Keppel REIT posts net property income rises 3.7% YoY in FY23

It saw a positive rental reversion of 9.9%.

Keppel REIT reported a 3.7% year-on-year net property income increase in financial year 2023 to $182.4m due to positive rental reversions as the prime office space saw healthy demand from diverse sectors.

In a disclosure, Keppel REIT said its property income rose by 6.3% to reach $233.1m, with its portfolio achieving a positive rental reversion of 9.9%.

It also saw a higher committed occupancy of 97.1% as of December 2023, compared to the 95.9% recorded by the end of the third quarter. Its portfolio and top 10 tenants have a remaining long weighted average lease expiry of 5.5 years and 9.7 years, respectively.

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Its assets in Singapore and South Korea also have high ocupact at 99% and 95.8%, respectively.

Its Australia portfolio also achieved higher occupancy with 100% at 8 Chiefly Square during the fourth quarter, whilst 2 Blue Street’s committed occupancy rose to 66.4% from 42.5% in the previous quarter.