Keppel REIT (K71U) 21st CITIC CLSA Asean Forum presentation summary

FY 2024 financial and operational highlights

• Property income rose 12.2% year-on-year to $261.6m, with net property income up 10.7% to $201.9m.

• Distribution per unit (DPU) declined 3.4% to 5.60 cents due to higher borrowing costs.

• Aggregate leverage stood at 41.2% with 69% of borrowings on fixed rates and an all-in interest rate of 3.40% p.a.

• Portfolio committed occupancy reached 97.9%, with a strong rental reversion of +13.2%.

• Weighted average lease expiry (WALE) for the portfolio was 4.7 years, with top 10 tenants' WALE at 9.0 years.

Portfolio and asset performance

• Portfolio value reached $9.5b, diversified across Singapore, Australia, South Korea, and Japan.

• Singapore assets contributed 69.1% of attributable net property income, Australia 27.0%, South Korea 3.4%, and Japan 0.5%.

• Major assets maintained high occupancy, with most above 98%.

• New acquisitions, including 255 George Street and 2 Blue Street in Sydney, contributed to income growth.

• Portfolio WALE by NLA: Singapore 2.6 years, Australia 10.3 years, South Korea 3.2 years, Japan 2.2 years.

Capital management and balance sheet

• Total assets increased to $9,643m, with borrowings at $3,973m and unitholders' funds at $4,891m.

• Sustainability-focused funding made up 82% of total borrowings.

• Interest coverage ratio was 2.5x, with ongoing refinancing for 2025 maturities.

• Issued A$50m of floating rate green notes due 2027.

• Adjusted NAV per unit was $1.24 as at 31 Dec 2024.