Keppel Reit K71U
Financials
Annual Report 2025
Explore the statements
20 tablesBalance Sheets
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 5,573,016 | 5,167,453 | – | – | PDF p. 118 |
| Investments in subsidiaries$’000 | – | – | 3,847,309 | 2,094,420 | PDF p. 118 |
| Investments in associates and joint ventures$’000 | 4,220,248 | 3,121,136 | 2,958,876 | 2,023,195 | PDF p. 118 |
| Advances to associates and joint ventures$’000 | – | 55,044 | – | 55,044 | PDF p. 118 |
| Amounts owing by subsidiaries$’000 | – | – | 574,110 | 2,036,243 | PDF p. 118 |
| Fixed assets$’000 | 84 | 86 | – | – | PDF p. 118 |
| Financial assets at fair value through profit or loss$’000 | 16,110 | 456 | – | – | PDF p. 118 |
| Derivative financial instruments$’000 | 4,006 | 6,791 | 3,282 | 6,791 | PDF p. 118 |
| Other non-current assets$’000 | 11,067 | 907 | – | – | PDF p. 118 |
| Non-current assets subtotal | |||||
| Subtotal$’000 | 9,824,531 | 8,351,873 | 7,383,577 | 6,215,693 | PDF p. 118 |
| Current assets | |||||
| Trade and other receivables$’000 | 12,240 | 14,259 | 28,309 | 27,042 | PDF p. 118 |
| Prepaid expenses$’000 | 1,407 | 1,268 | 1 | 4 | PDF p. 118 |
| Financial assets at fair value through profit or loss$’000 | 4,938 | 2,986 | – | – | PDF p. 118 |
| Cash and bank balances$’000 | 135,503 | 80,885 | 74,609 | 7,626 | PDF p. 118 |
| Derivative financial instruments$’000 | 328 | 6,372 | 328 | 2,756 | PDF p. 118 |
| Current assets subtotal | |||||
| Subtotal$’000 | 154,416 | 105,770 | 103,247 | 37,428 | PDF p. 118 |
| Assets | |||||
| Total assets$’000 | 9,978,947 | 8,457,643 | 7,486,824 | 6,253,121 | PDF p. 118 |
| Current liabilities | |||||
| Trade and other payables$’000 | 100,405 | 51,878 | 69,290 | 29,912 | PDF p. 118 |
| Income received in advance$’000 | 4,964 | 3,942 | – | – | PDF p. 118 |
| Borrowings (secured)$’000 | – | 469,704 | – | – | PDF p. 118 |
| Borrowings (unsecured)$’000 | 1,319,654 | 224,612 | 1,204,158 | 101,521 | PDF p. 118 |
| Security deposits$’000 | 15,858 | 6,726 | – | – | PDF p. 118 |
| Derivative financial instruments$’000 | 683 | 12 | 683 | 12 | PDF p. 118 |
| Provision for taxation$’000 | 180 | 258 | – | – | PDF p. 118 |
| Current liabilities subtotal | |||||
| Subtotal$’000 | 1,441,744 | 757,132 | 1,274,131 | 131,445 | PDF p. 118 |
| Non-current liabilities | |||||
| Borrowings (secured)$’000 | 501,969 | 35,507 | – | – | PDF p. 118 |
| Borrowings (unsecured)$’000 | 1,935,051 | 1,928,006 | 1,938,373 | 1,930,843 | PDF p. 118 |
| Derivative financial instruments$’000 | 15,490 | 9,484 | 15,490 | 9,484 | PDF p. 118 |
| Security deposits$’000 | 32,906 | 44,170 | – | – | PDF p. 118 |
| Deferred tax liabilities$’000 | 44,956 | 42,129 | – | – | PDF p. 118 |
| Non-current liabilities subtotal | |||||
| Subtotal$’000 | 2,530,372 | 2,059,296 | 1,953,863 | 1,940,327 | PDF p. 118 |
| Liabilities | |||||
| Total liabilities$’000 | 3,972,116 | 2,816,428 | 3,227,994 | 2,071,772 | PDF p. 118 |
| Net assets | |||||
| Net assets$’000 | 6,006,831 | 5,641,215 | 4,258,830 | 4,181,349 | PDF p. 118 |
| Represented by | |||||
| Unitholders’ funds$’000 | 5,123,699 | 4,891,057 | 3,856,021 | 3,879,326 | PDF p. 118 |
| Perpetual securities$’000 | 402,809 | 302,023 | 402,809 | 302,023 | PDF p. 118 |
| Non-controlling interests$’000 | 480,323 | 448,135 | – | – | PDF p. 118 |
| Represented by subtotal | |||||
| Subtotal$’000 | 6,006,831 | 5,641,215 | 4,258,830 | 4,181,349 | PDF p. 118 |
| Per Unit information | |||||
| Units in issue (’000)’000 Units | 4,013,867 | 3,844,046 | 4,013,867 | 3,844,046 | PDF p. 118 |
| Net asset value per Unit ($)$ per Unit | 1.28 | 1.27 | 0.96 | 1.01 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
Consolidated Statement of Profit or Loss
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Property income$’000 | 274,478 | 261,580 | PDF p. 119 |
| Expenses | |||
| Property expenses$’000 | (58,573) | (59,667) | PDF p. 119 |
| Results | |||
| Net property income$’000 | 215,905 | 201,913 | PDF p. 119 |
| Rental support$’000 | 2,360 | 9,412 | PDF p. 119 |
| Share of results of associates and joint ventures$’000 | 124,634 | 110,003 | PDF p. 119 |
| Interest income$’000 | 4,529 | 7,714 | PDF p. 119 |
| Expenses | |||
| Trust expenses$’000 | (66,037) | (65,043) | PDF p. 119 |
| Borrowing costs$’000 | (90,354) | (88,546) | PDF p. 119 |
| Results | |||
| Net foreign exchange differences$’000 | 320 | 4,188 | PDF p. 119 |
| Net change in fair value of financial assets at fair value through profit or loss$’000 | (13,415) | (8,500) | PDF p. 119 |
| Net change in fair value of derivatives$’000 | 98 | 3,276 | PDF p. 119 |
| Profit before net change in fair value of investment properties$’000 | 178,040 | 174,417 | PDF p. 119 |
| Net change in fair value of investment properties$’000 | 339,700 | (43,479) | PDF p. 119 |
| Profit before tax$’000 | 517,740 | 130,938 | PDF p. 119 |
| Tax | |||
| Income tax expense$’000 | (13,705) | (1,209) | PDF p. 119 |
| Results | |||
| Profit for the year$’000 | 504,035 | 129,729 | PDF p. 119 |
| Attributable to | |||
| Unitholders$’000 | 443,136 | 98,969 | PDF p. 119 |
| Perpetual securities holders$’000 | 11,308 | 9,476 | PDF p. 119 |
| Non-controlling interests$’000 | 49,591 | 21,284 | PDF p. 119 |
| Attributable subtotal | |||
| Subtotal$’000 | 504,035 | 129,729 | PDF p. 119 |
| Earnings per Unit based on profit for the year attributable to Unitholders | |||
| – Basiccents per Unit | 11.35 | 2.59 | PDF p. 119 |
| – Dilutedcents per Unit | 11.35 | 2.59 | PDF p. 119 |
| Earnings per Unit based on profit before net change in fair value of investment properties and related tax expenses | |||
| – Basiccents per Unit | 3.61 | 3.64 | PDF p. 119 |
| – Dilutedcents per Unit | 3.61 | 3.64 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
Consolidated Statement of Comprehensive Income
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$’000 | 504,035 | 129,729 | PDF p. 120 |
| Cash flow hedges | |||
| – Fair value changes for the year$’000 | (12,597) | 7,546 | PDF p. 120 |
| – Realised and transferred to profit or loss$’000 | (1,868) | (28,060) | PDF p. 120 |
| Foreign currency translation | |||
| – Exchange differences for the year$’000 | (47,466) | (19,199) | PDF p. 120 |
| Share of other comprehensive loss of associates and joint ventures | |||
| – Cash flow hedges$’000 | (31,616) | (12,543) | PDF p. 120 |
| Comprehensive income | |||
| Other comprehensive income for the year, net of tax$’000 | (93,547) | (52,256) | PDF p. 120 |
| Total comprehensive income for the year$’000 | 410,488 | 77,473 | PDF p. 120 |
| Attributable to | |||
| Unitholders$’000 | 350,235 | 47,754 | PDF p. 120 |
| Perpetual securities holders$’000 | 11,308 | 9,476 | PDF p. 120 |
| Non-controlling interests$’000 | 48,945 | 20,243 | PDF p. 120 |
| Attributable subtotal | |||
| Subtotal$’000 | 410,488 | 77,473 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
Distribution Statement
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Distribution | |||
| Income available for distribution to Unitholders at beginning of the year$’000 | 107,871 | 109,932 | PDF p. 121 |
| Profit before net change in fair value of investment properties$’000 | 178,040 | 174,417 | PDF p. 121 |
| Profit attributable to perpetual securities holders$’000 | (11,308) | (9,476) | PDF p. 121 |
| Profit before net change in fair value of investment properties attributable to non-controlling interests$’000 | (16,747) | (16,569) | PDF p. 121 |
| Net tax and other adjustments (Note A)$’000 | 76,126 | 67,384 | PDF p. 121 |
| Income tax expense$’000 | (13,705) | (1,209) | PDF p. 121 |
| Distribution subtotal | |||
| Subtotal$’000 | 212,406 | 214,547 | PDF p. 121 |
| Distribution | |||
| Income available for distribution to Unitholders$’000 | 320,277 | 324,479 | PDF p. 121 |
| Distribution to Unitholders | |||
| Distribution of 2.90 cents per Unit for the period from 1/7/2023 to 31/12/2023$’000 | – | (109,694) | PDF p. 121 |
| Distribution of 2.80 cents per Unit for the period from 1/1/2024 to 30/6/2024$’000 | – | (106,914) | PDF p. 121 |
| Distribution of 2.80 cents per Unit for the period from 1/7/2024 to 31/12/2024$’000 | (107,633) | – | PDF p. 121 |
| Distribution of 2.72 cents per Unit for the period from 1/1/2025 to 30/6/2025$’000 | (105,549) | – | PDF p. 121 |
| Distribution of 1.63 cents per Unit for the period from 1/7/2025 to 16/10/2025$’000 | (63,411) | – | PDF p. 121 |
| Total Unitholders’ distribution (including capital gains) (Note B)$’000 | (276,593) | (216,608) | PDF p. 121 |
| Distribution | |||
| Income available for distribution to Unitholders at end of the year$’000 | 43,684 | 107,871 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Consolidated Statement of Cash Flows
54 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before tax$’000 | 517,740 | 130,938 | PDF p. 128 |
| Interest income$’000 | (4,529) | (7,714) | PDF p. 128 |
| Share of results of associates and joint ventures$’000 | (124,634) | (110,003) | PDF p. 128 |
| Borrowing costs$’000 | 90,354 | 88,546 | PDF p. 128 |
| Management fees paid and payable in Units$’000 | 43,542 | 56,409 | PDF p. 128 |
| Net change in fair value of financial assets at fair value through profit or loss$’000 | 13,415 | 8,500 | PDF p. 128 |
| Net change in fair value of derivatives$’000 | (98) | (3,276) | PDF p. 128 |
| Net change in fair value of investment properties$’000 | (339,700) | 43,479 | PDF p. 128 |
| Depreciation$’000 | 9 | 21 | PDF p. 128 |
| Rental support$’000 | (2,360) | (9,412) | PDF p. 128 |
| Unrealised currency translation differences$’000 | 221 | 2,907 | PDF p. 128 |
| Operating cash flows before changes in working capital$’000 | 193,960 | 200,395 | PDF p. 128 |
| Increase in receivables$’000 | (14,896) | (6,711) | PDF p. 128 |
| Increase in payables$’000 | 54,954 | 2,011 | PDF p. 128 |
| (Decrease)/increase in security deposits$’000 | (1,488) | 2,770 | PDF p. 128 |
| Cash flows from operations$’000 | 232,530 | 198,465 | PDF p. 128 |
| Income taxes paid$’000 | (9,193) | (9,476) | PDF p. 128 |
| Net cash flows provided by operating activities$’000 | 223,337 | 188,989 | PDF p. 128 |
| Investing activities | |||
| Acquisition of investment property (Note A)$’000 | (331,222) | (320,835) | PDF p. 128 |
| Transaction and other related costs incurred on acquisition of investment property$’000 | (22,293) | (21,365) | PDF p. 128 |
| Purchase price adjustment on investment property under development$’000 | – | (6,622) | PDF p. 128 |
| Subsequent expenditure on investment properties$’000 | (14,093) | (14,511) | PDF p. 128 |
| Purchase of fixed assets$’000 | (7) | (13) | PDF p. 128 |
| Interest received$’000 | 4,636 | 7,789 | PDF p. 128 |
| Rental support received$’000 | 3,083 | 9,125 | PDF p. 128 |
| Investments in associates and joint ventures (Note B)$’000 | (940,057) | (9,500) | PDF p. 128 |
| Dividend and distribution income received from associates and joint ventures$’000 | 128,580 | 108,716 | PDF p. 128 |
| Advances to associates and joint ventures$’000 | (712) | (3,701) | PDF p. 128 |
| Repayment of advances by associates and joint ventures$’000 | 55,756 | – | PDF p. 128 |
| Net cash flows used in investing activities$’000 | (1,116,329) | (250,917) | PDF p. 128 |
| Financing activities | |||
| Loans drawn$’000 | 2,374,122 | 815,312 | PDF p. 128 |
| Repayment of loans$’000 | (1,238,208) | (551,952) | PDF p. 128 |
| Redemption of convertible bonds$’000 | – | (53,500) | PDF p. 128 |
| Repayment of medium term notes$’000 | – | (75,000) | PDF p. 128 |
| Proceeds from issuance of medium term notes$’000 | – | 197,978 | PDF p. 128 |
| Proceeds from issuance of perpetual securities$’000 | 400,000 | – | PDF p. 128 |
| Proceeds from private placement of Units (Note C)$’000 | 113,000 | – | PDF p. 128 |
| Redemption of perpetual securities$’000 | (300,000) | – | PDF p. 128 |
| Payment of financing expenses/upfront debt arrangement costs$’000 | (3,191) | (128) | PDF p. 128 |
| Issue expenses for medium term notes$’000 | – | (1,213) | PDF p. 128 |
| Issue expenses for perpetual securities$’000 | (1,949) | – | PDF p. 128 |
| Issue expenses for private placement of Units$’000 | (1,426) | – | PDF p. 128 |
| Distribution to non-controlling interests$’000 | (16,757) | (16,529) | PDF p. 128 |
| Distribution to Unitholders$’000 | (276,593) | (216,608) | PDF p. 128 |
| Distribution to perpetual securities holders$’000 | (9,450) | (9,476) | PDF p. 128 |
| Interest paid$’000 | (89,181) | (86,732) | PDF p. 128 |
| Net cash flows provided by financing activities$’000 | 950,367 | 2,152 | PDF p. 128 |
| Consolidated cash flows | |||
| Net increase/(decrease) in cash and cash equivalents$’000 | 57,375 | (59,776) | PDF p. 128 |
| Cash and cash equivalents at beginning of the year$’000 | 69,237 | 130,606 | PDF p. 128 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | (2,061) | (1,593) | PDF p. 128 |
| Cash and cash equivalents at end of the year (Note 11)$’000 | 124,551 | 69,237 | PDF p. 128 |
| Cash and bank balances$’000 | 135,503 | 80,885 | PDF p. 128 |
| Less: Restricted cash and bank balances (Note D)$’000 | (10,952) | (11,648) | PDF p. 128 |
| Cash and cash equivalents per Consolidated Statement of Cash Flows$’000 | 124,551 | 69,237 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
Note A – Acquisition of investment property On 19 December 2025, the Group acquired a 75% interest in Top Ryde City Shopping Centre, a property located in Sydney, New South Wales, Australia. On 9 May 2024, the Group acquired a 50% interest in 255 George Street, a property located in Sydney, New South Wales, Australia.
Note B – Investments in associates and joint ventures This mainly relates to the acquisition of an additional one-third interest in Central Boulevard Development Pte. Ltd. on 31 December 2025.
Note C – Proceeds from private placement of Units 114,954,000 (2024: nil) Units were issued on 17 October 2025 pursuant to the private placement launched and gross proceeds of $113,000,000 (2024: nil) were used to partially fund the acquisition of Top Ryde City Shopping Centre and to pay the professional fees and expenses incurred in connection with the private placement.
Note D – Restricted cash and bank balances This relates to tenant security deposits held in designated accounts for T Tower and cash reserves maintained for KR Ginza II which is a requirement of the bank.
Note E – Significant non-cash transactions 54,866,902 (2024: 61,492,415) Units were issued as payment of management fees to the Manager, amounting to $48,303,000 (2024: $55,290,000).
Statements of Movements in Unitholders’ Funds — Group 2025
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Units in issue | 2025Group; Foreign currency translation reserve | 2025Group; Hedging reserve | 2025Group; Accumulated profits | 2025Group; Other reserves | 2025Group; Unitholders’ funds | 2025Group; Perpetual securities | 2025Group; Non-controlling interests | 2025Group; Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Movements in Group funds | ||||||||||
| At 1 January 2025$’000 | 4,034,551 | (216,708) | (5,849) | 1,075,841 | 3,222 | 4,891,057 | 302,023 | 448,135 | 5,641,215 | PDF p. 125 |
| Profit attributable to Unitholders and non-controlling interests$’000 | – | – | – | 443,136 | – | 443,136 | – | 49,591 | 492,727 | PDF p. 125 |
| Net increase in net assets resulting from operations$’000 | – | – | – | 443,136 | – | 443,136 | – | 49,591 | 492,727 | PDF p. 125 |
| – Payment of management fees in Units$’000 | 48,303 | – | – | – | – | 48,303 | – | – | 48,303 | PDF p. 125 |
| – Issue of Units for private placement$’000 | 113,000 | – | – | – | – | 113,000 | – | – | 113,000 | PDF p. 125 |
| – Issue expenses for private placement$’000 | (1,426) | – | – | – | – | (1,426) | – | – | (1,426) | PDF p. 125 |
| Distribution to Unitholders$’000 | – | – | – | (276,593) | – | (276,593) | – | – | (276,593) | PDF p. 125 |
| Net increase/(decrease) in net assets resulting from Unitholders’ transactions$’000 | 159,877 | – | – | (276,593) | – | (116,716) | – | – | (116,716) | PDF p. 125 |
| Profit attributable to perpetual securities holders$’000 | – | – | – | – | – | – | 11,308 | – | 11,308 | PDF p. 125 |
| Distribution to perpetual securities holders$’000 | – | – | – | – | – | – | (9,450) | – | (9,450) | PDF p. 125 |
| Proceeds from issuance of perpetual securities$’000 | – | – | – | – | – | – | 400,000 | – | 400,000 | PDF p. 125 |
| Issue expenses for perpetual securities$’000 | – | – | – | – | – | – | (1,949) | – | (1,949) | PDF p. 125 |
| Redemption of perpetual securities$’000 | – | – | – | – | – | – | (300,000) | – | (300,000) | PDF p. 125 |
| Reclassification of issue expenses on redemption of perpetual securities$’000 | – | – | – | (877) | – | (877) | 877 | – | – | PDF p. 125 |
| Net movement in net assets resulting from perpetual securities holders’ transactions$’000 | – | – | – | (877) | – | (877) | 100,786 | – | 99,909 | PDF p. 125 |
| Net movement in foreign currency translation reserve$’000 | – | (47,401) | – | – | – | (47,401) | – | (65) | (47,466) | PDF p. 125 |
| Net change in fair value of cash flow hedges$’000 | – | – | (13,884) | – | – | (13,884) | – | (581) | (14,465) | PDF p. 125 |
| Share of net change in fair value of cash flow hedges of associates and joint ventures$’000 | – | – | (31,616) | – | – | (31,616) | – | – | (31,616) | PDF p. 125 |
| Distribution to non-controlling interests$’000 | – | – | – | – | – | – | – | (16,757) | (16,757) | PDF p. 125 |
| At 31 December 2025$’000 | 4,194,428 | (264,109) | (51,349) | 1,241,507 | 3,222 | 5,123,699 | 402,809 | 480,323 | 6,006,831 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Statements of Movements in Unitholders’ Funds — Group 2024
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Units in issue | 2024Group; Foreign currency translation reserve | 2024Group; Hedging reserve | 2024Group; Accumulated profits | 2024Group; Other reserves | 2024Group; Unitholders’ funds | 2024Group; Perpetual securities | 2024Group; Non-controlling interests | 2024Group; Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Movements in Group funds | ||||||||||
| At 1 January 2024$’000 | 3,979,261 | (197,618) | 26,276 | 1,190,528 | 6,174 | 5,004,621 | 302,023 | 444,421 | 5,751,065 | PDF p. 126 |
| Profit attributable to Unitholders and non-controlling interests$’000 | – | – | – | 98,969 | – | 98,969 | – | 21,284 | 120,253 | PDF p. 126 |
| Net increase in net assets resulting from operations$’000 | – | – | – | 98,969 | – | 98,969 | – | 21,284 | 120,253 | PDF p. 126 |
| – Payment of management fees in Units$’000 | 55,290 | – | – | – | – | 55,290 | – | – | 55,290 | PDF p. 126 |
| Distribution to Unitholders$’000 | – | – | – | (216,608) | – | (216,608) | – | – | (216,608) | PDF p. 126 |
| Net increase/(decrease) in net assets resulting from Unitholders’ transactions$’000 | 55,290 | – | – | (216,608) | – | (161,318) | – | – | (161,318) | PDF p. 126 |
| Profit attributable to perpetual securities holders$’000 | – | – | – | – | – | – | 9,476 | – | 9,476 | PDF p. 126 |
| Distribution to perpetual securities holders$’000 | – | – | – | – | – | – | (9,476) | – | (9,476) | PDF p. 126 |
| Net movement in net assets resulting from perpetual securities holders’ transactions$’000 | – | – | – | – | – | – | – | – | – | PDF p. 126 |
| Net movement in foreign currency translation reserve$’000 | – | (19,090) | – | – | – | (19,090) | – | (109) | (19,199) | PDF p. 126 |
| Net change in fair value of cash flow hedges$’000 | – | – | (19,582) | – | – | (19,582) | – | (932) | (20,514) | PDF p. 126 |
| Share of net change in fair value of cash flow hedges of associates and joint ventures$’000 | – | – | (12,543) | – | – | (12,543) | – | – | (12,543) | PDF p. 126 |
| Distribution to non-controlling interests$’000 | – | – | – | – | – | – | – | (16,529) | (16,529) | PDF p. 126 |
| Redemption of convertible bonds$’000 | – | – | – | 2,952 | (2,952) | – | – | – | – | PDF p. 126 |
| At 31 December 2024$’000 | 4,034,551 | (216,708) | (5,849) | 1,075,841 | 3,222 | 4,891,057 | 302,023 | 448,135 | 5,641,215 | PDF p. 126 |
Definitions & sources
Original report: PDF p. 126 ↗
Statements of Movements in Unitholders’ Funds — Trust 2025
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; Units in issue | 2025Trust; Hedging reserve | 2025Trust; Accumulated losses | 2025Trust; Other reserves | 2025Trust; Unitholders’ funds | 2025Trust; Perpetual securities | 2025Trust; Total | Source |
|---|---|---|---|---|---|---|---|---|
| Movements in Trust funds | ||||||||
| At 1 January 2025$’000 | 4,034,551 | (799) | (154,426) | – | 3,879,326 | 302,023 | 4,181,349 | PDF p. 127 |
| Profit attributable to Unitholders$’000 | – | – | 106,026 | – | 106,026 | – | 106,026 | PDF p. 127 |
| Net increase in net assets resulting from operations$’000 | – | – | 106,026 | – | 106,026 | – | 106,026 | PDF p. 127 |
| – Payment of management fees in Units$’000 | 48,303 | – | – | – | 48,303 | – | 48,303 | PDF p. 127 |
| – Issue of Units for private placement$’000 | 113,000 | – | – | – | 113,000 | – | 113,000 | PDF p. 127 |
| – Issue expenses for private placement$’000 | (1,426) | – | – | – | (1,426) | – | (1,426) | PDF p. 127 |
| Distribution to Unitholders$’000 | – | – | (276,593) | – | (276,593) | – | (276,593) | PDF p. 127 |
| Net increase/(decrease) in net assets resulting from Unitholders’ transactions$’000 | 159,877 | – | (276,593) | – | (116,716) | – | (116,716) | PDF p. 127 |
| Profit attributable to perpetual securities holders$’000 | – | – | – | – | – | 11,308 | 11,308 | PDF p. 127 |
| Distribution to perpetual securities holders$’000 | – | – | – | – | – | (9,450) | (9,450) | PDF p. 127 |
| Proceeds from issuance of perpetual securities$’000 | – | – | – | – | – | 400,000 | 400,000 | PDF p. 127 |
| Issue expenses for perpetual securities$’000 | – | – | – | – | – | (1,949) | (1,949) | PDF p. 127 |
| Redemption of perpetual securities$’000 | – | – | – | – | – | (300,000) | (300,000) | PDF p. 127 |
| Reclassification of issue expenses on redemption of perpetual securities$’000 | – | – | (877) | – | (877) | 877 | – | PDF p. 127 |
| Net movement in net assets resulting from perpetual securities holders’ transactions$’000 | – | – | (877) | – | (877) | 100,786 | 99,909 | PDF p. 127 |
| Net change in fair value of cash flow hedges$’000 | – | (11,738) | – | – | (11,738) | – | (11,738) | PDF p. 127 |
| At 31 December 2025$’000 | 4,194,428 | (12,537) | (325,870) | – | 3,856,021 | 402,809 | 4,258,830 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
Statements of Movements in Unitholders’ Funds — Trust 2024
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust; Units in issue | 2024Trust; Hedging reserve | 2024Trust; Accumulated losses | 2024Trust; Other reserves | 2024Trust; Unitholders’ funds | 2024Trust; Perpetual securities | 2024Trust; Total | Source |
|---|---|---|---|---|---|---|---|---|
| Movements in Trust funds | ||||||||
| At 31 December 2024$’000 | 4,034,551 | (799) | (154,426) | – | 3,879,326 | 302,023 | 4,181,349 | PDF p. 127 |
| At 1 January 2024$’000 | 3,979,261 | 15,477 | (71,500) | 2,952 | 3,926,190 | 302,023 | 4,228,213 | PDF p. 127 |
| Profit attributable to Unitholders$’000 | – | – | 130,730 | – | 130,730 | – | 130,730 | PDF p. 127 |
| Net increase in net assets resulting from operations$’000 | – | – | 130,730 | – | 130,730 | – | 130,730 | PDF p. 127 |
| – Payment of management fees in Units$’000 | 55,290 | – | – | – | 55,290 | – | 55,290 | PDF p. 127 |
| Distribution to Unitholders$’000 | – | – | (216,608) | – | (216,608) | – | (216,608) | PDF p. 127 |
| Net increase/(decrease) in net assets resulting from Unitholders’ transactions$’000 | 55,290 | – | (216,608) | – | (161,318) | – | (161,318) | PDF p. 127 |
| Profit attributable to perpetual securities holders$’000 | – | – | – | – | – | 9,476 | 9,476 | PDF p. 127 |
| Distribution to perpetual securities holders$’000 | – | – | – | – | – | (9,476) | (9,476) | PDF p. 127 |
| Net movement in net assets resulting from perpetual securities holders’ transactions$’000 | – | – | – | – | – | – | – | PDF p. 127 |
| Net change in fair value of cash flow hedges$’000 | – | (16,276) | – | – | (16,276) | – | (16,276) | PDF p. 127 |
| Redemption of convertible bonds$’000 | – | – | 2,952 | (2,952) | – | – | – | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
Reconciliation of liabilities from financing activities
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Borrowings | 2024Group; Borrowings | 2024Group; Convertible bonds | 2024Group; Total | Source |
|---|---|---|---|---|---|
| Opening balance | |||||
| As at 1 January$’000 | 2,657,829 | 2,285,101 | 53,297 | 2,338,398 | PDF p. 129 |
| Financing cash flows | |||||
| Net principal drawn and financing expenses/upfront debt arrangement costs$’000 | 1,132,723 | 263,232 | – | 263,232 | PDF p. 129 |
| Proceeds from issuance of medium term notes, net of issue expenses$’000 | – | 196,765 | – | 196,765 | PDF p. 129 |
| Repayment of medium term notes$’000 | – | (75,000) | – | (75,000) | PDF p. 129 |
| Redemption of convertible bonds$’000 | – | – | (53,500) | (53,500) | PDF p. 129 |
| Non-cash changes | |||||
| Amortisation of capitalised transaction costs$’000 | 1,631 | 1,775 | 30 | 1,805 | PDF p. 129 |
| Interest accretion$’000 | – | – | 173 | 173 | PDF p. 129 |
| Foreign exchange movement$’000 | (35,509) | (14,044) | – | (14,044) | PDF p. 129 |
| Closing balance | |||||
| As at 31 December$’000 | 3,756,674 | 2,657,829 | – | 2,657,829 | PDF p. 129 |
Definitions & sources
Original report: PDF p. 129 ↗
2025 has a Borrowings column; the 2024 comparatives show Borrowings, Convertible bonds, and Total.
Note A — Purchase consideration for acquisitions of investment property
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Purchase consideration for acquisitions | |||
| Investment property$’000 | 321,128 | 318,367 | PDF p. 129 |
| Financial assets at fair value through profit or loss$’000 | – | 2,468 | PDF p. 129 |
| Other non-current assets$’000 | 10,094 | – | PDF p. 129 |
| Total purchase consideration$’000 | 331,222 | 320,835 | PDF p. 129 |
Definitions & sources
Original report: PDF p. 129 ↗
Distribution Statement — Note A: Net tax and other adjustments
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note A — Net tax and other adjustments | |||
| Net tax and other adjustments$’000 | 76,126 | 67,384 | PDF p. 121 |
| Manager’s management fees paid and payable in Units$’000 | 43,542 | 56,409 | PDF p. 121 |
| Trustee’s fees$’000 | 988 | 977 | PDF p. 121 |
| Amortisation of capitalised transaction costs$’000 | 1,594 | 1,349 | PDF p. 121 |
| Share of results of associates and joint ventures$’000 | (124,634) | (110,003) | PDF p. 121 |
| Effects of recognising rental income on a straight-line basis over the lease terms$’000 | (8,421) | (9,101) | PDF p. 121 |
| Interest income to be received$’000 | (28) | (135) | PDF p. 121 |
| Interest accretion relating to convertible bonds$’000 | – | 173 | PDF p. 121 |
| Net change in fair value of financial assets at fair value through profit or loss$’000 | 13,415 | 8,500 | PDF p. 121 |
| Net change in fair value of derivatives (unrealised)$’000 | 464 | (3,150) | PDF p. 121 |
| Deferred tax expense$’000 | 4,577 | (8,090) | PDF p. 121 |
| Capital gains distribution$’000 | 20,000 | 20,000 | PDF p. 121 |
| Other items$’000 | (3,951) | 1,739 | PDF p. 121 |
| Subtotal$’000 | (52,454) | (41,332) | PDF p. 121 |
| Dividend and distribution income from associates and joint ventures$’000 | 128,580 | 108,716 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Distribution Statement — Note B: Total Unitholders’ distribution
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note B — Total Unitholders’ distribution | |||
| Subtotal$’000 | (276,593) | (216,608) | PDF p. 121 |
| Taxable income$’000 | (144,032) | (114,403) | PDF p. 121 |
| Tax exempt income$’000 | (106,603) | (82,443) | PDF p. 121 |
| Capital gains$’000 | (25,958) | (19,762) | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Financial highlights — Results highlights
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; financial highlights | 2024Group; financial highlights | Source |
|---|---|---|---|
| Results highlights | |||
| Property income$’000 | 274,478 | 261,580 | PDF p. 7 |
| Net property income$’000 | 215,905 | 201,913 | PDF p. 7 |
| Share of results of associates and joint ventures$’000 | 124,634 | 110,003 | PDF p. 7 |
| Borrowing costs$’000 | (90,354) | (88,546) | PDF p. 7 |
| Distribution to Unitholders$’000 | 212,406 | 214,547 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Footnote 1: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, 50% interest in 255 George Street which was acquired on 9 May 2024, and 75% interest in Top Ryde City Shopping Centre which was acquired on 19 December 2025. (PDF p. 7)
Footnote 2: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, and 50% interest in 255 George Street which was acquired on 9 May 2024. (PDF p. 7)
Footnote 3: Share of results of associates and joint ventures comprised Keppel REIT’s one-third interests of the respective profit after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP), and Central Boulevard Development Pte. Ltd. (CBDPL), and 50% interests in the respective profit after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT). An additional one-third interest in CBDPL was acquired on 31 December 2025. (PDF p. 7)
Footnote 4: Included Keppel REIT’s share of external borrowings carried at ORQPL, BFCDLLP and CBDPL. (PDF p. 7)
Footnote 5: Based on the market closing price of $0.975 per Unit as at 31 December 2025 for 2025, and $0.87 per Unit as at 31 December 2024 for 2024. (PDF p. 7)
Footnote 6: For 2025 and 2024, this excluded the distributable income for the period of 17 October 2025 to 31 December 2025 paid in March 2026 and for the period of 1 July 2024 to 31 December 2024 paid in March 2025 respectively. (PDF p. 7)
Footnote 7: Comprised 2.72 cents for 1H 2025 and 2.51 cents for 2H 2025. (PDF p. 7)
Footnote 8: Comprised 2.80 cents for each of 1H 2024 and 2H 2024. (PDF p. 7)
Footnote 9: Assuming proceeds from the Preferential Offering were received on 31 December 2025 and were used to repay the equity bridge loans taken to preliminarily fund the acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3, aggregate leverage would be 40.4%. (PDF p. 7)
Financial highlights — Results highlights — year-on-year change
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; published change from FY2024 | Source |
|---|---|---|
| Year-on-year change — Results highlights | ||
| Property income% | 4.9 | PDF p. 7 |
| Net property income% | 6.9 | PDF p. 7 |
| Share of results of associates and joint ventures% | 13.3 | PDF p. 7 |
| Borrowing costs% | 2.0 | PDF p. 7 |
| Distribution to Unitholders% | (1.0) | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Footnote 1: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, 50% interest in 255 George Street which was acquired on 9 May 2024, and 75% interest in Top Ryde City Shopping Centre which was acquired on 19 December 2025. (PDF p. 7)
Footnote 2: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, and 50% interest in 255 George Street which was acquired on 9 May 2024. (PDF p. 7)
Footnote 3: Share of results of associates and joint ventures comprised Keppel REIT’s one-third interests of the respective profit after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP), and Central Boulevard Development Pte. Ltd. (CBDPL), and 50% interests in the respective profit after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT). An additional one-third interest in CBDPL was acquired on 31 December 2025. (PDF p. 7)
Footnote 4: Included Keppel REIT’s share of external borrowings carried at ORQPL, BFCDLLP and CBDPL. (PDF p. 7)
Footnote 5: Based on the market closing price of $0.975 per Unit as at 31 December 2025 for 2025, and $0.87 per Unit as at 31 December 2024 for 2024. (PDF p. 7)
Footnote 6: For 2025 and 2024, this excluded the distributable income for the period of 17 October 2025 to 31 December 2025 paid in March 2026 and for the period of 1 July 2024 to 31 December 2024 paid in March 2025 respectively. (PDF p. 7)
Footnote 7: Comprised 2.72 cents for 1H 2025 and 2.51 cents for 2H 2025. (PDF p. 7)
Footnote 8: Comprised 2.80 cents for each of 1H 2024 and 2H 2024. (PDF p. 7)
Footnote 9: Assuming proceeds from the Preferential Offering were received on 31 December 2025 and were used to repay the equity bridge loans taken to preliminarily fund the acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3, aggregate leverage would be 40.4%. (PDF p. 7)
Change percentages and percentage points retain their separately stated source units.
Financial highlights — Balance sheet
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; financial highlights | 2024Group; financial highlights | Source |
|---|---|---|---|
| Balance sheet | |||
| Total assets$’000 | 9,978,947 | 8,457,643 | PDF p. 7 |
| Total liabilities$’000 | 3,972,116 | 2,816,428 | PDF p. 7 |
| Unitholders’ funds$’000 | 5,123,699 | 4,891,057 | PDF p. 7 |
| Perpetual securities$’000 | 402,809 | 302,023 | PDF p. 7 |
| Total borrowings (gross)$’000 | 5,667,960 | 3,973,210 | PDF p. 7 |
| Value of deposited property$’000 | 11,844,532 | 9,643,422 | PDF p. 7 |
| Market capitalisation$’000 | 3,913,520 | 3,344,320 | PDF p. 7 |
| Net asset value per Unit ($)$ per Unit | 1.28 | 1.27 | PDF p. 7 |
| Adjusted net asset value per Unit ($)$ per Unit | 1.27 | 1.24 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Footnote 1: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, 50% interest in 255 George Street which was acquired on 9 May 2024, and 75% interest in Top Ryde City Shopping Centre which was acquired on 19 December 2025. (PDF p. 7)
Footnote 2: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, and 50% interest in 255 George Street which was acquired on 9 May 2024. (PDF p. 7)
Footnote 3: Share of results of associates and joint ventures comprised Keppel REIT’s one-third interests of the respective profit after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP), and Central Boulevard Development Pte. Ltd. (CBDPL), and 50% interests in the respective profit after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT). An additional one-third interest in CBDPL was acquired on 31 December 2025. (PDF p. 7)
Footnote 4: Included Keppel REIT’s share of external borrowings carried at ORQPL, BFCDLLP and CBDPL. (PDF p. 7)
Footnote 5: Based on the market closing price of $0.975 per Unit as at 31 December 2025 for 2025, and $0.87 per Unit as at 31 December 2024 for 2024. (PDF p. 7)
Footnote 6: For 2025 and 2024, this excluded the distributable income for the period of 17 October 2025 to 31 December 2025 paid in March 2026 and for the period of 1 July 2024 to 31 December 2024 paid in March 2025 respectively. (PDF p. 7)
Footnote 7: Comprised 2.72 cents for 1H 2025 and 2.51 cents for 2H 2025. (PDF p. 7)
Footnote 8: Comprised 2.80 cents for each of 1H 2024 and 2H 2024. (PDF p. 7)
Footnote 9: Assuming proceeds from the Preferential Offering were received on 31 December 2025 and were used to repay the equity bridge loans taken to preliminarily fund the acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3, aggregate leverage would be 40.4%. (PDF p. 7)
Financial highlights — Balance sheet — year-on-year change
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; published change from FY2024 | Source |
|---|---|---|
| Year-on-year change — Balance sheet | ||
| Total assets% | 18.0 | PDF p. 7 |
| Total liabilities% | 41.0 | PDF p. 7 |
| Unitholders’ funds% | 4.8 | PDF p. 7 |
| Perpetual securities% | 33.4 | PDF p. 7 |
| Total borrowings (gross)% | 42.7 | PDF p. 7 |
| Value of deposited property% | 22.8 | PDF p. 7 |
| Market capitalisation% | 17.0 | PDF p. 7 |
| Net asset value per Unit ($)% | 0.8 | PDF p. 7 |
| Adjusted net asset value per Unit ($)% | 2.4 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Footnote 1: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, 50% interest in 255 George Street which was acquired on 9 May 2024, and 75% interest in Top Ryde City Shopping Centre which was acquired on 19 December 2025. (PDF p. 7)
Footnote 2: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, and 50% interest in 255 George Street which was acquired on 9 May 2024. (PDF p. 7)
Footnote 3: Share of results of associates and joint ventures comprised Keppel REIT’s one-third interests of the respective profit after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP), and Central Boulevard Development Pte. Ltd. (CBDPL), and 50% interests in the respective profit after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT). An additional one-third interest in CBDPL was acquired on 31 December 2025. (PDF p. 7)
Footnote 4: Included Keppel REIT’s share of external borrowings carried at ORQPL, BFCDLLP and CBDPL. (PDF p. 7)
Footnote 5: Based on the market closing price of $0.975 per Unit as at 31 December 2025 for 2025, and $0.87 per Unit as at 31 December 2024 for 2024. (PDF p. 7)
Footnote 6: For 2025 and 2024, this excluded the distributable income for the period of 17 October 2025 to 31 December 2025 paid in March 2026 and for the period of 1 July 2024 to 31 December 2024 paid in March 2025 respectively. (PDF p. 7)
Footnote 7: Comprised 2.72 cents for 1H 2025 and 2.51 cents for 2H 2025. (PDF p. 7)
Footnote 8: Comprised 2.80 cents for each of 1H 2024 and 2H 2024. (PDF p. 7)
Footnote 9: Assuming proceeds from the Preferential Offering were received on 31 December 2025 and were used to repay the equity bridge loans taken to preliminarily fund the acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3, aggregate leverage would be 40.4%. (PDF p. 7)
Change percentages and percentage points retain their separately stated source units.
Financial highlights — Financial ratios
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; financial highlights | 2024Group; financial highlights | Source |
|---|---|---|---|
| Financial ratios | |||
| Distribution per Unit (DPU) (cents)cents per Unit | 5.23 | 5.60 | PDF p. 7 |
| Distribution yield (%)% | 5.4 | 6.4 | PDF p. 7 |
| Interest coverage ratio (times)times | 2.6 | 2.5 | PDF p. 7 |
| Weighted average cost of debt per annum (%)% | 3.41 | 3.40 | PDF p. 7 |
| Aggregate leverage (%)% | 47.9 | 41.2 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Footnote 1: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, 50% interest in 255 George Street which was acquired on 9 May 2024, and 75% interest in Top Ryde City Shopping Centre which was acquired on 19 December 2025. (PDF p. 7)
Footnote 2: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, and 50% interest in 255 George Street which was acquired on 9 May 2024. (PDF p. 7)
Footnote 3: Share of results of associates and joint ventures comprised Keppel REIT’s one-third interests of the respective profit after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP), and Central Boulevard Development Pte. Ltd. (CBDPL), and 50% interests in the respective profit after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT). An additional one-third interest in CBDPL was acquired on 31 December 2025. (PDF p. 7)
Footnote 4: Included Keppel REIT’s share of external borrowings carried at ORQPL, BFCDLLP and CBDPL. (PDF p. 7)
Footnote 5: Based on the market closing price of $0.975 per Unit as at 31 December 2025 for 2025, and $0.87 per Unit as at 31 December 2024 for 2024. (PDF p. 7)
Footnote 6: For 2025 and 2024, this excluded the distributable income for the period of 17 October 2025 to 31 December 2025 paid in March 2026 and for the period of 1 July 2024 to 31 December 2024 paid in March 2025 respectively. (PDF p. 7)
Footnote 7: Comprised 2.72 cents for 1H 2025 and 2.51 cents for 2H 2025. (PDF p. 7)
Footnote 8: Comprised 2.80 cents for each of 1H 2024 and 2H 2024. (PDF p. 7)
Footnote 9: Assuming proceeds from the Preferential Offering were received on 31 December 2025 and were used to repay the equity bridge loans taken to preliminarily fund the acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3, aggregate leverage would be 40.4%. (PDF p. 7)
Financial highlights — Financial ratios — year-on-year change
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; published change from FY2024 | Source |
|---|---|---|
| Year-on-year change — Financial ratios | ||
| Distribution per Unit (DPU) (cents)% | (6.6) | PDF p. 7 |
| Distribution yield (%)percentage points | (1.0) | PDF p. 7 |
| Interest coverage ratio (times)% | 4.0 | PDF p. 7 |
| Weighted average cost of debt per annum (%)percentage points | 0.01 | PDF p. 7 |
| Aggregate leverage (%)percentage points | 6.7 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Footnote 1: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, 50% interest in 255 George Street which was acquired on 9 May 2024, and 75% interest in Top Ryde City Shopping Centre which was acquired on 19 December 2025. (PDF p. 7)
Footnote 2: Comprised property income from Ocean Financial Centre, Keppel Bay Tower, Pinnacle Office Park, T Tower, KR Ginza II, 2 Blue Street, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent retail units, 50% interest in Victoria Police Centre, and 50% interest in 255 George Street which was acquired on 9 May 2024. (PDF p. 7)
Footnote 3: Share of results of associates and joint ventures comprised Keppel REIT’s one-third interests of the respective profit after tax of One Raffles Quay Pte Ltd (ORQPL), BFC Development Limited Liability Partnership (BFCDLLP), and Central Boulevard Development Pte. Ltd. (CBDPL), and 50% interests in the respective profit after tax of Mirvac 8 Chifley Trust (M8CT) and Mirvac (Old Treasury) Trust (MOTT). An additional one-third interest in CBDPL was acquired on 31 December 2025. (PDF p. 7)
Footnote 4: Included Keppel REIT’s share of external borrowings carried at ORQPL, BFCDLLP and CBDPL. (PDF p. 7)
Footnote 5: Based on the market closing price of $0.975 per Unit as at 31 December 2025 for 2025, and $0.87 per Unit as at 31 December 2024 for 2024. (PDF p. 7)
Footnote 6: For 2025 and 2024, this excluded the distributable income for the period of 17 October 2025 to 31 December 2025 paid in March 2026 and for the period of 1 July 2024 to 31 December 2024 paid in March 2025 respectively. (PDF p. 7)
Footnote 7: Comprised 2.72 cents for 1H 2025 and 2.51 cents for 2H 2025. (PDF p. 7)
Footnote 8: Comprised 2.80 cents for each of 1H 2024 and 2H 2024. (PDF p. 7)
Footnote 9: Assuming proceeds from the Preferential Offering were received on 31 December 2025 and were used to repay the equity bridge loans taken to preliminarily fund the acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3, aggregate leverage would be 40.4%. (PDF p. 7)
Change percentages and percentage points retain their separately stated source units.
Consolidated Statement of Profit or Loss (Group) — as reported in the FY2024 annual report
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Property income$’000 | 261,580 | 233,071 | PDF p. 115 |
| Property expenses$’000 | (59,667) | (50,692) | PDF p. 115 |
| Net property income$’000 | 201,913 | 182,379 | PDF p. 115 |
| Rental support$’000 | 9,412 | 10,874 | PDF p. 115 |
| Share of results of associates$’000 | 86,268 | 80,125 | PDF p. 115 |
| Share of results of joint ventures$’000 | 23,735 | 23,665 | PDF p. 115 |
| Interest income$’000 | 7,714 | 7,340 | PDF p. 115 |
| Trust expenses$’000 | (65,043) | (62,380) | PDF p. 115 |
| Borrowing costs$’000 | (88,546) | (66,983) | PDF p. 115 |
| Net foreign exchange differences$’000 | 4,188 | 20,222 | PDF p. 115 |
| Net change in fair value of financial assets at fair value through profit or loss$’000 | (8,500) | (7,379) | PDF p. 115 |
| Net change in fair value of derivatives$’000 | 3,276 | (4,510) | PDF p. 115 |
| Profit before net change in fair value of investment properties$’000 | 174,417 | 183,353 | PDF p. 115 |
| Net change in fair value of investment properties$’000 | (43,479) | 24,698 | PDF p. 115 |
| Profit before tax$’000 | 130,938 | 208,051 | PDF p. 115 |
| Income tax expense$’000 | (1,209) | (11,572) | PDF p. 115 |
| Profit for the year$’000 | 129,729 | 196,479 | PDF p. 115 |
| Attributable to | |||
| Unitholders$’000 | 98,969 | 168,581 | PDF p. 115 |
| Perpetual securities holders$’000 | 9,476 | 9,450 | PDF p. 115 |
| Non-controlling interests$’000 | 21,284 | 18,448 | PDF p. 115 |
| Subtotal$’000 | 129,729 | 196,479 | PDF p. 115 |
| Earnings per Unit (cents) based on profit for the year attributable to Unitholders | |||
| – Basiccents per Unit | 2.59 | 4.48 | PDF p. 115 |
| – Dilutedcents per Unit | 2.59 | 4.47 | PDF p. 115 |
| Earnings per Unit (cents) based on profit before net change in fair value of investment properties and related tax expenses | |||
| – Basiccents per Unit | 3.64 | 3.98 | PDF p. 115 |
| – Dilutedcents per Unit | 3.64 | 3.98 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
Financial year ended 31 December 2024. Amounts in $’000; EPS in cents.
Where the money comes from
Segment information
By business
Portfolio reporting – By property 36 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Property income | |||
| Ocean Financial Centre$'000 | 116,412 | 118,622 | PDF p. 177 |
| Keppel Bay Tower$'000 | 35,554 | 34,599 | PDF p. 177 |
| 8 Exhibition Street1$'000 | 16,659 | 17,010 | PDF p. 177 |
| Victoria Police Centre2$'000 | 29,786 | 30,930 | PDF p. 177 |
| Pinnacle Office Park$'000 | 15,415 | 16,606 | PDF p. 177 |
| 2 Blue Street3$'000 | 15,232 | 7,874 | PDF p. 177 |
| 255 George Street4$'000 | 25,670 | 16,649 | PDF p. 177 |
| Top Ryde City Shopping Centre5$'000 | 699 | – | PDF p. 177 |
| T Tower$'000 | 16,078 | 16,467 | PDF p. 177 |
| KR Ginza II$'000 | 2,973 | 2,823 | PDF p. 177 |
| Total property income of directly held properties$'000 | 274,478 | 261,580 | PDF p. 177 |
| Net property income | |||
| Ocean Financial Centre$'000 | 94,698 | 94,093 | PDF p. 177 |
| Keppel Bay Tower$'000 | 27,807 | 26,973 | PDF p. 177 |
| 8 Exhibition Street1$'000 | 9,932 | 10,101 | PDF p. 177 |
| Victoria Police Centre2$'000 | 23,715 | 24,895 | PDF p. 177 |
| Pinnacle Office Park$'000 | 11,938 | 13,171 | PDF p. 177 |
| 2 Blue Street3$'000 | 12,685 | 4,676 | PDF p. 177 |
| 255 George Street4$'000 | 20,157 | 13,265 | PDF p. 177 |
| Top Ryde City Shopping Centre5$'000 | 699 | – | PDF p. 177 |
| T Tower$'000 | 12,206 | 12,662 | PDF p. 177 |
| KR Ginza II$'000 | 2,068 | 2,077 | PDF p. 177 |
| Total net property income of directly held properties$'000 | 215,905 | 201,913 | PDF p. 177 |
| Less: Net property income attributable to non-controlling interests | |||
| – Ocean Financial Centre6$'000 | (19,034) | (18,913) | PDF p. 177 |
| – T Tower7$'000 | (76) | (79) | PDF p. 177 |
| – KR Ginza II8$'000 | (32) | (32) | PDF p. 177 |
| Total net property income attributable to non-controlling interests$'000 | (19,142) | (19,024) | PDF p. 177 |
| Associates and joint ventures | |||
| One-third interest in ORQPL9$'000 | 46,275 | 45,249 | PDF p. 177 |
| One-third interests in BFCDLLP1 0 and CBDPL11$'000 | 112,295 | 107,186 | PDF p. 177 |
| 50% interest in M8CT12$'000 | 9,221 | 8,686 | PDF p. 177 |
| 50% interest in MOTT13$'000 | 14,450 | 14,994 | PDF p. 177 |
| Total attributable net property income of associates and joint ventures$'000 | 182,241 | 176,115 | PDF p. 177 |
| Totals | |||
| Total net property income attributable to Unitholders$'000 | 379,004 | 359,004 | PDF p. 177 |
| Rental support | |||
| 2 Blue Street3$'000 | 1,461 | 8,319 | PDF p. 177 |
| 255 George Street4$'000 | 899 | 1,093 | PDF p. 177 |
| Total rental support$'000 | 2,360 | 9,412 | PDF p. 177 |
| Totals | |||
| Total net property income attributable to Unitholders, including rental support$'000 | 381,364 | 368,416 | PDF p. 177 |
Notes
1 Comprises 50% (2024: 50%) interest in 8 Exhibition Street office building and 100% (2024: 100%) interest in the three adjacent retail units.
2 Comprises 50% (2024: 50%) interest in Victoria Police Centre.
3 2 Blue Street achieved practical completion on 3 April 2023. The developer of 2 Blue Street is providing rental support in lieu of spaces which remain unleased for a period of up to three years after practical completion.
4 Comprises 50% (2024: 50%) interest in 255 George Street which was acquired on 9 May 2024. For 2025 and 2024, the vendor of 255 George Street provided rental support in lieu of certain vacancies and expiries.
5 Comprises 75% interest in Top Ryde City Shopping Centre which was acquired on 19 December 2025.
6 Represents an approximate interest of 20.1% (2024: 20.1%) in Ocean Financial Centre.
7 Represents an approximate interest of 0.6% (2024: 0.6%) in T Tower.
8 Represents an approximate interest of 1.5% (2024: 1.5%) in KR Ginza II.
9 Comprises one-third (2024: one-third) interest in ORQPL which holds One Raffles Quay.
10 Comprises one-third (2024: one-third) interests in BFCDLLP which hold Marina Bay Financial Centre Towers 1 and 2 and Marina Bay Link Mall.
11 Comprises one-third (2024: one-third) interests in the net property income of CBDPL which holds Marina Bay Financial Centre Tower 3. An additional one-third interest in CBDPL was acquired on 31 December 2025.
12 Comprises 50% (2024: 50%) interest in M8CT which holds 8 Chifley Square.
13 Comprises 50% (2024: 50%) interest in MOTT which holds David Malcolm Justice Centre.
Operating segments are individual investment properties (Note 2v; Note 32). Property-level assets/liabilities not printed.
Portfolio reporting – Reconciliation to profit before net change in fair value of investment properties 12 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Reconciliation | |||
| Total net property income attributable to Unitholders, including rental support$'000 | 381,364 | 368,416 | PDF p. 178 |
| Add/(less) | |||
| Net property income attributable to non-controlling interests$'000 | 19,142 | 19,024 | PDF p. 178 |
| Net property income of associates and joint ventures attributable to Unitholders$'000 | (182,241) | (176,115) | PDF p. 178 |
| Interest income$'000 | 4,529 | 7,714 | PDF p. 178 |
| Share of results of associates and joint ventures$'000 | 124,634 | 110,003 | PDF p. 178 |
| Borrowing costs$'000 | (90,354) | (88,546) | PDF p. 178 |
| Manager’s management fees$'000 | (57,960) | (56,409) | PDF p. 178 |
| Net foreign exchange differences$'000 | 320 | 4,188 | PDF p. 178 |
| Net change in fair value of financial assets at fair value through profit or loss$'000 | (13,415) | (8,500) | PDF p. 178 |
| Net change in fair value of derivatives$'000 | 98 | 3,276 | PDF p. 178 |
| Other unallocated expenses$'000 | (8,077) | (8,634) | PDF p. 178 |
| Reconciliation | |||
| Profit before net change in fair value of investment properties$'000 | 178,040 | 174,417 | PDF p. 178 |
Notes
Reconciliation to profit before net change in fair value of investment properties per Consolidated Statement of Profit or Loss.
Portfolio reporting – Interests in associates and joint ventures 5 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Interests in associates and joint ventures | |||
| One-third interest in ORQPL1$'000 | 676,108 | 738,150 | PDF p. 178 |
| One-third interest in BFCDLLP$'000 | 1,317,442 | 1,214,368 | PDF p. 178 |
| Two-third (2024: one-third) interest in CBDPL$'000 | 1,838,546 | 829,666 | PDF p. 178 |
| 50% interest in M8CT$'000 | 186,261 | 184,847 | PDF p. 178 |
| 50% interest in MOTT$'000 | 201,791 | 209,149 | PDF p. 178 |
Notes
1 As at 31 December 2024, it included advances to ORQPL amounting to $55,044,000. These advances were fully repaid in March 2025.
By geography
Portfolio reporting – By geographical area 20 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Property income | |||
| – Singapore$'000 | 151,966 | 153,221 | PDF p. 179 |
| – Australia$'000 | 103,461 | 89,069 | PDF p. 179 |
| – South Korea$'000 | 16,078 | 16,467 | PDF p. 179 |
| – Japan$'000 | 2,973 | 2,823 | PDF p. 179 |
| Total property income of directly held properties$'000 | 274,478 | 261,580 | PDF p. 179 |
| Net property income | |||
| – Singapore$'000 | 122,505 | 121,066 | PDF p. 179 |
| – Australia$'000 | 79,126 | 66,108 | PDF p. 179 |
| – South Korea$'000 | 12,206 | 12,662 | PDF p. 179 |
| – Japan$'000 | 2,068 | 2,077 | PDF p. 179 |
| Total net property income of directly held properties$'000 | 215,905 | 201,913 | PDF p. 179 |
| Net property income attributable to Unitholders, including rental support | |||
| – Singapore$'000 | 262,041 | 254,588 | PDF p. 179 |
| – Australia$'000 | 105,157 | 99,200 | PDF p. 179 |
| – South Korea$'000 | 12,130 | 12,583 | PDF p. 179 |
| – Japan$'000 | 2,036 | 2,045 | PDF p. 179 |
| Total net property income attributable to Unitholders, including rental support$'000 | 381,364 | 368,416 | PDF p. 179 |
| Investment properties, at valuation | |||
| – Singapore$'000 | 3,630,000 | 3,454,000 | PDF p. 179 |
| – Australia$'000 | 1,585,319 | 1,342,982 | PDF p. 179 |
| – South Korea$'000 | 271,346 | 282,658 | PDF p. 179 |
| – Japan$'000 | 86,351 | 87,813 | PDF p. 179 |
| Total value of investment properties$'000 | 5,573,016 | 5,167,453 | PDF p. 179 |
Notes
Note 32 Portfolio reporting, By geographical area. Investment properties are located in Singapore, Australia, South Korea and Japan.
Debt
Borrowings
Borrowings – Group and Trust interest rate range and maturity (2025 as printed)
| Item / unit | 2025Group/Trust interest rate range | 2025Group/Trust maturity | Source |
|---|---|---|---|
| Group Current – unsecured | |||
| Medium term notes3% p.a. / year | 3.72 | 2026 | PDF p. 155 |
| Group Non-current – secured | |||
| Bank loans1, 2% p.a. / year | 1.77 | 2030 | PDF p. 155 |
| TMK bonds4% p.a. / year | 1.26 | 2027 | PDF p. 155 |
| Trust Non-current – unsecured | |||
| Bank loans% p.a. / year | 2.04 | 2028 | PDF p. 156 |
Notes
2024 comparatives printed on following lines: Group current secured bank loans 2024: 3.98%, maturity 2025; current unsecured bank loans 2024: 3.96%, 2025; revolving loans 2024: 0.73% – 4.24%, 2025; TMK bonds 2024: 0.90%, 2027; non-current bank loans 2024: 0.93% – 5.64%, 2026 – 2028; revolving loans 2024: 3.89% – 5.15%, 2026 – 2029; MTN 2024: 2.07% – 5.08%, 2026 – 2028. Trust: current borrowings from subsidiaries 2024: 0.73%, 2025; bank loans 2024: 3.87%, 2028; non-current borrowings from subsidiaries 2024: 0.93% – 5.64%, 2026 – 2029; Trust current bank loans 2024 3.96%, 2025.
Liquidity risk – contractual undiscounted maturity of borrowings
| Item / unit | 20251 year or less | 2025> 1 year to 5 years | 2025> 5 years | 2025Total | 20241 year or less | 2024> 1 year to 5 years | 2024> 5 years | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| GROUP | |||||||||
| Borrowings$'000 | 1,399,712 | 2,574,285 | – | 3,973,997 | 787,265 | 2,097,304 | – | 2,884,569 | PDF p. 168 |
Notes
Based on contractual undiscounted repayment obligations (includes interest), so totals exceed carrying amounts.
Liquidity risk – contractual undiscounted maturity of borrowings (Trust)
| Item / unit | 20251 year or less | 2025> 1 year to 5 years | 2025> 5 years | 2025Total | 20241 year or less | 2024> 1 year to 5 years | 2024> 5 years | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| TRUST | |||||||||
| Borrowings$'000 | 1,273,586 | 2,041,834 | – | 3,315,420 | 183,299 | 2,061,032 | – | 2,244,331 | PDF p. 168 |
Notes
Based on contractual undiscounted repayment obligations. Lease liability maturity is not separately tabulated in the debt-related pages found.
Debt maturity profile (%) as at 31 December 2025
| Item / unit | 2025Share of debt maturing in year (%), Keppel REIT | Source |
|---|---|---|
| Debt maturity profile (%) | ||
| 2026% | 23 | PDF p. 65 |
| 2027% | 15 | PDF p. 65 |
| 2028% | 19 | PDF p. 65 |
| 2029% | 24 | PDF p. 65 |
| 2030% | 19 | PDF p. 65 |
Notes
Chart legend: Green loans; 3-year floating-rate green MTN (Issued in June and November 2024); Bank loans; 3-year MTN at 3.72% p.a. (Issued in November 2023); 7-year MTN at 2.07% p.a. (Issued in September 2021); TMK bond; Equity bridge loans. Weighted average term to maturity 2.4 years (2024: 2.5 years). Weighted average cost of debt 3.41% p.a. (2024: 3.40%).
Borrowing notes 2 tables
Borrowings – Group amounts by type (current and non-current, secured and unsecured)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current – secured | |||
| Bank loans1, 2$'000 | – | 469,704 | PDF p. 155 |
| Current | |||
| Borrowings (secured)$'000 | – | 469,704 | PDF p. 155 |
| Current – unsecured | |||
| Bank loans$'000 | 1,002,050 | 99,981 | PDF p. 155 |
| Revolving loans2$'000 | 117,604 | 124,631 | PDF p. 155 |
| Medium term notes3$'000 | 200,000 | – | PDF p. 155 |
| Current | |||
| Borrowings (unsecured)$'000 | 1,319,654 | 224,612 | PDF p. 155 |
| Non-current – secured | |||
| Bank loans1, 2$'000 | 468,851 | – | PDF p. 155 |
| TMK bonds4$'000 | 33,118 | 35,507 | PDF p. 155 |
| Non-current | |||
| Borrowings (secured)$'000 | 501,969 | 35,507 | PDF p. 155 |
| Non-current – unsecured | |||
| Bank loans2$'000 | 817,632 | 809,212 | PDF p. 155 |
| Revolving loans2$'000 | 776,326 | 570,816 | PDF p. 155 |
| Medium term notes3$'000 | 341,093 | 547,978 | PDF p. 155 |
| Non-current | |||
| Borrowings (unsecured)$'000 | 1,935,051 | 1,928,006 | PDF p. 155 |
| Group total | |||
| Total borrowings$'000 | 3,756,674 | 2,657,829 | PDF p. 155 |
| Percentage of total borrowings to net asset value% | 62.5 | 47.1 | PDF p. 155 |
Notes
Printed columns: Interest rate range, Maturity, 2025 $'000, 2024 $'000. Interest rate range and maturity are given in the separate rate/maturity table.
Footnotes (page 156): 1 Bank loans amounting to $468,851,000 (2024: $469,704,000) are secured over certain investment properties of the Group (Note 3). The loans are repayable upon maturity. 2 The Group has entered into interest rate swaps (Note 13) to hedge $1,024,704,000 (2024: $1,190,151,000) of the bank loans and $385,148,000 (2024: $409,884,000) of the revolving loans that are on floating interest rates. 3 MTNs: $150,000,000 due 2028 at fixed 2.07% (issued 15 Sep 2021); $200,000,000 due 2026 at fixed 3.72% (issued 15 Nov 2023); A$175,000,000 floating-rate green notes due 2027 (26 Jun 2024); A$50,000,000 floating-rate green notes due 2027 (19 Nov 2024); swaps hedge A$225,000,000 (2024: A$175,000,000) of the floating-rate green notes. 4 TMK bonds of $33,118,000 (2024: $35,507,000) are secured over an investment property of the Group (Note 3), repayable upon maturity; swaps hedge $33,118,000 (2024: $35,507,000) of TMK bonds on floating rates.
Included in current borrowings are equity bridge loans of $890,067,000, repaid in full on 20 January 2026 following the Preferential Offering.
Borrowings – Trust amounts
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current | |||
| Bank loans$'000 | – | 99,981 | PDF p. 156 |
| Current – unsecured | |||
| Borrowings from subsidiaries$'000 | 1,204,158 | 1,540 | PDF p. 156 |
| Current | |||
| Borrowings (unsecured)$'000 | 1,204,158 | 101,521 | PDF p. 156 |
| Non-current | |||
| Bank loans$'000 | 99,761 | 99,661 | PDF p. 156 |
| Non-current – unsecured | |||
| Borrowings from subsidiaries5$'000 | 1,838,612 | 1,831,182 | PDF p. 156 |
| Non-current | |||
| Borrowings (unsecured)$'000 | 1,938,373 | 1,930,843 | PDF p. 156 |
| Trust total | |||
| Total borrowings$'000 | 3,142,531 | 2,032,364 | PDF p. 156 |
| Percentage of total borrowings to net asset value% | 73.8 | 48.6 | PDF p. 156 |
Notes
Footnote 5: These borrowings are not due for repayment within the next 12 months.
Trust bank loans are unsecured; no secured Trust borrowings printed.
Borrowings denominated in currencies other than functional currencies: $820,001,000 (2024: $665,652,000) in Australian dollar and $54,126,000 (2024: $57,526,000) in Japanese Yen.
Unutilised facilities: $924,835,000 (2024: $925,178,000).
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (DPU) (cents) | 5.23 cents per Unit | FY2025 total | PDF p. 7 |
| 1H 2025 Distribution per Unit (DPU) | 2.72 cents | 1H 2025 | PDF p. 17 |
| 2H 2025 DPU | 2.51 cents | 2H 2025 | PDF p. 17 |
| Footnote 8 (2024 DPU) | 2.80 cents | 1H 2024 and 2H 2024 (each) | PDF p. 7 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage1 | 47.9% | As at 31 December 2025; comparative 2024: 41.2% · As at 2025-12-31 | PDF p. 66 |
| Interest coverage ratio2 | 2.6 times | FY2025; comparative 2024: 2.5 times | PDF p. 66 |
| Weighted average cost of debt3 | 3.41% p.a. | FY2025; comparative 2024: 3.40% p.a. | PDF p. 66 |
| Weighted average term to maturity | 2.4 years | As at 31 December 2025; comparative 2024: 2.5 years · As at 2025-12-31 | PDF p. 66 |
| interest rates of 62% of Keppel REIT’s total borrowings | 62% | As at 31 December 2025; no comparative printed · As at 2025-12-31 | PDF p. 65 |
| High portfolio committed occupancy | 96.7% | As at end-2025 (committed occupancy) | PDF p. 41 |
| Portfolio WALE by gross rent | approximately 4.4 years | As at end-2025; top 10 tenants' WALE approximately 8.1 years | PDF p. 41 |
| Value of deposited property | 11,844,532 $'000 | As at 31 December 2025; comparative 2024: 9,643,422 · As at 2025-12-31 | PDF p. 7 |
| Net asset value per Unit ($) | 1.28 $ | As at 31 December 2025; comparative 2024: 1.27 · As at 2025-12-31 | PDF p. 7 |
| Adjusted net asset value per Unit ($) | 1.27 $ | As at 31 December 2025, excluding distribution to Unitholders; comparative 2024: 1.24 · As at 2025-12-31 | PDF p. 7 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PricewaterhouseCoopers LLP | Keppel REIT Group and Trust, FY2025 | PDF p. 117 |
| Engagement partner | Maurice Loh Seow Wee | Keppel REIT Group and Trust, FY2025 | PDF p. 117 |
| Our opinion | In our opinion, the accompanying consolidated financial statements of Keppel REIT (“the Trust”) and its subsidiaries (“the Group”) | Keppel REIT Group and Trust, year ended 31 December 2025 | PDF p. 115 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern (Statement by the Manager) | there are reasonable grounds to believe that the Group and the Trust would be able to meet their financial obligations as and when they materialise | Group and Trust | PDF p. 114 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
This FY2025 report provides FY2025/FY2024 comparisons. No five-year financial summary is disclosed; earlier reports are still needed for longer history.
Profit or loss, comprehensive income and consolidated cash flows are Group statements. The report presents Group and Trust balance sheets and movements in funds; separate Trust income/comprehensive income/cash-flow statements are not presented.
DPU footnotes separate 5.23 cents for FY2025 and 5.60 cents for FY2024 from superscript markers. Published changes retain percentage or percentage-point units.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.