Keppel Reit's net property income up 20.7%

Keppel Reit's net property income up 20.7%

Higher occupancies and improved performance from Ocean Financial Centre in Singapore and 77 King Street in Sydney were the main contributors to the rise of 13.2 per cent year-on-year in property income, which grew to S$41.4 million.


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Here is the press release from Keppel:

Net Property Income ("NPI") increased 20.7 per cent year-on-year ("y-o-y") to $34.4 million primarily due to improved performance from Ocean Financial Centre ("OFC") and 77 King Street.

Property Income registered an improvement of 13.2 per cent y-o-y to $41.4 million.

Share of Results of Associates increased 26.4 per cent y-o-y to $14.2 million due to higher contribution from Marina Bay Financial Centre Phase 1 ("MBFC Phase1").

Distributable income for 1Q 2013 was $52.2 million, an increase 7.6 per cent y-o-y.

Annualised 1Q 2013 Distribution Per Unit ("DPU") rose by 4.6 per cent y-o-y to 7.99 cents.

All refinancing for 2013 is completed, and weighted average term to expiry has been extended from 3.1 years to 3.2 years.

Completed the acquisition of the new office building to be built on the Old Treasury Building site in Perth, Western Australia.

Overall committed portfolio occupancy increased to approximately 99 per cent.

Four out of seven completed properties are 100 per cent occupied.

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