Broker Name: OCBC Group Research
Date of Report: 4 February 2026
Excerpt from OCBC Group Research report.
Report Summary
- Keppel REIT’s FY25 distribution per unit (DPU) fell 6.6% year-on-year, missing expectations, but the portfolio saw robust rental reversions of 11.5% and a high committed occupancy rate of 96.7%.
- The company expanded its asset base with acquisitions including Top Ryde City Shopping Centre and a greater stake in Marina Bay Financial Centre Tower 3, raising aggregate leverage to 47.9% (expected to fall after debt repayment with preferential offering proceeds); the fair value was raised to SGD 1.06 and the rating upgraded to BUY.
Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group website: https://www.ocbc.com