KEPPEL Reit’s distribution per unit (DPU) fell by 3.4 per cent to S$0.028 for its first half-year ended June, from S$0.029 the year before.
Property income was up 8.9 per cent year on year at S$125.1 million for H1, from S$114.9 million.
Net property income (NPI) grew 7.7 per cent to S$96.8 million from S$89.9 million.
The increase was mainly attributed to higher property income and higher NPI from Ocean Financial Centre, KR Ginza II and 2 Blue Street which achieved practical completion on Apr 3, 2023, and contribution from 255 George Street which was acquired on May 9, 2024.
“This was partially offset by lower net property income from 8 Exhibition Street, Victoria Police Centre and Pinnacle Office Park due mainly to higher property expenses and a weaker Australian dollar,” said the manager.
Distributable income from operations declined 2.1 per cent year on year to S$96.9 million from S$99 million. This comes as borrowing costs rose 29.8 per cent to S$41.3 million from S$31.8 million.
The distribution will be paid out on Sep 13, after books closure on Aug 7.
Units of Keppel Reit closed on Monday up 0.6 per cent or S$0.005 to S$0.88.
