Keppel REIT Key Business and Operational Updates for the First Quarter of 2024

The Directors of Keppel REIT Management Limited, as Manager of Keppel REIT, are pleased to provide the key business and operational updates of Keppel REIT for the first quarter of 2024.

Higher net property income driven by strong demand for prime office space

Key Highlights

• 1Q 2024 property income and net property income grew 6.3% and 7.2% year-on-year respectively underpinned by higher rentals, as well as contribution from 2 Blue Street
• Supported by strong demand for prime office space, rental reversion for 1Q 2024 was 10.9%
• Maintained high portfolio committed occupancy of 96.4% and long portfolio weighted average lease expiry (WALE) of 4.6 years^[1] with top 10 tenants’ WALE at 8.1 years^[2]
• Aggregate leverage at 39.4% and all-in interest rate of 3.18% p.a. with 74% of borrowings on fixed rates
• Keppel REIT to acquire 50% interest in 255 George Street, a freehold Grade A office building located in the highly sought after Core Precinct of Sydney CBD at an attractive yield with DPU accretion

^[1]  Based on committed attributable gross rent. Portfolio WALE based on committed NLA was 5.4 years as at 31 March 2024.

^[2]  Based on committed attributable gross rent. Top 10 tenants’ WALE based on committed NLA was 9.5 years as at 31 March 2024.