( YTD: +12.20% | 5D: +2.22%)

28 Oct - 3Q 2025 Key Business and Operational Updates

• Key Highlights
  
  
  • Completed refinancing for 2025 and progressing on 2026 refinancing, with a lender commitment(1) secured to early refinance 59% of loans maturing in 2026
    
    
  • Occupancy remained stable at 88.0%, supported by strong leasing of 168,542 sf (3.5% of NLA) in 3Q 2025. 9M 2025 leasing volume at 449,772 sf (9.4% of NLA)
    
    
  • Achieved positive rental reversion for 9M 2025 of 9.6% and 3Q 2025 of 36.0%, largely driven by a renewal lease with a US federal government agency at One Twenty Five (Dallas)
    
    
  • US office market showing early signs of stabilisation amid a flight to quality; pick up in leasing activity, with vacancy declining for first time in seven years
    
    
  • On track to restart distributions for 1H 2026, with payments expected in 2H 2026, barring any unforeseen circumstances; will adopt a conservative initial payout ratio, with a view to progressively increasing it to a sustainable level aligned with long-term portfolio performance

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( YTD: +22.80% | 5D: -1.25%)

28 Oct - 3Q 2025 Business Update

• YTD Sep Rent Reversion: +7.8% (Retail) , +6.8% (Office)
• Portfolio WALE: 3.2 Years
• Portfolio Occupancy: 97.2%
• Aggregate Leverage: 39.2% 
• Average Cost of Debt: 3.3%

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( YTD: +5.51% | 5D: +3.08%)

28 Oct - 2Q FY25/26 Financial Results

• 2Q FY25/26 Distribution per Unit (“DPU”) rose 0.2% quarter-on-quarter underpinned by continued resilient operational performance
  
  
• Healthy portfolio operating metrics – 96.1% occupancy and 2.5% positive rental reversions excluding China
  
  
• Proactive capital management reduced borrowing costs and lowered cost of debt
  
  
• Sustainability progress – 69% of portfolio GFA is green certified; total solar generating capacity increased 52% year-on-year to 108 MWp

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( YTD: +9.80% | 5D: -1.75%)

28 Oct - Business Update for 9M 2025

• Rental and Other Income declined 2.0% year-on-year to S$75.5 million in 9M 2025 and Net Property and Other Income fell 1.4% year-on-year to S$73.3 million over the same period.
  
  
• Rental and Other Income and Net Property and Other Income in 9M 2025 were mainly impacted by the depreciation of Indonesian Rupiah against Singapore Dollar.
  
  
• The currency impact was partly offset by higher rental income in local currency terms from Indonesia and Singapore properties.
  
  
• Distributable Amount declined by 6.1% year-on-year to S$34.8 million in 9M 2025 and DPU has consequently dipped from 1.78 Singapore cents in 9M 2024 to 1.65 Singapore cents in 9M 2025 mainly due to the depreciation of the Indonesian Rupiah against Singapore Dollar, as well as the enlarged unit base resulting from the issuance of units for payment of management fee to the Manager.
  
  
• The Trust continues to take measures to strengthen its capital structure. As at 30 September 2025, the proportion of debt on fixed rates or hedged was 49.5%. Gearing ratio rose slightly to 41.4% and interest coverage ratio remained robust at 3.8 times.
  
  
• Cost of debt decreased to 4.6% from 4.8% in the preceding quarter amidst lower borrowing costs and effective capital management. First REIT has no refinancing requirements until May 2026 and an option to extend its term loan for two years.
  
  
• Net asset value per unit as at 30 September 2025 was 26.15 Singapore cents as compared to 28.60 Singapore cents as at 31 December 2024 mainly due to currency translation.

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( YTD: +20.69% | 5D: +1.94%)

29 Oct - Business and Operational Updates for the Third Quarter of 2025

• Net property income (NPI) and share of results of associates increased by 8.6% and 15.4% year-on-year respectively, supported by contribution from 255 George Street, sustained demand for Singapore prime office and lower borrowing costs at the associate level
  
  
• Committed occupancy increased to 96.3%, with a positive 12.0% rental reversion
  
  
• Weighted average cost of debt improved from 3.51% in 1H 2025 to 3.45% in 9M 2025
  
  
• On a like-for-like basis, distributable income from operations would have increased by 6.7% year-on-year, if management fees were paid entirely in Units
  
  
• Announced the acquisition of a 75% interest in Top Ryde City Shopping Centre, a high-quality freehold regional mall anchored by resilient non-discretionary retail
  
  
• With 2 Blue Street attaining a 6-star Green Star rating, all properties in Keppel REIT’s portfolio are now green certified

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( YTD: +% | 5D: +%)
Halt Dividend since 20 Mar 2023

22 Oct - 3Q Result

• Portfolio remains resilient with 84.4% occupancy and 4.6% rental reversion
• Sustained prudent capital management lowers gearing to 43.31% in 3Q 2025 from 43.86% in 2Q 2025
• Undertaken rights issue to repay loans and support portfolio upgrading

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( YTD: +16.00% | 5D: +0.00%)

29 Oct - 1Q FY 2025/26 Business Updates

• Current Portfolio Size: ~S$2.8 billion
• Gross Revenue: S$48.3 million (+0.7% y-o-y)
• Net Property Income: S$37.9 million (+0.2 y-o-y)
• Portfolio WALE: 7.4 Years
• Portfolio Occupancy: 94.8%
• Aggregate Leverage: 36.7% 
• Average Cost of Debt: 3.9%
• Fixed/hedged debt: 77%

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( YTD: -3.62% | 5D: -2.29%)

29 Oct - Second Quarter and/ or Half Yearly Results

• Stable operational performance underpinned by positive weighted average rental reversion rate in Singapore Portfolio and an increase in Overall Portfolio’s weighted average lease to expiry
  
  
• Absence of one-off divestment gain, reduced income from portfolio divestment and foreign exchange headwinds weighed on distribution per Unit (“DPU”)
  
  
• Strategic portfolio divestment unlocks value and increases debt headroom for investment opportunities
  
  
• MIT’s DPU for the Second Quarter Financial Year 2025/2026 from 1 July 2025 to 30 September 2025 (“2QFY25/26”) was 3.18 cents.
  
  
• Gross revenue and net property income for 2QFY25/26 decreased by 6.2% and 7.8% year-on-year to S$170.2 million and S$124.0 million respectively. This mainly reflected the reduced income from the portfolio divestment of three industrial properties in Singapore (the “Singapore Portfolio Divestment”) on 15 August 2025 as well as the lower contribution from the North American Portfolio from non-renewal of leases and the depreciation of USD against SGD.
  
  
• The decline was partially moderated by higher contributions from the freehold mixed- use facility in Tokyo acquired on 29 October 2024, and the completion of the final phase of fitting-out works of the Osaka Data Centre on 2 May 2025.

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Singapore REITs Monthly Update (19 Oct 2025)

Technical Analysis of FTSE ST REIT Index (FSTAS351020)

FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) increased from 698.89 to 710.29 (1.63%) compared to last month's update. The index has recovered steadily since the April low and is in an uptrend channel. The 200D SMA is reversed, suggesting improved market sentiment. There is now a new resistance line of about 728 and a breakout above 728 could pave the way finally to a level above previously attained in July 2023. The 50D SMA and the 200D SMA provide immediate support. Stronger support remains at 620, tested multiple times in 2024–2025. But for now, the REIT index is bullish.

• Short-term direction: Up
• Medium-term direction: Up
• Long-term direction: Up
• Immediate Support: 20D SMA, 50D SMA
• Immediate Resistance: 728 (line) 

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