The REIT's property income grew by 4.7% y-o-y to $114.9 million on higher rentals and portfolio occupancy.
Net property income (NPI) grew by 0.4% y-o-y to $89.9 million.
As at June 30, Keppel’s aggregate leverage was 39.2%, with 76% of its borrowings on fixed rates. There will be no major refinancing required for the rest of 2023 and the majority of the debt due this year and next will mature in 4QFY2023 and 2QFY2024 respectively.
For the quarter, Keppel maintained a high portfolio committed occupancy of 94.9% and positive rental reversion. Without Blue & William which achieved its practical completion on April 3, the portfolio committed occupancy would be 97%, an increase from 96.3% from the previous quarter.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Keppel REIT’s portfolio of prime commercial space continued to see stable leasing momentum. The weighted average signing rent for Singapore office leases increased from approximately $12.05 per sq ft per month in 1QFY2023 to $12.35 in 1HFY2023.
Cash and cash equivalents stood at $136.5 million as at June 30.
Units in Keppel REIT closed 1.5 cents higher or 1.65% up at 9.2 cents on July 25.
