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Singapore premium office REIT owning Grade A office towers in Singapore, Australia and South Korea.
Singapore premium office REIT owning Grade A office towers in Singapore, Australia and South Korea.
Collects rent from office tenants on multi-year leases and pays most of the cash to unit holders as distributions. Keppel, the Singapore group, is its sponsor, and a Keppel company manages the trust for fees, including finding properties to buy. Marina Bay-area towers anchor the portfolio.
In one line: A Singapore premium office REIT.
Moat: narrow (installed base, scale). Portfolio of premium CBD office towers in gateway cities with long anchor tenant leases.
Headquarters: Singapore · Founded: 2006 · Employees: 24
Size Keppel REIT (K71U.SI) is a Singapore Real Estate company (Real Estate Investment Trusts) with a market value of $3.27B, the 32nd largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.83 on 6 Nov 2026.
Performance Over six months the shares fell 4.6%, against -5.1% for the median peer and -1.2% for the Singapore market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +4.1%); the operating margin is 49.1% (peer median 48.1%).
Valuation It trades at 0.67× book value against a peer median of 1.01× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 4.6%; Keppel REIT delivers 8.5%, so the price asks less than the business earns today.
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$302M | S$282M | S$283M | S$272M | S$244M |
| Revenue growth | — | 0% | +4% | +11% | — |
| Gross profit | S$161M | S$164M | S$165M | S$165M | S$146M |
| EBITDA | S$148M | S$144M | S$153M | S$147M | S$146M |
| Net income | S$464M | S$443M | S$99.0M | S$169M | S$405M |
| Free cash flow | S$233M | S$241M | S$195M | S$201M | S$210M |
| Capital expenditure | S$12.7M | S$14.1M | S$14.5M | S$7.55M | S$10.6M |
| Total debt | n/a | S$4.16B | S$2.96B | S$2.64B | S$3.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Keppel REIT K71U.SI | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% |
| Suntec Real Estate Investment Trust T82U.SI | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% |
| OUE Real Estate Investment Trust TS0U.SI | $1.50B | -5% | +7% | 1% | 0.62× | 4.4% |
| CapitaLand Integrated Commercial Trust C38U.SI | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | K71U.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | +3.0% | 4th lowest of 21 |
| 6-month return | -4.6% | -5.1% | 10th highest of 21 |
| Return on equity | 8.5% | 6.4% | 5th highest of 21 |
| Price / book | 0.67× | 1.01× | 3rd cheapest of 21 |
| Trailing P/E | 7.4× | 16.7× | 2nd cheapest of 19 |
| ROE the price implies | 4.6% | 7.3% | 4th least demanding of 21 |
| ROE delivered | 8.5% | 6.4% | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% | 4.9% |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 8% | 1.44× | 6.8% | 8.5% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% | 12.9% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| ORIX JREIT 8954.T | Japan | $3.06B | -12% | +35% | 8% | 1.36× | 5.4% | 8.3% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| United Urban Investment 8960.T | Japan | $3.04B | -15% | -2% | 7% | 1.25× | 4.9% | 7.2% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |