I’ve been wanting to do a deep dive into Keppel REIT for a while now. At current prices ($0.87), Keppel REIT trades at a 33% discount to book, and a trailing dividend yield of 6.8%. It’s also close to the lowest it’s been since COVID. I personally hold a position in Keppel REIT, and I’ve been adding to my position recently. Does it make sense to buy even more Keppel REIT? Let’s find out.

Keppel REIT’s Property Portfolio

Keppel REIT is a Singapore office REIT. Geographical allocation below: 78% Singapore 17% Australia 4% Korea and Japan You can see the split by property below. Ocean Financial Centre and Marina Bay Financial Centre make up close to 50% of Keppel REIT. Given that Ocean Financial Centre and Marina Bay Financial Centres are (in my opinion) decently strong office buildings, this really isn’t...