Keppel REIT - DBS Research 2026-02-05: Strength Of Singapore Office Market To Lead Organic Income Growth

• Keppel REIT (SGX:K71U) reported 2H25 revenues of S$138.0mil (+1.1% y-o-y) and 2H25 NPI of S$107.7mil (+2.4% y-o-y), reflecting higher contributions from Ocean Financial Centre, 2 Blue Street and Top Ryde City Shopping Centre, partly offset by softer income from Keppel Bay Tower, Victoria Police Centre, Pinnacle Office Park and T Tower.

Revenue and NPI expanded on the back of acquiisitions and improviing asset performance.

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DPU declined despite hiigher NPI,, as unit dilution and acquiisition timiing outweiighed operating gaiins.

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• The period’s distribution base was enlarged by equity issuance, and the report explicitly notes that the absence of meaningful earnings contribution from two acquisitions completed in the latter half of December 2025. The enlarged unit based was due mainly to the private placement to raise ~S$113mil in October 2025, as well as the payment of 25% of manager’s fees in cash.

Occupancy edged hiigher into year-end,, supported by healthy leasiing vollumes and a diiversiified demand profille.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-01-28 Keppel REIT - Winds In Their Sails.

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