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 2021.
Keppel REIT achieves distributable income from operations of $51.6 million for 1Q 2021
Key Highlights
- Distributable income from operations[1] for the first quarter of 2021 (1Q 2021) was up 22.0% year-on-year at $51.6 million, including income contribution from Pinnacle Office Park in Sydney which commenced on 1 January 2021.
- Aggregate leverage was 35.2% and all-in interest rate was lower year-on-year at 2.01% per annum.
- Completed a $270.0 million private placement in February 2021, which was approximately 4.6 times covered, with strong participation from new and existing institutional, accredited and other investors.
- Obtained Unitholders’ approval for the acquisition of Keppel Bay Tower at the Extraordinary General Meeting (EGM) in February 2021, with acquisition completion targeted in 2Q 2021.
- Portfolio committed occupancy of 96.5% and long portfolio weighted average lease expiry (WALE)
of 6.7 years.
[1] As Keppel REIT has adopted half-yearly distributions from 2H 2020 onwards, any distribution of capital gains for 1H 2021 will be disclosed at the 1H 2021 results announcement.
