{"id":2723,"date":"2024-01-31T00:50:54","date_gmt":"2024-01-30T16:50:54","guid":{"rendered":"https:\/\/www.wealthfor.us\/article\/?p=2723"},"modified":"2024-02-01T16:54:43","modified_gmt":"2024-02-01T08:54:43","slug":"keppel-reit-q4-2023-key-highlights","status":"publish","type":"post","link":"https:\/\/www.wealthfor.us\/article\/keppel-reit-q4-2023-key-highlights\/","title":{"rendered":"Keppel REIT Q4 2023: Key Highlights"},"content":{"rendered":"

Keppel REIT just released its Q4 2023 financial results. <\/span>Keppel REIT<\/span><\/a> is a pure-play office REIT with exposure in Singapore, Australia, South Korea, and Japan. Let us look into Keppel REIT Q4 2023 financial results.<\/span><\/p>\n

 <\/p>\n

Financial Performance<\/h2>\n

In the following table, we compare Keppel REIT’s FY2023 with FY2022 performances:<\/span><\/p>\n\n\n\n\n\n\n\n\n
<\/th>\nFY2023<\/th>\nFY2022<\/th>\nChange<\/th>\n<\/tr>\n<\/thead>\n
Property Income<\/span><\/i><\/td>\n$233.1m<\/span><\/td>\n$219.3m<\/span><\/td>\n+6.3%<\/span><\/td>\n<\/tr>\n
Borrowing Costs<\/span><\/i><\/td>\n($67.0m)<\/span><\/td>\n($57.7m)<\/span><\/td>\n+16.0%<\/span><\/td>\n<\/tr>\n
Distributable income from operations<\/span><\/i><\/td>\n$198.7m<\/span><\/td>\n$210.9m<\/span><\/td>\n-5.8%<\/span><\/td>\n<\/tr>\n
DPU<\/span><\/i><\/td>\n5.80 cents<\/span><\/td>\n5.92 cents<\/span><\/td>\n-2.0%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

With the latest update from Keppel REIT Q4 2023 results, we can see the performance of the REIT’s full fiscal year. The property income increased by 6.3% to $233.1m, which is welcome news. Unfortunately, borrowing costs increased significantly by 16% to $67m, offsetting the income. As a result, the full-year DPU declined by 2%, from 5.92 cents in FY2022 to 5.80 cents in FY2023.<\/span><\/p>\n

There is little surprise in this financial performance. The jump in the borrowing costs is expected because of the higher interest rate environment we are currently in. With the market expecting the high-interest rate environment to persist for longer throughout 2024, we may see a further rise in the REIT’s borrowing costs, causing downward pressure on the DPU.<\/span><\/p>\n

 <\/p>\n

Debt Profile<\/h2>\n

Here is the comparison of Keppel REIT Q4 2023 vs. Q3 2023 debt profile:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n
<\/th>\nQ4 2023<\/th>\nQ3 2023<\/th>\nChange<\/th>\n<\/tr>\n<\/thead>\n
Aggregate Leverage Ratio<\/span><\/i><\/td>\n38.9%<\/span><\/td>\n39.5%<\/span><\/td>\n-0.6%<\/span><\/td>\n<\/tr>\n
Adjusted Interest Coverage Ratio<\/span><\/i><\/td>\n3.0x<\/span><\/td>\n2.9x<\/span><\/td>\n+0.1x<\/span><\/td>\n<\/tr>\n
All-in Interest Rate<\/span><\/i><\/td>\n2.89%<\/span><\/td>\n2.85%<\/span><\/td>\n+0.04%<\/span><\/td>\n<\/tr>\n
Weighted Average Term to Maturity<\/span><\/i><\/td>\n2.4 years<\/span><\/td>\n2.7 years<\/span><\/td>\n-0.3 years<\/span><\/td>\n<\/tr>\n
Borrowings on Fixed Rates<\/span><\/i><\/td>\n75%<\/span><\/td>\n76%<\/span><\/td>\n-1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Generally, Keppel REIT’s debt profile saw a slight improvement in Q4 2023. The aggregate leverage ratio was 38.9%, a 0.6% decline from the previous quarter. The adjusted ICR increased slightly from 2.9x in Q3 2023 to 3.0x in Q4 2023.<\/span><\/p>\n

On a less positive note is the slight rise in the all-in interest rate from 2.85% to 2.89% and the decrease in borrowings on fixed rates, declining by 1% to 75%.<\/span><\/p>\n

In summary, we think Keppel REIT’s debt profile this quarter showed a marginal improvement. Its overall debt profile is in a relatively healthy state.<\/span><\/p>\n

 <\/p>\n

Debt Maturity Profile<\/h2>\n

The chart below shows the amount of debt due for refinancing for each fiscal year:<\/span><\/p>\n

\"Keppel
Source: Keppel REIT Analysis page<\/a><\/figcaption><\/figure>\n

We can see that Keppel REIT’s debt maturity is quite well-staggered over the next several years. However, note that around 22% is due for refinancing in FY24\/25, and another 21% is due in FY25\/26. Should the higher interest rate environment last longer throughout 2024 and 2025, we can expect Keppel REIT’s borrowing costs to climb further as the debt must be refinanced at a higher rate. If the increase in portfolio income cannot offset these refinancing costs, we can expect a downward pressure on the REIT’s DPU.<\/span><\/p>\n

 <\/p>\n

Portfolio Occupancy<\/h2>\n

Here is the summary of the portfolio occupancy for Keppel REIT Q4 2023 vs Q3 2023:<\/span><\/p>\n\n\n\n\n\n\n
<\/th>\nQ4 2023<\/th>\nQ3 2023<\/th>\n<\/tr>\n<\/thead>\n
Portfolio Occupancy<\/span><\/i><\/td>\n97.1%<\/span><\/td>\n95.9%<\/span><\/td>\n<\/tr>\n
WALE<\/span><\/i><\/td>\n5.5 years<\/span><\/td>\n5.6 years<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The portfolio occupancy jumped to 97.1% in Q4 2023. The REIT also saw a positive rental reversion of 9.9% in 2023. This is excellent news, indicating a strong demand for Keppel REIT’s portfolio properties.<\/span><\/p>\n

\"Keppel<\/p>\n

Regarding lease expiry, only around 12.6% is due for renewal in 2024, and 14.9% is due in 2025. Overall, the lease expiry is well-distributed over the next several years.<\/span><\/p>\n

 <\/p>\n

Remarks<\/h2>\n

Keppel REIT Q4 2023 financial results showed mixed results, with the overall property income climbing but offset by a jump in property expenses and borrowing costs. The resulting DPU declined by 2% YoY.<\/span><\/p>\n

The debt profile showed marginal improvement over the previous quarter, notably its aggregate leverage ratio declining to 38.9% and its adjusted ICR increased to 3.0x. The ratio of 38.9% is still far below the regulatory limit of 50%. Overall, we think Keppel REIT’s debt profile is relatively healthy. The REIT’s portfolio occupancy rate also remained strong, indicating a robust demand for its properties.<\/span><\/p>\n

Keppel REIT has a dividend yield of >6% and a price-to-book ratio of 0.65, which may appeal to some investors willing to take on the risks and exposures associated with this REIT.<\/span><\/p>\n

For more information about Keppel REIT, please visit our <\/span>Keppel REIT analysis page<\/span><\/a> and our <\/span>Keppel REIT dividend page<\/span><\/a>.<\/span><\/p>\n

You may also check out our <\/span>Singapore REITs<\/span><\/a> page to analyze other REITs.<\/span><\/p>\n

If you are interested in investing in Keppel REIT, you need a brokerage account with access to the Singapore Exchange. You may refer to our list of the <\/span>best online brokerage accounts in Singapore<\/span><\/a>.<\/span><\/p>\n

Related page: <\/span>FY2023 Presentation Slide<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Keppel REIT just released its Q4 2023 financial results. Keppel REIT is a pure-play office REIT with exposure in Singapore, Australia, South Korea, and Japan. Let us look into Keppel REIT Q4 2023 financial results.   Financial Performance In the following table, we compare Keppel REIT’s FY2023 with FY2022 performances: FY2023 FY2022 Change Property Income… Continue reading Keppel REIT Q4 2023: Key Highlights<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":2727,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111,102],"tags":[],"class_list":["post-2723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reit","category-singapore","entry"],"yoast_head":"\nKeppel REIT Q4 2023: Key Highlights - WealthFor.Us<\/title>\n<meta name=\"description\" content=\"How did Keppel REIT perform in Q4 2023? 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