Keppel REIT NPI rises 13% YoY to $181.8m in 9M

Distributable income from operations also increased by 24.4%.

Keppel REIT’s net property income (NPI) rose 12.7% year on year (YoY) to $181.8m in the first nine months (9M) of 2026 from $161.3m.

Total property income also climbed 16.5% YoY to $238.2 from $204.5.

Keppel REIT said the gains were mainly driven by contributions from Top Ryde Shopping Centre.

Portfolio occupancy stood at 96%, whilst rental reversions were positive at 12%.

The share of results from joint ventures also increased by 33.3% to $124.2m, mainly due to the additional one-third interest in Marina Bay Financial Centre Tower 3, as well as higher rentals and lower borrowing costs.

Meanwhile, distributable income from operations increased by 24.4% to $179.9m on stronger portfolio performance and contributions from acquisitions.

Keppel REIT recently proposed acquiring a 51% interest in Keppel South Central, a Grade A commercial tower in the central business district, at an agreed property value of $626.2m.

Following the divestments of KR Ginza II in Tokyo and T Tower in Seoul, the REIT will also return $15m of capital to unitholders in three semi-annual tranches from the second half of 2027, after its anniversary distribution ends.

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