Keppel REIT (SGX:K71U) reported 9M25 distributable income (DI) of S$159.6m, -0.6% y-o-y. Decline was mainly due to fees in cash vs units in prior fiscal year. Occupancy was stable with slippage in Singapore offset by gains overseas.
Sustained office demand.
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Stable occupancy, positive reversions.
9M revenue and NPI was S$204.5m and S$161.3m, +5.6% and +8.6% y-o-y, respectively. Growth was due to contribution of 255 George Street and higher occupancy at 2 Blue Street. Share of results of associates and JVs rose 12% y-o-y due to higher rentals at MBFC and ORQ and lower borrowing costs.
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Occupancy inched up to 96.3% (2Q 95.9%) with slippage in OFC, MBFC and 255 George offset by Pinnacle Office Park gains. Reversion was +12% and Singapore signing rents were stable at S$12.85psf pm. Despite 2.6%pt y-o-y fall in occupancy, Singapore NPI rose 3.1% for 9M25.
Higher gearing, strategic diversification.
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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/.
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