Keppel REIT May Benefit From Higher Occupancies at Overseas Properties -- Market Talk

Dow Jones02-02

0146 GMT - Keppel REIT may benefit from higher occupancy at its overseas properties, UOB Kay Hian analyst Jonathan Koh says in a research report, as the brokerage raises the REIT's target price to S$1.24 from S$1.17 with an unchanged buy rating. The REIT's 8 Chifley Square, Pinnacle Office Park and 2 Blue Street properties in Sydney are benefiting from companies tightening their hybrid work arrangements, while its newly-acquired KR Ginza II property in Tokyo is already fully occupied, the analyst notes. The brokerage lifts its 2024 distribution-per-unit forecast for the REIT by 5% to factor in higher occupancy at overseas properties. Units are 1.1% higher at S$0.92. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 01, 2024 20:46 ET (01:46 GMT)

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The REIT's 8 Chifley Square, Pinnacle Office Park and 2 Blue Street properties in Sydney are benefiting from companies tightening their hybrid work arrangements, while its newly-acquired KR Ginza II property in Tokyo is already fully occupied, the analyst notes. The brokerage lifts its 2024 distribution-per-unit forecast for the REIT by 5% to factor in higher occupancy at overseas properties. Units are 1.1% higher at S$0.92. 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