Basic Profile & Key Statistics
Keppel REIT (KREIT) is an office focus REIT which listed on 28 April 2006. KREIT is sponsored by Keppel Land Limited which is a subsidiary of Keppel Corporation.
Lease Profile
Occupany is high at 98.6%. WALE is long at 4.6 years, where the highest lease expiry of 22.4% falls in the year 2022. Weighted average land lease expiry is long at 88.14 years.
Debt Profile
Gearing of 36.3% is at SREITs median level. Cost of debt of 2.5% is low. Fixed rate debt is close to SREITs median level where unsecured debt is slightly lower at 71.6%. Even with low cost of debt, its interest cover is at the low side of 3.5 times. WADE is long at 3.6 years where the highest debt maturity of 38% is in the year 2024.
Diversification Profile
KREIT is not diversified enough in terms of geographical as 72.5% of its income is from Singapore Properties. Its flagship property - Ocean Financial Centre contributes a high 39.5% of gross revenue....