OREANDA-NEWS. The Directors of Keppel REIT Management Limited, as Manager of Keppel REIT, are pleased to announce the unaudited results of Keppel REIT for the fourth quarter and financial year 2014.

Keppel REIT achieves 12% year-on-year growth in Net Property Income for current portfolio(1) in FY2014

Attains rental upside averaging 23% for new office leases and rental growth of 16% for renewals and reviews during the year

One-off impact to distribution due to lesser income from Prudential Tower, which was divested in 3Q 2014

Only a two-week contribution from Marina Bay Financial Centre ("MBFC") Tower 3 in FY 2014. From 2015 onwards, Unitholders can look forward to the full contribution from MBFC Tower 3

FY 2014 net property income and property income for current portfolio(1) grew 12% and 9% year-on-year ("y-o-y") respectively

Achieved positive rent reversions of approximately 23% for new office leases and an average 16% upside from renewals and reviews in FY 2014

High tenant retention rate of approximately 85% for office tenants in FY 2014

Average rental rates of USD 12 psf per month for new leases and renewals at properties in the Raffles Place and Marina Bay precincts, with some leases committed at USD 15 psf per month in 2014

The acquisition of MBFC Tower 3 positions Keppel REIT as the S-REIT with the youngest and largest portfolio of premium Grade A office assets in Singapore's central business district ("CBD")

All-in interest rate remains at 2.23%

Maintained healthy interest coverage ratio of 5.0 times