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Tuesday, 20 October 2015

Unaudited Results of Keppel REIT for the Third Quarter and Nine Months Ended 30 September 2015

Keppel REIT's distributable income for 3Q 2015 rose 4.6% y-o-y

A resilient portfolio and the Manager's continued focus on tenant retention see
high retention rate of 90% and positive rental reversion of 16% on average

• Recorded a 4.6% and 1.8% year-on-year ("y-o-y") growth in distributable income for 3Q 2015 and year-to-date 2015 ("YTD 2015") respectively, as well as sustained levels of distributable income on a quarter-on-quarter ("q-o-q") basis
• Higher distributable income was due mainly to better performance from Ocean Financial Centre, Bugis Junction Towers and 8 Chifley Square in Sydney
• Distribution per unit ("DPU") of 1.70 cents for the third quarter 2015 ("3Q 2015")
• Increased fixed-rate loans to over 70%, which will insulate against interest rate fluctuations
• Average cost of debt remained constant at 2.5% and interest coverage ratio at a healthy 4.4 times
• Hedged almost 100% of distribution payment from Australia up till the first quarter of 2016 ("1Q 2016")
• Continued to maintain low refinancing obligations, with close to 100% of total borrowings not due for repayment till 2017
• Concluded a total of 82 leases or approximately 1.1 million sf of office space to-date
• Of the new office leases secured in 3Q 2015, one-third were from tenants setting up presence and operations in Singapore, one-third were from first-time entrants into Keppel REIT's portfolio and the remaining one-third were expansions by existing tenants
• Notwithstanding the supply of office spaces from both upcoming and existing buildings, the Manager completed 100% of all leases due for review and almost all leases due for renewal in 2015. With this, approximately 70% of total leases are not due for renewal till 2018 and beyond
Despite challenging leasing market conditions, the Manager has achieved a positive rent reversion averaging 16% for office leases signed, renewed and reviewed year-to-date
• Overall portfolio occupancy declined slightly q-o-q from 99.3% to 98.5%

• Gained strategic control of the office and retail components at 8 Exhibition Street in Melbourne with the successful acquisition of the three remaining prime street-fronting retails units
• Achieved Certificate of Practical Completion for the office tower on the Old Treasury Building site in Perth, and the Government of Western Australia (WA) will commence its 25-year long lease in the fourth quarter of 2015 ("4Q 2015")

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