Company Reports

Keppel REIT is a commercial real estate investment trust with SGD 11.8 billion of office assets (as of June 30, 2026) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are Grade A office buildings in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

Keppel REIT is acquiring a 51% stake in Keppel South Central, or KSC, from sponsor Keppel Ltd for about SGD 611 million. The office building had committed occupancy of 48.8% as of the end of September 2026. To support the transaction, Keppel Ltd has provided income guarantees for up to five years.

Keppel REIT is a commercial real estate investment trust with SGD 11.8 billion of office assets (as of June 30, 2026) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are Grade A office buildings in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

Keppel REIT's distributable income rose 25.2% year on year in the first half of 2026, driven by the Top Ryde and MBFC Tower 3 acquisitions. However, distribution per unit, or DPU, fell 4.0% to SGD 0.026 as the SGD 886 million rights issue for the MBFC Tower 3 acquisition diluted distributions.

Keppel REIT’s first-quarter 2026 property income and net property income grew 14.4% and 9.7% year on year, respectively. The growth was primarily driven by the Top Ryde City Shopping Centre acquisition and increased occupancy at Ocean Financial Centre.

Keppel REIT's second-half 2025 net property income rose 2.4% year on year, supported by higher contributions from Ocean Financial Centre and 2 Blue Street. However, distribution per unit, or DPU, fell 10.4% year on year due to equity issuances in October and December 2025.

Keppel REIT is a commercial real estate investment trust with SGD 11.7 billion of office assets (as of Dec. 31, 2025) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are Grade A office buildings in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

Keppel REIT is a pure-play commercial real estate investment trust with SGD 9.4 billion of office assets (as of June 30, 2025) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are income-producing, with one office building in Sydney currently under development. Most of its assets are Grade A office buildings in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

Keppel REIT will acquire a one-third stake in Marina Bay Financial Centre Tower 3 from Hongkong Land for SGD 938 million. The deal is priced 1% below its independent valuation, and the trust is raising SGD 886 million of equity at an issue price of SGD 0.96 per unit to finance the deal.

Keppel REIT's year-to-September 2025 net property income rose 8.6% year on year, driven by stronger contributions from 255 George Street and improved occupancy at 2 Blue Street. Assuming 100% of management fees are paid in units, distributable income would have risen 6.7%.

Keppel REIT is a pure-play commercial real estate investment trust with SGD 9.4 billion of office assets (as of June 30, 2025) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are income-producing, with one office building in Sydney currently under development. Most of its assets are Grade A office buildings in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

Keppel REIT is acquiring a 75% stake in its first pure-play retail asset, Top Ryde City Shopping Centre, in Sydney, Australia for SGD 335 million. The acquisition will be funded through a mix of debt, perpetual securities, and an equity raise of SGD 113 million.

Keppel REIT is a pure-play commercial real estate investment trust with SGD 9.4 billion of office assets (as of June 30, 2025) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are income-producing, with one office building in Sydney currently under development. Most of its assets are Grade A office buildings in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

Keppel REIT's first-half 2025 net property income rose 11.8% year on year, driven by higher contributions from 225 George Street and 2 Blue Street in Australia. However, distribution per unit, or DPU, fell 2.9%, as management opted to receive 25% of its fees in cash.

Keppel REIT’s first-quarter net property income rose 13.3% year on year to SGD 54.6 million, driven by contributions from 255 George Street and 2 Blue Street. The share of results from its associates increased 11.0%, underpinned by higher rental income. However, distributable income from operations fell 3.5% due to higher borrowing costs from the refinancing done in 2024 and from an increase in debt taken on to acquire 255 George Street. As the business update was in line with our expectations, we maintain our fair value estimate of SGD 1.16 per unit. While US tariffs create uncertainty in the leasing market, we think the risks are priced in for the trust. We view Keppel REIT as undervalued, trading at an attractive 2025 dividend yield of 6.8%. We expect the trust’s long-weighted average lease expiration of 4.7 years to help it weather any near-term economic weakness.

Keppel REIT is a pure-play commercial real estate investment trust with SGD 9.5 billion of office assets (as of Dec. 31, 2024) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are income-producing, with one office building in Sydney currently under development. Most of its assets are Grade A office buildings in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

Keppel REIT is a pure-play commercial real estate investment trust with SGD 9.5 billion of office assets (as of Dec. 31, 2024) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are income-producing, with one office building in Sydney currently under development. Most of its assets are Grade A office buildings located in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.

We retain our fair value estimate of SGD 1.16 per unit for Keppel REIT after an in-line second-half 2024 performance. However, our distribution per unit, or DPU, forecasts for 2025-27 were lowered by 5.0%-6.9% after updating our assumptions to account for increased borrowing costs, higher distributions to perpetual securities upon reset, and the latest change in management fees. The REIT manager is electing to receive 25% of its fees in cash and 75% of its fees in units from 2025 onward, compared with the current 100% in units. Management shared that this move is in line with market practice. In our view, this move could result in lower distributions in the near term but helps decrease the dilution to unitholders over time due to a slower unit base expansion. Despite lower DPU estimates, the trust still trades at an attractive 6.7% distribution yield for 2025 and remains our top pick for Singapore REITs. We like the REIT for its high-quality office portfolio, and we see it as a key beneficiary of a favorable Singapore office market that is tightening due to limited supply.

Keppel REIT’s third-quarter 2024 business update was in line with our expectations, and we keep our fair value estimate of SGD 1.16 per unit. The trust trades at an attractive 2025 dividend yield of 6.4% and remains our top pick among Singapore REITs. We like the trust for its high-quality office portfolio and believe it would be a strong beneficiary of interest-rate cuts through 2025-26.

Keppel REIT is a pure-play commercial real estate investment trust with SGD 9.6 billion of office assets (as of June 30, 2024) spread across Singapore, Australia, South Korea, and Japan. Most of its assets are income-producing, with one office building in Sydney currently under development. Most of its assets are Grade A office buildings located in central business districts, where they are highly coveted for quality office space and proximity to businesses and key transport nodes. This enables Keppel REIT to command premium rent while maintaining high occupancy rates. In addition, its tenant base is one of the best in class, with government agencies and international banks in its register.