Keppel REIT - OCBC Group Research 2026-02-04: Trophy Win Albeit With A Bill Attached

• Keppel REIT (SGX:K71U)’s 2H25 and FY25 results fell short of our expectations. 2H25 property income and net property income (NPI) rose 1.1% and 2.4% y-o-y to S$138.0m and S$107.7m respectively.
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• Cumulatively, Keppel REIT’s FY25 NPI and NPI attributable to unitholders rose 6.9% and 7.6% to S$215.9m and S$196.8m, respectively, while DPU ended up 6.6% lower at 5.23 Singapore cents. This came in 4.0% below our forecast.

Robust portfolio rental reversions of 11.5%.

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• Given our expectations for a low to mid-single digit market rental growth in FY26 and average expiring rents of S$12.14 psf pm, rental reversions are poised to remain positive, although there could be a moderation in magnitude as compared to FY25.

Committed occupancy improved by 0.4ppt q-o-q to 96.7%.

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Above is an excerpt from a report by OCBC Group Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2025-10-30 Keppel REIT - Adding Retail Presence To Its Portfolio.

Price targets by 4 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