K71U.SI
SGX50SESKeppel REIT
Real Estate · REIT - Office · Singapore
Keppel REIT is one of Asia's leading real estate investment trusts with a portfolio of prime commercial assets in Asia Pacific's key business districts. Keppel REIT's objective is to generate stable income and sustainable long-term total return for its Unitholders by owning and investing in a portfolio of quality income-producing commercial real estate and real estate-related assets in Asia Pacific. Keppel REIT has a portfolio value of over 11 billion dollars, comprising properties in Singapore; the key Australian cities of Sydney, Melbourne and Perth; Seoul, South Korea; as well as Tokyo, Japan. Keppel REIT is managed by Keppel REIT Management Limited and sponsored by Keppel, a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Keppel REIT was established on November 28, 2005 and incorporated in Singapore.
www.keppelreit.com ↗Shares trade at a low 7.9× trailing earnings, easing to 21.4× on forward estimates. Profitability shows a net margin of 113.9% and return on equity of 8.7%. Leverage is high at 13.1× net debt/EBITDA. Revenue grew 5.2% year-on-year. It yields 5.8% in dividends. The mean analyst target of SGD0.99 sits 14.7% above the current price (no rating, 16 analysts).
business model
Keppel REIT is a prime commercial (office) REIT sponsored by Keppel, focused on Grade A office and commercial buildings in key business districts. Its portfolio spans Singapore, Australia, South Korea and Japan, and it earns rental income from office tenants across financial, professional and corporate sectors. As a Singapore REIT it distributes at least 90% of taxable income to unitholders, funded by office rental income.
revenue segments
Revenue is office rental income, with major Singapore assets including stakes in Ocean Financial Centre, Marina Bay Financial Centre and One Raffles Quay, complemented by Grade A offices in Australian cities, Seoul and Tokyo. Income is concentrated in premium CBD office space.
key dependencies
Distributions depend on office occupancy, rental reversions and tenant demand, which are influenced by hybrid-work trends and corporate expansion. Interest rates strongly affect borrowing costs, valuations and distributions, and currency exposure from Australian, Korean and Japanese assets matters. The Keppel sponsor pipeline and capital recycling support the portfolio.
competitors
It competes with CapitaLand Integrated Commercial Trust, Suntec REIT, Mapletree Pan Asia Commercial Trust and private CBD office landlords in Singapore, and with commercial landlords in Australia, Korea and Japan for tenants and acquisitions.
moat
The moat rests on ownership stakes in trophy, well-located Grade A office assets in the Singapore CBD, long weighted-average lease terms with quality tenants, and a strong Keppel sponsor. Prime location and limited new CBD supply support rental resilience.
risks
Office demand faces structural pressure from hybrid work and any economic slowdown, affecting occupancy and reversions. Elevated interest rates raise financing costs and can compress office valuations and distributions, and the trust has at times relied on capital distributions/top-ups; currency exposure and refinancing are additional risks.
Financials & metrics
as of 04 Jul 2026Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.