Keppel REIT *Official* (SGX: K71U)

[DevilPlate]

When people r3ceived free KREIT shares from godfather Keppel, almost every one was shouting sell…. That time price was around 0.81….. but I politely told people that black market people said to hold….. people laughed when it went below 0.80
Now it has gone up so much…… even DBS picks it as it’s Sreit to load…..

https://www.theedgesingapore.com/ca...-office-reits-star-among-s-reits-dbs-analysts

Bluechip Sreits cannot get rich one lah…..can cover more than inflation already damn good liao

 

[stanlawj]

When people r3ceived free KREIT shares from godfather Keppel, almost every one was shouting sell…. That time price was around 0.81….. but I politely told people that black market people said to hold….. people laughed when it went below 0.80
Now it has gone up so much…… even DBS picks it as it’s Sreit to load…..

https://www.theedgesingapore.com/ca...-office-reits-star-among-s-reits-dbs-analysts

Banks/Broking house analysts give free recommendation as part of their business model to earn fees from companies to promote their shares to retail. Follow them at your own risk.

 

[LongXia]

Gone up so much for the past one month……up again today to $0,94….. I have no doubt it will cross its normal -service-will-resume price of over a dollar soon……. Many brokes have it as their stock prices for 2024, latest is UOBKH, targeting $1.17 wor….

REITs- Singapore: The Interest Rate Cycle Had Reversed Course https://sg.uobkayhian.com/v2/index.jsp

 

[DevilPlate]

Gone up so much for the past one month……up again today to $0,94….. I have no doubt it will cross its normal -service-will-resume price of over a dollar soon……. Many brokes have it as their stock prices for 2024, latest is UOBKH, targeting $1.17 wor….

Strike above $1, i might be tempted to sell….

i feel WFH is also slowly progressing in SG with more and more hybrid arrangements among big MNCs.
So this reit not a long term hold for me.

 

[TehSi99]

Bluechip Sreits cannot get rich one lah…..can cover more than inflation already damn good liao

Means to get rich must constantly looking for stocks that can grow 5x 10x...

 

[Shion]

Keppel Reit Q1 net property income rises 7.2% to $48.2 million​

https://www.straitstimes.com/business/keppel-reit-q1-net-property-income-rises-72-to-482-million

SINGAPORE – Keppel Reit posted net property income (NPI) of $48.2 million for the first quarter ended March 31, up 7.2 per cent from $45 million in the first quarter of financial year 2023.

This was mainly due to higher rentals and contributions from 2 Blue Street, a 10-storey office building in Sydney, said the real estate investment trust’s (Reit) manager in a business update on April 23.

This brought property income to $61.3 million, up 6.3 per cent from $57.7 million the year before.

NPI attributable to unit holders also grew, rising by 7.1 per cent to $43.4 million from $40.5 million.

The Reit’s higher NPI for the quarter was partly attributed to the strong demand for prime office space.

The manager added that Keppel Reit’s acquisition of a 50 per cent interest in 255 George Street, a freehold Grade A office building in Sydney’s Central Business District, will provide a first-year yield of more than 6 per cent. Its distribution per unit accretion would stand at 1.4 per cent on a pro forma basis, assuming the acquisition was completed on Jan 1, 2023.

The manager announced in 2022 that it will distribute $100 million over a five-year period – $10 million semi-annually – to celebrate the Reit’s 20th anniversary in 2026.

The Reit’s distributable income for the quarter was flat at $50.2 million. Including its anniversary distribution, it also remained flat year on year at $55.2 million due to higher borrowing costs.

The Reit’s portfolio occupancy was 96.4 per cent, and its portfolio weighted average lease expiry stood at 4.6 years as at March 31, based on committed attributable gross rent.

Units of Keppel Reit closed one cent, or 1.18 per cent, higher at 86 cents on April 23. THE BUSINESS TIMES

 

[Shion]

Keppel REIT’s FY2024 DPU down by 3.4% to 5.6 cents, due to higher borrowing costs​

https://www.theedgesingapore.com/ca...u-down-34-56-cents-due-higher-borrowing-costs

Keppel REIT has reported a distribution per unit (DPU) of 2.80 cents for the 2HFY2024 ended Dec 31, 2024, 3.4% lower y-o-y, bringing FY2024 DPU to 5.60 cents, 3.4% lower y-o-y.

The lower DPUs for the 2HFY2024 and FY2024, which include the annual distribution of $20 million, were mainly due to higher borrowing costs.

Otherwise, distributable income from operations fell by 2.1% y-o-y to $97.6 million in the 2HFY2024 and fell by 2.1% y-o-y to $194.5 million in the FY2024.

For the 2HFY2024, borrowing costs rose by 34.3% y-o-y to $47.3 million. Borrowing costs for the FY2024 increased by 32.2% y-o-y to $88.5 million. The higher costs were mainly due to higher borrowings following the acquisition of 255 George Street in May 2024. They were also attributable to the refinancing of borrowings in FY2024 at market interest rates.

Property income for the FY2024 grew by 12.2% y-o-y to $261.6 million due mainly to better performance reported at Ocean Financial Centre, T Tower and KR Ginza II. The higher income was also attributable to contributions from 2 Blue Street and 255 George Street. Meanwhile, 8 Exhibition Street, which the REIT has a 50% interest in the office building and 100% interest in the three adjacent retail units, saw FY2024 income drop by 8.3% y-o-y.

During the year, net property income (NPI) rose by 10.7% y-o-y to $201.9 million while NPI attributable to unitholders increased by 11.7% y-o-y to $182.9 million.

Share of results of associates, which refers to Keppel REIT’s one-third interests in One Raffles Quay and Marina Bay Financial Centre, increased by 7.7% y-o-y to $86.3 million in the FY2024. This was mainly due to higher rentals and occupancy rates.

During the FY2024, Keppel REIT’s share of results of joint ventures, which refer to the REIT’s 50% interests in 8 Chifley Square and David Malcolm Justice Centre, inched up by 0.3% y-o-y to $23.7 million.

As at Dec 31, 2024, the REIT’s portfolio occupancy rose by 0.3 percentage points q-o-q to 97.9%. The REIT reported a strong positive rental reversion of 13.2% while its portfolio weighted average lease expiry (WALE) stood at 4.7 years compared to 4.6 years as at Sept 30, 2024.

Keppel REIT’s gearing as at the same period stood at 41.2%, 0.7 percentage points lower q-o-q with an interest coverage ratio of 2.5 times. About 69% of the REIT’s borrowings are on fixed rates.

“Keppel REIT’s portfolio of prime commercial assets continued to perform strongly as demonstrated by the higher portfolio committed occupancy and robust rental reversion,” says Chua Hsien Yang, CEO of the manager.

He notes that the REIT’s Singapore properties a “solid foundation” for its portfolio due to its “sustained growth” in attributable NPI and high committed occupancy of 98.8%. The REIT’s Australia portfolio also did well with committed occupancy increasing to 96.1% as at the end the of 2024. The Australian portfolio’s attributable NPI also rose by 16.6% y-o-y in FY2024.

Furthermore, the REIT’s two properties in North Asia also registered a high attributable NPI growth of 18.7% in FY2024. The properties maintained full committed occupancy as at Dec 31, 2024, Chua adds.

In his prepared remarks, Chua says the REIT’s focus remains on managing its assets proactively in a bid to capitalise on the “flight-to-quality” trend.

“We continue to be disciplined in capital management to deliver sustainable long-term total return to the unitholders,” he adds.

For the management fees attributable to FY2025 and thereafter, the manager has elected to receive 25% in cash.

Units in Keppel REIT closed 1 cent lower or 1.15% down at 86 cents on Jan 27.

 

[Shion]

Keppel Reit Q1 distributable income falls 3.5% to $48.4 million​

https://www.straitstimes.com/busine...istributable-income-falls-3-5-to-48-4-million

SINGAPORE - Keppel Reit reported on April 23 that its distributable income from operations in the first quarter of 2025 fell 3.5 per cent year on year to $48.4 million from $50.2 million previously.

Including an annual $20 million anniversary distribution, distributable income fell 3.2 per cent year on year to $53.4 million, from $55.2 million.

However, as the Reit manager said that it had elected to receive 25 per cent of its management fees in cash from financial year 2025, it noted that the Reit’s distributable income (including its anniversary distribution) would have grown 3.2 per cent if management fees were fully payable in units.

Borrowing costs jumped 23.4 per cent on the year to $23.1 million from $18.7 million, following the acquisition of 255 George Street in Sydney in May 2024, as well as the refinancing of borrowings in FY2024, the Reit manager said.

Despite this, net property income (NPI) grew 13.3 per cent year on year to $54.6 million in Q1 from $48.2 million. Property income rose 12.1 per cent to $68.7 million, from $61.3 million.

The manager said these increases were due to better performance of its Singapore properties in the Central Business District, higher occupancy at 2 Blue Street in Sydney, as well as contributions from 255 George Street.

Relating to the Reit’s interests in One Raffles Quay and Marina Bay Financial Centre, Keppel Reit posted an 11 per cent increase in share of results of associates to $24.3 million year on year, from $21.9 million.

The Reit’s portfolio occupancy was 96 per cent, while weighted average lease expiry stood at 4.7 years. The portfolio is currently worth $9.5 billion, with 78.6 per cent of its assets in Singapore.

Due to higher rentals, the NPI of the Singapore portfolio grew 3.3 per cent year on year, while committed occupancy fell 2 percentage points from the previous quarter. Its Australian portfolio, which comprises 17.6 per cent of the Reit’s assets, increased 20.8 per cent year on year due to the acquisition of 255 George Street and higher occupancy at 2 Blue Street – both of which are office buildings in Sydney.

The manager said new leasing demand and expansions in the quarter came largely from the technology, media and telco sector at 47.7 per cent of attributable gross rent, followed by the banking, insurance and financial services sector.

Units of Keppel Reit closed 1.8 per cent higher at 84.5 cents on April 23. THE BUSINESS TIMES

 

[lzydata]

Proposed acquisition of 75% interest in Top Ryde City Shopping Centre, Sydney

Announcement: https://links.sgx.com/1.0.0/corpora...Y/863220_KREIT - Acquisition Announcement.pdf
Press release: https://links.sgx.com/1.0.0/corpora... well-established regional mall in Sydney.pdf
Presentation: https://links.sgx.com/1.0.0/corpora...sentation on Acquisition of Top Ryde City.pdf

Launch of Private Placement to Raise Gross Proceeds of No Less than Approximately S$113 million

https://links.sgx.com/1.0.0/corpora.../863223_KREIT - Launch of PP Announcement.pdf

 

[DevilPlate]

Strange to acquire shopping mall

 

[lzydata]

Private placement completed at price 98.3 cents

https://links.sgx.com/FileOpen/KREI...ouncement.ashx?App=Announcement&FileID=863366