Keppel REIT (K71U) reported net property income of 215.9 million Singapore dollars for the financial year ended Dec, 31 2025, a 6.9 per cent increase from the previous year.

Distributable income from operations slipped 1.1 per cent to 192.4 million Singapore dollars, while distributable income would have grown 6.3 per cent to 206.8 million Singapore dollars if management fees had been fully paid in units. The trust declared a distribution per unit of 5.23 cents, comprising 2.72 cents paid on Sep, 15 2025, 1.63 cents paid on Nov, 25 2025, and a final 0.88 cent tranche payable on Mar, 25 2026. The units will trade ex-distribution on Feb, 11 2026, with a record date of Feb, 12 2026.

Portfolio committed occupancy stood at 96.7 per cent, and weighted average lease expiry was 4.4 years. Rental reversions for leases signed in FY2025 averaged +11.5 per cent.

Aggregate leverage was 47.9 per cent as at Dec, 31 2025; this would fall to 40.4 per cent assuming preferential-offering proceeds received at year-end were used to repay equity bridge loans. Weighted average cost of debt was 3.41 per cent per annum, with 53 per cent of borrowings on fixed rates and a weighted average term to maturity of 2.4 years.

During the year Keppel REIT completed two acquisitions: a 75 per cent stake in Top Ryde City Shopping Centre, Sydney, on Dec, 19 2025 and an additional one-third interest in Marina Bay Financial Centre Tower 3, Singapore, on Dec, 31 2025. Both assets are expected to contribute to earnings from 2026.

Net asset value per unit rose to 1.27 Singapore dollars, up 2.4 per cent from a year earlier. The trust’s total portfolio was valued at 11.66 billion Singapore dollars across 14 prime commercial properties in Singapore, Australia, South Korea and Japan.