Financial Information

Profit and Loss
for the financial year ended
31 December
2021 2022 2023 2024 2025
  $'000 $'000 $'000 $'000 $'000
Property income  216,606 219,286 233,071 261,580 274,478
Net property income  172,532 175,942 182,379 201,913 215,905
Share of results of associates 89,039 77,787 80,125 - -
Share of results of joint ventures 29,556  22,907 23,665 - -
Share of results of associates and joint ventures1 - - - 110,003 124,634
Distribution to Unitholders 212,141  220,936 218,659 214,547 212,406
Distribution per Unit (cents) 5.82  5.92 5.80 5.60 5.23
Distribution yield2 (%) 5.2  6.5 6.2 6.4 5.4
Balance Sheet
as at 31 December
2021 2022 2023 2024 2025
  $'000 $'000 $'000 $'000 $'000
Total assets 8,487,684 8,881,375 8,259,328 8,457,643 9,978,947
Total liabilities 2,897,700 3,016,071 2,508,263 2,816,428 3,972,116
Unitholders' funds 4,866,188 5,118,916 5,004,621 4,891,057 5,123,699
Total borrowings 3,485,220 3,605,658 3,664,111 3,973,210 5,667,960
Value of deposited properties 9,085,224 9,395,471 9,421,350 9,643,422 11,844,532
Financial Ratios
as at 31 December
2021 2022 2023 2024 2025
Aggregate leverage (%) 38.4 38.4 38.9 41.2 47.9
Interest coverage ratio (times) 3.9 3.3 3.0 2.5 2.6
All-in interest rate per annum (%) 1.98 2.29 2.89 3.40 3.41
Per Unit Data
as at 31 December
2021 2022 2023 2024 2025
Net asset value per unit ($) 1.32 1.37 1.32 1.27 1.28
Adjusted net asset value per unit ($)
- excluding distributable income
1.29 1.34 1.29 1.24 1.27
Year-end closing price ($) 1.13 0.91 0.93 0.87 0.97
Number of units in issue at year-end ('000) 3,695,419 3,742,223 3,782,553 3,870,595 4,955,087
Market capitalisation2
($'000)
4,175,823 3,405,423 3,517,775 3,344,320 4,806,434
1 Share of results of associates and joint ventures comprised Keppel REIT’s one-third interests of the respective profit after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP), and Central Boulevard Development Pte. Ltd. (CBDPL), and 50% interests in the respective profit after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT). An additional one-third interest in CBDPL was acquired on 31 December 2025.
Based on closing unit price as at the last trading day for the financial year.