Thursday 16 October 2014

Keppel REIT's Net Property Income grows 16.1% year-on-year Achieves positive rental reversion of 32.3% in 3Q 2014 and Maintains healthy annualised distribution yield of 6.4%

  • Net property income for the first nine months of 2014 ("YTD Sept 2014") rose 16.1% year-on-year ("y-o-y") to $117.2 million
  • Achieved positive rental reversion of 32.3% in 3Q 2014
  • Attained high tenant retention rate of 92% in 3Q 2014
  • Strategic rejuvenation of property portfolio with the proposed acquisition of a one-third interest in Marina Bay Financial Centre ("MBFC") Tower 3 on 18 September 2014 and the successful divestment of its 92.8% stake in Prudential Tower on 26 September 2014
  • With the portfolio upgrade, credit rating agencies Moody's and Standard & Poor's have both reaffirmed Keppel REIT's rating at "Baa2" and "BBB" respectively with a stable outlook
  • All-in interest rate remains at 2.2%
  • Proactive leasing strategy with forward renewals of approximately 175,000 sf for YTD Sept 2014
  • Maintained strong committed portfolio occupancy of 99.3%, with seven of 11 office towers fully committed

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