The positive highlights in 1Q were continued increases in occupancy in Singapore and healthy reversions in Singapore and Australia (though the effective income contribution in Australia will be lagged).
Stable operating metrics
Keppel REIT (SGX:K71U) reported 1Q26 distributable income of S$62.9m, +17.8% y-o-y. Growth was underpinned by acquisitions and better local operations. Occupancy improved while positive reversions continued at a double-digit pace.
- Read this at SGinvestors.io -
Boosted by acquisitions, steady Singapore operations
Keppel REIT reported 1Q revenue of S$78.6m, +12.3% q-o-q, +14.4% y-o-y. 1Q NPI came in at S$59.9m, +9.5% q-o-q, +9.7% y-o-y. Top line growth was led by contributions from Top Ryde Shopping Centre, acquired in Dec’25, as well as higher occupancy in OFC.
- Read this at SGinvestors.io -
Share of results of JVs rose 32.9% q-o-q/37.6% y-o-y due to the contribution from an additional one-third stake in MBFC T3, lower interest costs for the JVs, and higher rents. On a same-store basis, share of results of JVs rose 12.2% y-o-y.
Portfolio occupancy rose to 97.1% (4Q: 96.7%), led by broad-based occupancy gains in Singapore. Overseas occupancy trends were mixed, with notable declines in South Korea and Japan, even though the exposures are small and outgoing rents are well below spot rents.
Portfolio rent reversion was +17.2% (+11.5% in FY25, +10.6% in 1QFY25), led by ~10% in Singapore and >50% growth in new backfilled spaces in 8 ES in Melbourne. The double-digit rental reversion guidance remains unchanged for the rest of the year.
Active debt management
Read more at SGinvestors.io.
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/.
