Unaudited Results of Keppel REIT for the Second Half and Full Year Ended 31 December 2024

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 2024. 

Strong Property Income Growth Underpinned by Robust Operational Performance and Contributions from New Assets

Key Highlights

• FY 2024 property income and net property income (NPI) grew 12.2% and 10.7% year-on-year respectively, bolstered by strong operational performance, as well as contributions from 2 Blue Street and the newly acquired 255 George Street
• Achieved strong rental reversion of 13.2% and maintained a high portfolio committed occupancy of 97.9% through proactive asset management, bolstered by the flight-to-quality trend
• Long portfolio weighted average lease expiry (WALE) and top 10 tenants’ WALE of 4.7 years^[1] and 9.0 years^[1] respectively

^[1] Based on attributable committed gross rent.