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Keppel REIT
(SGX:K71U)
Keppel REIT (K71U) vs. iShares MSCI Singapore ETF (EWS)
Keppel REIT Business Overview & Revenue Model
Keppel REIT Earnings Call Summary
Keppel REIT Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 343.21M | 261.58M | 336.86M | 319.98M | 335.20M | 170.22M |
| Gross Profit | 331.29M | 158.18M | 288.61M | 175.94M | 172.53M | 135.48M |
| EBITDA | 232.16M | 217.70M | 273.04M | 146.06M | 126.89M | 105.29M |
| Net Income | 167.22M | 108.44M | 178.03M | 414.84M | 241.17M | -5.92M |
Balance Sheet | ||||||
| Total Assets | 8.35B | 8.46B | 8.26B | 8.88B | 8.49B | 7.76B |
| Cash, Cash Equivalents and Short-Term Investments | 108.81M | 83.87M | 149.84M | 186.43M | 178.68M | 157.41M |
| Total Debt | 2.63B | 2.66B | 2.34B | 2.85B | 2.73B | 2.38B |
| Total Liabilities | 2.81B | 2.82B | 2.51B | 3.02B | 2.90B | 2.54B |
| Stockholders Equity | 5.09B | 5.19B | 5.00B | 5.42B | 5.17B | 4.80B |
Cash Flow | ||||||
| Free Cash Flow | 190.82M | 188.98M | 200.51M | 162.22M | 108.55M | 93.73M |
| Operating Cash Flow | 190.83M | 188.99M | 208.06M | 162.23M | 113.67M | 104.46M |
| Investing Cash Flow | 120.38M | -250.92M | 492.82M | -46.38M | -383.13M | -219.88M |
| Financing Cash Flow | -311.79M | 2.15M | -742.27M | -111.42M | 303.35M | 140.88M |
Keppel REIT Technical Analysis
Keppel REIT Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | S$4.15B | -215.15 | -0.32% | 4.55% | 0.01% | -110.22% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.93B | 17.97 | 6.70% | 6.51% | -1.96% | 175.59% | |
63 Neutral | S$13.19B | 17.86 | 6.96% | 5.43% | 2.35% | 365.31% | |
60 Neutral | S$2.69B | 31.34 | 5.49% | 3.76% | 2.55% | -23.99% | |
57 Neutral | S$4.84B | 24.21 | 3.21% | 7.36% | 4.22% | 25.85% | |
56 Neutral | S$1.99B | -26.26 | -2.15% | 6.03% | -11.65% | -137.98% |
Keppel REIT Corporate Events
Keppel REIT’s management told investors that its acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3 will not be immediately DPU-accretive but is positioned as a strategic, long-term move, underpinned by confidence in the asset’s rental growth potential and the strength of Singapore’s CBD office market. Current passing rents at the building are below both the Marina Bay average and the level at which the deal becomes DPU-neutral, but recent signing rents have already surpassed the DPU-neutral threshold, suggesting upside as leases are renewed over time. Management also highlighted the tight future supply in the CBD, with no new land releases and long construction lead times, and noted that pro forma figures do not yet include contributions from its recently completed 75% acquisition of Sydney’s Top Ryde City Shopping Centre, reinforcing its commitment to growing DPU for unitholders over the long term.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT has commenced the despatch of an instruction booklet, application forms and provisional allotment letters to entitled unitholders as part of its previously announced underwritten, non-renounceable preferential offering. The offering will raise approximately S$886.3 million through the issuance of 923,189,327 new units on the basis of 23 new units for every 100 existing units held as at 22 December 2025, with the proceeds intended, among other uses, to support the acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3, potentially strengthening the REIT’s income base and strategic position in Singapore’s prime office market.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT, through its wholly owned subsidiary Keppel REIT Fin. Company Pte. Ltd., has secured three Singapore dollar-denominated bridge loan facilities totalling roughly S$892 million, each guaranteed by the REIT’s trustee. The facilities include change-of-control-style clauses requiring mandatory prepayment within a short period if Keppel REIT’s manager ceases to be the manager or is no longer wholly owned by Keppel group entities, and no qualifying Keppel-owned replacement manager is appointed, underscoring lenders’ reliance on the current sponsorship and management structure and highlighting the importance of ownership stability for both financing arrangements and REIT stakeholders.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT has announced the launch of an underwritten non-renounceable preferential offering to raise approximately S$886.3 million. The offering is priced at S$0.96 per new unit, representing a 6.8% discount to the volume-weighted average price of S$1.0301. This move is expected to strengthen Keppel REIT’s financial position and provide capital for future investments, potentially enhancing its market competitiveness and benefiting stakeholders.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT has announced a preferential offering to raise approximately S$886.3 million, with the record date set for December 22, 2025. The new units from this offering will be listed on the SGX-ST on January 19, 2026, and will rank equally with existing units, including rights to distributable income from October 17, 2025, onwards. This move is expected to strengthen Keppel REIT’s capital base and enhance its financial flexibility, potentially impacting its market positioning and stakeholder interests positively.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT Management Limited announced that it has obtained a favorable tax ruling from the Inland Revenue Authority of Singapore (IRAS) regarding its S$300,000,000 subordinated perpetual securities issued under its multicurrency debt issuance programme. The IRAS has classified these securities as ‘debt securities’ for tax purposes, allowing them to qualify for certain tax concessions and exemptions. This ruling is expected to positively impact Keppel REIT’s financial operations by potentially reducing tax liabilities and enhancing returns for stakeholders.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT has announced the issuance of S$100,000,000 in subordinated perpetual securities under its S$2,000,000,000 multicurrency debt issuance programme. The securities, which have received approval-in-principle for listing on the Singapore Exchange, are expected to enhance the trust’s financial flexibility and support its growth strategy, potentially impacting its market positioning and stakeholder value.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT has secured three loan facilities guaranteed by HSBC Institutional Trust Services, with specific conditions related to changes in management or shareholding. These facilities, totaling A$240 million and S$200 million, require immediate repayment if Keppel REIT’s management changes and a suitable replacement from Keppel Capital Holdings or Keppel Ltd. is not appointed, impacting the company’s financial flexibility and operational stability.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT has announced the pricing of S$100 million 3.28% subordinated perpetual securities under its S$2 billion multicurrency debt issuance programme. The proceeds from this issuance will be used for financing or refinancing acquisitions, asset enhancements, and general working capital purposes, potentially strengthening Keppel REIT’s financial position and operational capabilities.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT Management Limited has announced the issuance of 8,693,027 units at S$0.9981 per unit as part of its management fee payment for the period from 1 July 2025 to 30 September 2025. This move increases the company’s unitholding to approximately 5.35% of the total issued units, reflecting its strategy to manage fees through a combination of units and cash, which may impact its financial operations and stakeholder interests.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.10 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.
Keppel REIT has received in-principle approval from the Singapore Exchange Securities Trading Limited for the listing of 114,954,000 new units following a private placement. This move is part of a strategy to raise approximately S$113.0 million, with the funds intended for working capital and other corporate purposes. The approval is contingent upon compliance with specific SGX-ST listing requirements, and the new units will be listed on the Main Board of the SGX-ST. This development is significant for Keppel REIT as it enhances its financial flexibility and supports its growth strategy, potentially impacting its market positioning and stakeholder interests.
The most recent analyst rating on (SG:K71U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Keppel REIT stock, see the SG:K71U Stock Forecast page.