Data from Keppel REIT’s latest disclosure is in the Singapore REITs table.

Keppel REIT has reported higher net property income (NPI) for its 9M 2023.

The REIT’s NPI increased by 5.0% year-on-year to SGD172.6 million.

However, Keppel REIT’s distributable income including anniversary distribution was 1.1% lower year-on-year at SGD163.6 million.

The REIT has attributed this decline to higher borrowing costs as well as higher property tax and utility costs.

As at 30 September 2023, Keppel REIT’s aggregate leverage was 39.5% with 76% of its borrowings on fixed rates.

Its all-in interest rate was 2.85% per annum.

Keppel REIT’s portfolio committed occupancy increased to 95.9% as at 30 September 2023
compared to occupancy of 94.9% as at 30 June 2023.

Excluding Blue & William which achieved practical completion on 3 April 2023, the portfolio committed occupancy would have been 97.9%, an increase from 97.0% a quarter ago.

Keppel REIT was last done on the Singapore Exchange at SGD0.84, which presently implies a distribution yield of 6.9% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.