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Keppel REIT
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PiRPiR
Master |
20-May-2024 12:48
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11:21 PM EDT, 05/19/2024 (MT Newswires) -- Keppel REIT's (SGX:K71U) subsidiary, Keppel No. 4 General Investors? Private Real Estate Investment, obtained a loan facility amounting to 131 billion Korean won, according to a Friday filing with the Singapore Exchange.
Under the loan terms, all outstanding loans become due if there is no appointed successor if Keppel REIT Management ceases to be or is unable to perform its duties as the manager, the filing said. |
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MrBear12
Supreme |
24-Apr-2024 22:19
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Yes, they should buy back some shares. But the reality is as what I wrote in the other post on some 82 cents share
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Alignment
Elite |
24-Apr-2024 22:17
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The 1Q24 results really were very good. In particular distributable income was up vs the 2H23 quarters even though interest costs were materially higher. When interest costs eventually actually fall DPU will jump up sharply in a way few other SREITs will. However they should just consolidate what they have rather than buy new assets. Insofar as they have any spare cash they should be buying back shares given the discount to NAV. |
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MrBear12
Supreme |
24-Apr-2024 10:57
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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capital distributions over five years.Joelton ( Date: 24-Apr-2024 10:47) Posted:
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Supreme
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Keppel Reit Q1 net property income rises 7.2% to S$48.2 million
This is partly due to strong demand for prime office space
KEPPEL Reit : K71U +1.18% posted net property income (NPI) of S$48.2 million for the first quarter ended Mar 31, 2024, up 7.2 per cent from S$45 million in Q1 FY2023.
This was mainly due to higher rentals and contributions from 2 Blue Street in Sydney, said the real estate investment trust&rsquo s (Reit) manager in a business update on Tuesday (Apr 23).
This brought property income to S$61.3 million, up 6.3 per cent from S$57.7 million the year before.
NPI attributable to unitholders also grew 7.1 per cent to S$43.4 million, from S$40.5 million.
The Reit&rsquo s higher NPI for the quarter was partly attributed to the strong demand for prime office space.
The manager added that Keppel Reit&rsquo s acquisition of a 50 per cent interest in 255 George Street, a freehold Grade A office building in Sydney&rsquo s Central Business District, will provide a first-year yield of more than 6 per cent. Its distribution per unit accretion would stand at 1.4 per cent on a pro forma basis, assuming the acquisition was completed on Jan 1, 2023.
The Reit&rsquo s distributable income for the quarter stood flat at S$50.2 million.
The manager announced in 2022 that it will distribute a total of S$100 million of anniversary distribution over a five-year period on a semi-annual basis. Including its anniversary distribution, it also remained flat year on year at S$55.2 million due to higher borrowing costs.
The Reit&rsquo s portfolio occupancy was 96.4 per cent, and its portfolio weighted average lease expiry stood at 4.6 years as at Mar 31, based on committed attributable gross rent.
Supreme
Yells: "Cast all our anxieties on Jesus for He cares for us"
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Recovering.
Inexpensive now compared to other reits
Supreme
Yells: "Cast all our anxieties on Jesus for He cares for us"
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- 1Q 2024 property income and net property income grew 6.3% and 7.2% year-on-year respectively underpinned by higher rentals, as well as contribution from 2 Blue Street
MrBear12 ( Date: 22-Apr-2024 11:29) Posted:
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Supreme
Yells: "Cast all our anxieties on Jesus for He cares for us"
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Buy Suntec.
And of course K-Reits
A note on K-Reits later... ... about its history since IPO etc..
Elite
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Supreme
Yells: "Cast all our anxieties on Jesus for He cares for us"
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No door gift or vouchers.
Only coffee, tea and water served before AGM.
Arrive 30 min early for reg.
I will not be there. Too small a position to make any significant changes.
Enjoy
Supreme
Yells: "Cast all our anxieties on Jesus for He cares for us"
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Suntec city conventional ctr level 3.
See u there
Supreme
Yells: "Cast all our anxieties on Jesus for He cares for us"
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Supreme
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Keppel Reit to acquire 50% interest in Sydney office building for A$363.8 million
KEPPEL Real Estate Investment Trust (Reit) : K71U 0% has agreed to acquire a 50 per cent interest in a freehold Grade A office building in Sydney&rsquo s central business district (CBD) for A$363.8 million (S$321 million).
The remaining interest for the property at 255 George Street will continue to be held by the seller, Mirvac Funds Management Australia, as trustee of Mirvac Wholesale Office Fund I.
Keppel Reit&rsquo s manager on Monday (Apr 1) said the property is expected to generate a first-year yield that exceeds 6 per cent and distribution per unit accretion of 1.4 per cent on a pro-forma basis.
The building has a total net lettable area of 38,996.8 square metres (sq m), including 38,805.0 sq m of office space and 191.8 sq m of retail space, as well as 188 car park lots.
Key tenants of the space include the Australian Taxation Office and the Bank of Queensland, alongside others from the government, financial institutions, healthcare and information technology.
As at Dec 31, 2023, the property had a committed occupancy rate of 93 per cent, with no significant lease expiries from 2024 to 2028.
Keppel Reit&rsquo s manager also noted that the property had stable cash flows underpinned by a weighted average lease expiry of 6.8 years.
Following the acquisition, Keppel Reit&rsquo s Singapore-centric portfolio will be worth approximately S$9.6 billion across 13 properties in the city-state, which would constitute 76.5 per cent of the Reit&rsquo s total assets under management (AUM).
Other assets held by the Reit are in Australia (19.3 per cent of AUM), South Korea (3.3 per cent of AUM), and Japan (0.9 per cent of AUM).
The Reit&rsquo s proportion of freehold assets in its portfolio will increase from 33.2 per cent to 36.4 per cent.
The George Street acquisition builds on Keppel Reit&rsquo s existing partnership with Mirvac, as they already jointly own 8 Chifley Square in Sydney and David Malcolm Justice Centre in Perth.
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RHB keeps &lsquo buy&rsquo call on Keppel REIT, says REIT remains &lsquo mispriced&rsquo at over 30% discount to its book value
RHB Bank Singapore analyst Vijay Natarajan is keeping his &ldquo buy&rdquo call on Keppel REIT with an unchanged target price of $1.08.
As at his report dated Jan 31, the REIT is trading at a unit price of 92 cents, which Natarajan believes, is &ldquo mispriced&rdquo . At its current unit price levels, the REIT is trading at a discount of over 30% to its book value. This is due to investor scepticism towards the office sector, says the analyst.
The REIT&rsquo s results for the 2HFY2023 and FY2023 ended Dec 31, 2023, also met Natarajan&rsquo s expectations.
On Jan 30, Keppel REIT reported a distribution per unit (DPU) of 5.80 cents for the FY2023 ended Dec 31, 2023, 2.0% lower y-o-y. The REIT&rsquo s 2HFY2023 DPU fell by 1.7% y-o-y to 2.90 cents due to higher borrowing costs which offset the &ldquo healthy&rdquo 7% net property income (NPI) growth from operational improvements.
The REIT&rsquo s operational performance also remains robust with improvements in occupancy as well as healthy positive rental reversions. These are expected to remain strong in 2024, says Natarajan. The REIT&rsquo s property in Japan, KR Ginza II, in particular, achieved full occupancy, which broadly outperformed the analyst&rsquo s expectations.
While borrowing costs should increase in FY2024, this is likely to be mitigated by organic income growth and contributions from the REIT&rsquo s new developments, the analyst notes.
After adjusting his occupancy and interest cost estimates, Natarajan has lowered by FY2024 DPU expectations by 1% and increased his FY2025 DPU forecast by 1%. His estimates have also been rolled forward by a year.
His target price includes an environmental, social and governance (ESG) premium of 2% as the REIT&rsquo s ESG score of 3.2 is above the country median.
Elite
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mikewb21 ( Date: 30-Jan-2024 09:29) Posted:
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Master
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Senior
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The results are stable given current economic environment. Depreciation of SGD vs AUD will defnitely help a lot in the bottom line lol
Supreme
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commando ( Date: 15-Jan-2024 08:47) Posted:
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Master
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Elite
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They probably hired a bank to do a bookbuilt sale to multiple investors.