, respectively, while its NPI attributable to unitholders grew 13.4% to S$98.9m.
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- If 100% of its management fees were paid in units in 1H25, Keppel REIT’s DPU would instead have increased by 3.7% y-o-y to 2.90 Singapore cents.
Portfolio rental reversions accelerated from 10.6% in 1Q25 to 12.3% with healthy leasing momentum.
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- Singapore saw positive rental reversions of 11.8% in 1H25, while T Tower in Seoul had rental uplifts in excess of 30%, and Australia had two leases with rental reversions above 20% and above 25% respectively. A continued uptrend in rental rates in Singapore’s core CBD is likely amid tighter vacancy rates and there are also some tenants looking for expansion, including from financial institutions.
Committed occupancy inched down marginally by 0.1ppt q-o-q to 95.9%.
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