Keppel REIT (K71U) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 distributable income from operations rose 24.4% YoY; growth excluding acquisitions was 3.6%, reflecting positive organic portfolio growth.

• Proposed acquisition of a 51.0% interest in Keppel South Central is projected to be 2.01% pro forma DPU-accretive, with 39.2% pro forma aggregate leverage.

Financial highlights

• 9M 2026 property income rose 16.5% YoY to $238.2m; NPI increased 12.7% to $181.8m and NPI attributable to Unitholders grew 13.1% to $166.4m.

• Share of joint venture results increased 33.3% to $124.2m, while borrowing costs rose 8.6% to $74.2m.

• Distributable income from operations was $179.9m, up 24.4%; including the $15.0m Anniversary Distribution, total distributable income was $194.9m, up 22.1%.

Outlook and guidance

• Proposed South Central acquisition is expected to complete in 2Q 2027, subject to Unitholder approval; any equity financing would be capped at S$100m.

• South Central committed occupancy was ~60%, with another 20% under negotiation as of mid-October 2026; average rents reached ~$11.30 psf, above income-support assumptions.

• Independent valuations assume 95% stabilised occupancy in ~two years; higher mid-to-high-floor rents and further lease-up offer potential upside.