Robust 1Q 2022 Portfolio Performance
Prudent Capital Management
All-in interest rate reduced year-on-year to 1.81%
p.a. from 2.01% p.a.
■ Total borrowings on fixed rates increased from
63% to 71% during the quarter, to mitigate interest
rate volatility
Approximately 48% (1) of Keppel REIT's total
borrowings are green loans
On 11 April 2022, $146.5 million of the 1.90%
convertible bonds due 2024 were redeemed. The
redemption was funded through loan facilities at
comparable interest rates, maturing mainly in
2026 and 2027
Adjusted NAV per Unit (2)
Interest Coverage Ratio (3)
All-in Interest Rate
Aggregate Leverage
As at 31 Mar 2022
Weighted Average Term to Maturity
Borrowings on Fixed Rates
Sensitivity to Interest Rates (4)
$1.29
3.8x
1.81% p.a.
38.7%
3.1 years
71%
+ 50 bps =
~0.14 cents in DPU p.a.
or ~2.4% (5) in DPU p.a.
Debt Maturity Profile (As at 31 Mar 2022)
23%
22%
$53m
18%
$75m
12%
11%
(1)
This includes Keppel REIT's share of external borrowings accounted for at the level of associates.
(2) Excluded the distributable income for the period 1 Jan 2022 to 31 Mar 2022 to be paid in Aug 2022.
(3) Computed as trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives
and investment properties, and foreign exchange translation), over trailing 12 months interest
expense, borrowing-related fees and distributions on hybrid securities.
$775m
8%
6%
$641m
$685m
$150m
$400m
$147m
$268m
$245m
$58m
(4)
(5)
Refers to changes to SOR/SORA/BBSW for applicable loans on floating rates.
Computed based on DPU of 5.82 cents for FY 2021.
2022
2023
2024
2025
2026
2027
2028
Bank loans
$200m 5-year convertible bonds at 1.9%
(Issued in Apr 2019)
Keppel REIT
$75m 7-year MTN at 3.275%
(Issued in Apr 2017)
$150m 7-year MTN at 2.07%
(Issued in Sep 2021)
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