Revenue distribution by sector:

• Commercial properties: approx. 70%
• Office properties: approx. 25%
• Retail properties: approx. 5%

TOP 3 markets and their percentage shares:

• Singapore: approx. 45%
• Australia: approx. 35%
• South Korea: approx. 15%

Keppel REIT generates the majority of its revenue from commercial properties, particularly through office spaces. Singapore remains the largest market for Keppel REIT, followed by Australia and South Korea. These markets provide stable rental income and are strategically important for the company's portfolio.

Keppel REIT is a Real Estate Investment Trust (REIT) and does not produce physical products.

Keppel REIT invests in high-quality office properties and generates income through rental income from these properties. The focus is on prime office buildings in key business districts in cities such as Singapore, Sydney, Melbourne, Brisbane, and Perth.

Being a REIT, its main activity is the management and operation of real estate, not the production of goods.

Current Strategy: Diversification and Expansion into Prime Real Estate Markets

Keppel REIT pursues a strategy of geographical diversification and expansion into prime real estate markets to secure future growth. The company focuses on expanding its portfolio through the acquisition of high-quality office properties in strategic locations.

Another key focus is on sustainable development and the integration of ESG principles (Environmental, Social, and Governance) into their business strategy. This includes investments in energy-efficient buildings and enhancing the environmental performance of existing properties.

In addition, Keppel REIT relies on strategic partnerships and joint ventures to gain access to new markets and diversify risk. These measures are intended to secure long-term stable returns and value appreciation for investors.

Commodities/Materials: No specific commodities

Keppel REIT is a Real Estate Investment Trust (REIT) that primarily invests in high-quality office properties. As such, Keppel REIT does not directly import any commodities or materials, as its business model is based on real estate investments and management.

The focus is on the acquisition, development, and management of real estate assets, particularly in urban areas. The procurement of building materials or commodities for construction or renovation projects is typically handled by the appointed construction companies or service providers engaged by Keppel REIT.

Should specific construction projects or renovations arise, these companies may source materials from various countries, depending on the project requirements and the best available offers.

Market share in the office real estate sector: 8% (2025, estimate)
Average rental yield: 4.5% (2025)
Portfolio occupancy: 96% (2025)

Keppel REIT has a significant competitive advantage in the office real estate sector, especially in prime locations in Singapore and Australia. The market share of approximately 8% in the office real estate sector demonstrates a strong presence supported by strategic investments in high-quality properties.

The average rental yield of 4.5% is competitive and reflects the ability to generate stable income from prime lease agreements. A high portfolio occupancy of 96% highlights the attractiveness of the properties to tenants and the efficiency of management.

In summary, Keppel REIT possesses a solid competitive advantage through its strategic positioning, high-quality properties, and efficient management, which is further strengthened by continuous portfolio optimizations.

Institutional Investor Share: approximately 45% (estimated for 2026)
Insider Buys/Sells: No significant transactions in the last year (2025)

Keppel REIT's institutional investor share is around 45%, indicating a strong trust from institutional investors in the company's stability and growth potential. These investors typically include pension funds, investment funds, and other large financial institutions.

In 2025, there were no significant insider buys or sells, suggesting that the management and other insiders are satisfied with the current company strategy and valuation. A lack of insider transactions can also be a sign of stable corporate governance, as no major changes in ownership structure are taking place.

Market share of Keppel REIT: Estimated at around 5% (2026)

Top competitors and their market shares:

1. CapitaLand Integrated Commercial Trust (CICT): around 10%
2. Mapletree Commercial Trust: around 8%
3. Frasers Centrepoint Trust: around 7%
4. Ascendas REIT: around 6%
5. Suntec REIT: around 6%
6. Keppel REIT: around 5%
7. Mapletree Logistics Trust: around 4%
8. SPH REIT: around 3%
9. OUE Commercial REIT: around 3%
10. Lendlease Global Commercial REIT: around 2%

Moat of Keppel REIT:

Keppel REIT has a moderate moat, mainly due to its strategically located properties in central business districts and its strong parent company, Keppel Corporation. These factors provide stability and access to high-quality tenants.

Compared to competitors like CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust, which have a more diversified portfolio and larger economies of scale, Keppel REIT's moat is less pronounced. These competitors often have better access to capital markets and a stronger market presence, giving them a competitive advantage.

Keppel REIT could strengthen its moat through further diversification and strategic acquisitions to better compete with the leading market participants.

Fund assets: SGD 8.5 billion (estimated 2026)
Real estate portfolio: 11 prime office properties in Singapore, Australia, and South Korea
Occupancy rate: 98% (estimated 2026)
Average lease term: 6.5 years (estimated 2026)

Keppel REIT owns a highly diversified portfolio of prime office properties in key Asia-Pacific markets. The high occupancy rate of 98% indicates strong demand for the REIT's properties, signaling a stable source of rental income.

The average lease term of 6.5 years provides a certain level of security against short-term market fluctuations and ensures stable income. Furthermore, in recent years, Keppel REIT has enhanced its geographical diversification through investments in Australia and South Korea, further spreading the risk.

Given these factors, Keppel REIT could be an attractive investment for investors seeking stable and long-term returns. However, potential investors should also consider the macroeconomic conditions and specific risks of the real estate market in the respective regions.

Dividend Yield: Estimate 4.5% (2026)

Keppel REIT is known for its regular dividend payments, which have provided an attractive return for investors in the past. The dividend yield is estimated to be around 4.5% for 2026, based on historical payouts and current market trends.

The reliability of the payout is high, as Keppel REIT has a solid balance sheet and stable cash flows from its real estate investments. These factors contribute to the company's ability to consistently distribute dividends to its shareholders.

However, it is important to keep an eye on overall market trends and specific company news, as these can influence the dividend policy.