19-April-2023 Keppel REIT Key Business and Operational Updates for the First Quarter of 2023

The Directors of Keppel REIT Management Limited, as Manager of Keppel REIT, are pleased to provide the key business and operational updates of Keppel REIT for the first quarter of 2023. 


Stronger NPI Supported by Healthy Operational Performance

Key Highlights 

  • Net property income (NPI) attributable to Unitholders increased 1.3% year-on-year; Keppel REIT recorded higher NPI for the majority of its properties in the first quarter of 2023 (1Q 2023).
  • 1Q 2023 distributable income from operations was $50.2 million, lower than 1Q 2022 due mainly to higher borrowing costs.
  • Including the Anniversary Distribution of $5 million1, 1Q 2023 distributable income would be $55.2 million, 2.6% higher year-on-year.
  • Maintained high portfolio committed occupancy of 96.3% and long weighted average lease expiry (WALE) of 5.8 years.
  • Aggregate leverage remained healthy at 38.7% with 75% of borrowings on fixed rates.
  • Resumed unit buy-back activities in 1Q 2023, purchased and cancelled 9.5 million units.
  • Blue & William achieved practical completion on 3 April 2023 and will start contributing income to Keppel REIT.


1 In appreciation to Unitholders for their support and to celebrate Keppel REIT's 20th anniversary in 2026, Keppel REIT will distribute a total of $100 million of Anniversary Distribution over a 5-year period. $20 million will be distributed annually with such distribution to be made semi-annually, $5 million is the pro-rated amount per quarter. 

  • Media Relations
  • Loh Jing Ting (Ms)
  • Deputy Manager
  • Group Corporate Communications
  • Keppel Corporation Limited
  • DID: (65) 6413 6431
  • Email:
  • Investor Relations
  • Leng Tong Yan (Ms)
  • Senior Manager
  • Investor Relations & Sustainability
  • Keppel Capital
  • DID: (65) 6803 1710
  • Email: