Keppel REIT (K71U) presented its 1Q2026 results at the J.P. Morgan ASEAN Real Assets Forum on Jun, 30 2026, reporting higher earnings and occupancy across its diversified office and retail portfolio.

Net property income rose 9.7 % year-on-year to 59.9 million Singapore dollars, supported by first-time contributions from the 75 %-owned Top Ryde City Shopping Centre acquired on Dec, 19 2025 and improved occupancy at Ocean Financial Centre.

Share of results from joint ventures jumped 37.6 % to 41.7 million Singapore dollars, reflecting the additional one-third stake in Marina Bay Financial Centre Tower 3 that was completed on Dec, 16 2025, together with higher rents and lower borrowing costs.

Distributable income from operations increased 19.7 % to 57.9 million Singapore dollars. Including a 5.0 million Singapore dollars anniversary distribution, total distributable income reached 62.9 million Singapore dollars, 17.8 % above the same quarter last year. No interim distribution was declared as the trust pays dividends on a half-yearly basis.

Portfolio committed occupancy improved to 97.1 % as at Mar, 31 2026, up from 96.7 % three months earlier. The quarter recorded rental reversions of +17.2 %, with a portfolio weighted average lease expiry of 4.4 years and an 8.0-year WALE for the top ten tenants.

Aggregate leverage stood at 40.2 %, while 62 % of borrowings were on fixed rates. The weighted average cost of debt was 3.16 % per annum, or 3.27 % when excluding short-term equity bridge loans repaid on Jan, 20 2026. Debt maturity averages 2.6 years, and the interest coverage ratio was 2.6 times.

Keppel REIT’s portfolio comprises 14 prime commercial assets across Singapore, Australia, South Korea and Japan with a total value of 11.8 billion Singapore dollars. Sustainability-linked financing accounts for 79 % of total borrowings, and all properties except the recently acquired Top Ryde City Shopping Centre hold green building certifications.