Jul 16, 2013 - CommercialGuru.com.sg
Keppel REIT achieved a distribution per unit (DPU) yield of 6.1 percent for the half year ended 30 June, due to a 6.8 percent year-on-year increase in its distributable income to S$105.1 million.
The trust's net property income (NPI) and property income were up 11.5 and 8.9 percent year-on-year to S$66.7 million and S$82.6 million respectively, attributed mainly to an improved performance from Ocean Financial Centre (OFC) in Singapore and 77 King Street in Sydney's CBD. Overall committed portfolio occupancy rose from 98.8 to 99.1 percent.
“Keppel REIT increased its interest in OFC from 87.5 percent to 99.9 percent on 25 June 2012. The additional 12.4 percent of tax transparent income from OFC and the improved occupancy of the property accounted for the increased contribution from the asset in 1H2013,” it said in a statement.
Other company highlights for 1H2013 include a DPU of 3.94 cents, up 2.6 percent year-on-year; while annualised DPU also increased 3.0 percent year-on-year to 7.95 cents.
Keppel REIT Management said it will “continue to focus on maintaining strong occupancy for its portfolio of properties as well as proactively managing leases due for rent review and renewal”.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email firstname.lastname@example.orgRelated Stories: