Keppel REIT reported its first-quarter results for the period ended Mar, 31 2026 on Apr, 21 2026, highlighting higher property income and net property income (NPI) driven by new asset contributions and stronger occupancies.

Property income rose 14.4 % year-on-year to 78.6 million Singapore dollars, while NPI climbed 9.7 % to 59.9 million Singapore dollars. Contributions from the recently acquired 75 % stake in Top Ryde City Shopping Centre and higher occupancy at Ocean Financial Centre underpinned the growth.

Share of results from joint ventures advanced 37.6 % to 41.7 million Singapore dollars, buoyed by the additional one-third interest in Marina Bay Financial Centre Tower 3, higher rentals and lower borrowing costs. Distributable income from operations increased 19.7 % to 57.9 million Singapore dollars. Including a 5 million Singapore dollars anniversary distribution, total distributable income reached 62.9 million Singapore dollars, up 17.8 %.

The portfolio’s occupancy rate improved to 97.1 %, and rental reversion for lease renewals stood at 17.2 %. The weighted average lease expiry was about 4.4 years for the overall portfolio and 8.0 years for the top 10 tenants.

As at Mar, 31 2026, aggregate leverage was 40.2 % with a weighted average term to maturity of 2.6 years. The weighted average cost of debt was 3.16 % per annum, 62 % of borrowings were on fixed rates, and the interest coverage ratio was 2.6 times. Sustainability-linked or green financing accounted for 79 % of total borrowings.

Keppel REIT’s 11.8 billion Singapore dollar portfolio comprises prime commercial properties in Singapore (78.9 %), Australia (18.1 %), South Korea (2.3 %) and Japan (0.7 %).