Keppel REIT 2H25 - UOB Kay Hian 2026-02-16: Retail Ambition Throttled?

• Keppel REIT (SGX:K71U) reported a DPU of 2.51 cents for 2H25, which is in line with our expectation. 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 -
• Average signing rent for Singapore CBD offices was S$12.91psf/month in 2025, higher than the average rent of leases expiring of S$12.14psf/month in 2026 and S$11.45psf/month in 2027. Management continues to aspire to maintain double-digit positive rental reversion in 2026.

Stronger growth from Australia.

• - Read this at SGinvestors.io -
• Borrowing costs decreased 6.7% y-o-y in 2H25.

NAV per unit increased 2.4% to S$1.27.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2026-01-02 Keppel REIT - Resiliency From Expansion In Singapore.

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