Abstract of Keppel REIT 3Q24 operational updates
Keppel REIT (KREIT)’s 9M24 distributable revenue fell 1.9% year-on-year to S$160.6m, resulting from a 33.3% bounce in borrowing prices to S$65.0m.
Supply: Keppel REIT
9M24 web property revenue rose 10.8% year-on-year to S$148.5m.
That is primarily led by contributions from 2 Blue Avenue (acquired in Apr 2023) and 255 George Avenue (acquired in Could 2024), and better occupancy at Ocean Monetary Centre and KR Ginza II.
Supply: Keppel REIT
Total occupancy fee inched increased to 97.6%, from 97% at end-Jun.
The portfolio loved 10.2% rental reversions, increased than 1H24’s 9.3%, primarily in Singapore. Common signing lease for Singapore workplaces was S$12.93 psf per thirty days, above CBRE’s S$11.95 for 3Q24.
Mixture leverage rose additional to 41.9% (Jun 24: 41.3%). The regulated cap is 50%. It has S$902m debt due in 2025, and S$300m 3.15% perpetual securities due for first reset
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