Basic Profile & Key Statistics

Keppel REIT (KREIT) is an office REIT that owns 10 properties across Singapore, Australia and South Korea.

Performance Review

Property Income, NPI and distributable income from operations YoY increased by 12.6%, 15% and 12.6% respectively. The increase was mainly due to contributions from Victoria Police Centre (311 Spencer Street) after completion on 9th July 2020 as well as lower borrowing costs.

Pinnacle Office Park acquisition was completed on 31 December 2020. The proposed acquisition of Keppel Bay Tower is expected to completed by 2Q 2021 IF resolution is approved at EGM which is targeted to be held in 1Q 2021. This acquisition would be financed by debt and private placement.

Lease Profile

  • Occupancy is high at 97.9%.
  • WALE is long at 6.7 years where the highest lease expiry of 18.8% falls in 2022.
  • Weighted average land lease expiry is long at 87.64 years.