- Keppel REIT (SGX:K71U) reported distributable income of S$159.6m for 9M25 (-0.6% y-o-y) based on 25% of management fees being paid in units, which is in line with our expectations. Assuming management fees were fully paid in new units, distributable income would have increased 6.7% y-o-y.
Benefitting from flight to quality in Singapore.
- - Read this at SGinvestors.io -
- Portfolio WALE remains long at 4.7 years (top 10 tenants: 8.9 years). Average signing rent for Singapore CBD offices was S$12.85psf/month in 9M25, higher than the average rent of leases expiring of S$11.35psf/month in 4Q25.
- - Read this at SGinvestors.io -
Stronger growth from Australia.
- NPI from Singapore registered growth of 3% y-o-y in 9M25 due to higher rents. NPI from Australia properties increased 8% y-o-y due to higher occupancy at 2 Blue Street in North Sydney and contribution from newly acquired 255 George Street in Sydney CBD (completion: 9 May 24). Borrowing costs increased 5% y-o-y in 9M25.
Portfolio occupancy improved 0.4ppt q-o-q to 96.3%.
- Read more at SGinvestors.io.
