Key Details of the Preferential Offering

• Offering Structure: The preferential offering was pro-rata and non-renounceable, with eligible unitholders entitled to 23 new units for every 100 existing units held as at 5:00 p.m. on 22 December 2025.
• Issue Price: Each new unit was priced at S\$0.96.
• Total Units Outstanding: Following the issuance, Keppel REIT now has 4,937,055,970 units in issue.
• Distribution Entitlement: The new units rank pari passu with existing units and will entitle holders to Keppel REIT’s distributable income from 17 October 2025 to 31 December 2025 and all subsequent distributions.

Important Notes for Shareholders

• Potential Impact on Share Price: This substantial issuance increases the total number of units by nearly 23%. Such dilution could affect per-unit metrics like distribution per unit (DPU) and net asset value (NAV) per unit, depending on the use of proceeds and future performance of the underlying assets.
• Liquidity and Trading: With more units in circulation, trading liquidity on the SGX-ST may improve. However, listing does not guarantee a liquid market, and investors should monitor trading volumes.
• Ranking of New Units: New units are fully fungible and rank equally with existing units for all distributions and voting rights, removing any ambiguity about their status.
• Jurisdictional Restrictions: The offering was not distributed in the United States (except to Qualified Institutional Buyers), UK (except to eligible UK investors), Hong Kong (except to professional investors), EEA, or Australia (except to certain professional or wholesale clients). This limits the investor base and may influence trading dynamics.
• Regulatory Notes: This announcement is not an offering document, and the new units are classified as prescribed capital markets products and excluded investment products under Singapore regulations. The Monetary Authority of Singapore has not reviewed this publication.

Risks and Investor Considerations

• Investment Risk: The units are subject to investment risks, including possible loss of principal. Neither Keppel REIT nor its manager or trustee guarantees the value or returns of the units.
• No Redemption Right: Unitholders cannot request redemption or repurchase by the manager while units are listed. All dealings must be done via SGX-ST trading.
• Past Performance Not Indicative: Past results of Keppel REIT and its manager are not necessarily indicative of future performance.

Conclusion and Price Sensitivity

This capital raising is a significant event for Keppel REIT, representing both an opportunity for expansion and a potential dilution risk for existing unitholders. The use of proceeds, future acquisitions, and performance will be critical in determining the impact on distribution and value per unit. Investors should watch for further announcements regarding deployment of the new capital, as this could materially affect share price and future distributions.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, an offer, or solicitation to buy or sell any securities. Investors should consult their financial advisors and review official documents and announcements from Keppel REIT before making investment decisions. Past performance is not necessarily indicative of future results. The Monetary Authority of Singapore has not reviewed this publication.

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