Broker Name: Maybank Research Pte Ltd
Date of Report: February 5, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary:

• Keppel REIT delivered stable operational performance in FY25, with occupancy rising in both Singapore and Australia, and continued positive rent reversions; however, an enlarged unit base from a preferential offering diluted distribution per unit (DPU), which fell 10.4% year-on-year.
• Gearing temporarily increased due to acquisitions but is expected to normalize after loan repayments; the REIT’s immediate focus is on organic growth and lowering borrowing expenses, while headwinds include higher interest rates, frictional vacancies, and retail diversification in Australia.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website: https://www.maybank-keresearch.com