Unaudited Results of Keppel REIT for the Half Year Ended 30 June 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 half year ended 30 June 2024.

Higher property income and net property income driven by robust operational performance and contributions from 2 Blue Street and 255 George Street

Key Highlights

• Achieved strong rental reversion of 9.3% and higher portfolio committed occupancy of 97.0%
• Portfolio weighted average lease expiry (WALE) and top 10 tenants’ WALE remained long at 4.6 years^[1] and 8.3 years^[2] respectively
• Supported by robust operational performance as well as contributions from 2 Blue Street and the newly acquired 255 George Street, 1H 2024 property income and net property income (NPI) increased by 8.9% and 7.7% year-on-year respectively
• Aggregate leverage at 41.3% and all-in interest rate of 3.31% p.a. with 65% of borrowings on fixed rates
• To further step up on its sustainability efforts, Keppel REIT established a Green Financing Framework which was assigned a Sustainability Quality Score of SQS2 (Very good) by Moody’s Investors Service

^[1] Based on attributable committed gross rent. Portfolio WALE based on attributable committed NLA was 5.3 years as at 30 June 2024.
^[2] Based on attributable committed gross rent. Top 10 tenants’ WALE based on attributable committed NLA was 9.3 years as at 30 June 2024.