Unaudited Results of Keppel REIT for the Second Half and Full Year Ended 31 December 2023

The Directors of Keppel REIT Management Limited, as Manager of Keppel REIT, are pleased to announce the unaudited results of Keppel REIT for the second half and full year ended 31 December 2023. 

Keppel REIT achieves higher net property income supported by strong operating performance

Key Highlights

• Net property income (NPI) in FY 2023 increased 3.7% year-on-year to $182.4 million
• Positive rental reversion supported by healthy demand from diverse sectors for prime office space
• Achieved higher portfolio committed occupancy of 97.1% compared to 95.9% a quarter ago
• KR Ginza II has achieved 100% committed occupancy following the signing of two new tenants from the technology, media and telecommunications sector
• Executing asset enhancement initiatives (AEI) at key properties to enhance customer experience, improve amenities and future proof the assets
• Aggregate leverage at 38.9% and all-in interest rate of 2.89% p.a. with 75% of borrowings on fixed rates