3 bits of good news about Keppel REIT's 2Q13 report

DPU is at 1.97cts.

According to Barclays, KREIT reported 2Q13 DPU of 1.97cts (+ 2% y/y, +0% q/q), bringing 1H13 DPU to 3.84 cts (+3% y/y), 50% of Bloomberg consensus estimate of 7.93 cts for FY13E.

Here's more from Barclays:

The good points about the results are strong occupancy, firm rents and low borrowing costs.

We note that the proportion of rental support has come down to 23% of total income in 1H13 from 29% in FY12, reflecting the gradual stronger underlying passing rent in OFC.

KREIT’s portfolio occupancy has improved 0.5ppts to 99.2% from 98.7% in 1Q13, due mainly to OFC’s improvement to 97.9% from 96.6% in 1Q13. Based on management comments, we believe rents have been firm for all spaces renewed and reviewed.

KREIT has completed all refinancing for 2013, as well as early refinancing of approximately 60% of borrowings due in 2014. It further lengthened its debt maturity profile to 3.6 years from 3.2 years as of Mar 2013, while all-in interest rate actually fell marginally from 2.17% as of Mar 2013 to 2.16%. 70% of the debt cost was fixed, and management expects rates to remain low.

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