Singapore · Delayed Price · Currency is SGD Keppel REIT Earnings Call Transcripts
Fiscal Year 2026
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NPI rose 13.1% year-on-year, driven by Top Ryde City and higher JV contributions, while distributable income grew 25.2%. Divestment of KR Ginza II at a significant premium will reduce leverage, with proceeds earmarked for debt repayment and potential share buybacks. Portfolio occupancy remains high at 96% and rental reversions are strong, especially in Singapore and Australia.
Fiscal Year 2025
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Strong 2025 results were driven by new acquisitions and higher occupancy, with NPI up 6.9% and robust rental reversions. Leverage was reduced post-equity raise, and 2026 will focus on organic growth, cost management, and selective divestments, with double-digit rental reversions targeted.
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Strong H1 2025 results were driven by higher net property income, robust rental reversions, and high occupancy, especially in Singapore and Australia. Borrowing costs are expected to decline in H2 2025, with continued focus on prudent capital management and selective acquisitions.
Fiscal Year 2024
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Property and net property income grew year-on-year, driven by higher rentals and new acquisitions, but distributable income and DPU declined due to increased borrowing costs. Portfolio occupancy remains high at 97%, with stable outlook and ongoing efforts to reduce leverage below 40% through asset recycling.