Keppel Reit Q1 DPU slightly down

SINGAPORE - Net property income at Keppel Reit fell 4.8 per cent year on year to S$32.9 million for the first quarter due to absence of income contribution from 77 King Street office tower in Sydney, which it sold in late January.

Still, income available for distribution rose 0.8 per cent to S$54.4 million, which the Reit's manager attributed to consistent performance across all its properties in Singapore and Australia as well as improved returns from its joint ventures.

The latter came from higher contributions from 8 Chifley Square and the newly completed David Malcolm Justice Centre office tower.

Distribution per unit was 1.68 cents for the three months to March 31, a tad lower than 1.70 cents posted a year earlier.

Overall portfolio occupancy rose from 99.3 per cent at Dec 31 to 99.4 per cent at March 31. Average rent reversion was 7 per cent for all new, renewal, forward renewal and review lease, the manager said.

Net asset value per unit fell from S$1.44 at Dec 31 to S$1.43 at March 31.

Keppel Reit units closed up a cent to S$1.005 on Thursday (April 14). The reuslts were posted after markets closed.

wrennie@sph.com.sg