24-January-2017
Unaudited Results of Keppel REIT for the Fourth Quarter and Full Year Ended 31 December 2016

The Directors of Keppel REIT Management Limited, as Manager of Keppel REIT, are pleased to announce the unaudited results of Keppel REIT for the fourth quarter and full year ended 31 December 2016.

Keppel REIT delivers 6.37 cents in DPU amidst challenging market environment in 2016
Maintains high committed occupancy as at end-2016, with minimal leasing risk expected in 2017

Keppel REIT's Fourth Quarter (4Q 2016) and Full Year 2016 (FY 2016) Results Highlights

  • Distributable income (DI) to Unitholders was $48.7 million for 4Q 2016, bringing FY 2016 DI to $208.1 million.
  • Distribution per Unit (DPU) of 1.48 cents for 4Q 2016, bringing total DPU for FY 2016 to 6.37 cents. There is no distribution of other gains in 4Q 2016.
  • Distribution yield of 6.2% for FY 2016.
  • Weighted average term to maturity of borrowings at 3.5 years as at end-2016, with no refinancing requirements until 2018.
  • Aggregate leverage at 38.5%.
  • All-in interest rate of 2.51% and interest coverage ratio of 4.7 times.
  • High tenant retention rate of 95% and portfolio occupancy rate of 99.2% as at end-2016.
  • Rent reversion for new, renewal, forward renewal and review leases for all assets in the Keppel REIT portfolio was -9% for FY 2016.
  • Average monthly signing rent for Singapore office leases was $9.60 psf(1) for FY 2016.
  • Weighted average lease expiry (WALE) for top 10 tenants and portfolio at 9.3 years and 6.1 years respectively.
  • Minimal leasing risks with only 3.9% and 1.7% of leases due for renewal and review in 2017 respectively.

Attachments:
Download - Financial Highlights
Download - Unaudited Results
Download - Presentation Slides

For more information, please contact:

Media Relations

Ms Teri Liew
Deputy General Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 6413-6425 / (65) 9686-4038
Email: teri.liew@kepcorp.com
Investor Relations

Ms Grace Chia
Assistant General Manager
Investor Relations & Communications
Keppel Capital
Tel: (65) 6433-7622
Email: grace.chia@kepcapital.com