0744 GMT - Keppel REIT's Singapore portfolio is likely to keep being a key income driver as it benefits from lease renewals with higher rental rates, says DBS Group Research analyst Dale Lai in a note. The REIT's healthy operational performance remains supported by its Singapore portfolio and improvements in its Australian properties, Lai says. Lease renewal rental rates remain on an upward trend, mainly driven by the REIT's Singapore assets, Lai adds. Average signing rents are up to S$12.93 per square foot compared to expiring rents at around S$10.34 per square foot, Lai says. DBS keeps a buy rating and target price of S$1.15 on Keppel REIT. Units are last at S$0.93. (amanda.lee@wsj.com)
(END) Dow Jones Newswires
October 22, 2024 03:44 ET (07:44 GMT)
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