Net property income at Keppel Reit fell 4.8 per cent year on year to $32.9 million for the first quarter because of the absence of income contributions from the 77 King Street office tower in Sydney, which was sold in late January.
Still, income available for distribution rose 0.8 per cent to $54.4 million, which the Reit's manager attributed to consistent performance across its properties in Singapore and Australia, as well as improved returns from joint ventures. The latter came from stronger contributions from 8 Chifley Square and the newly completed David Malcolm Justice Centre office tower.
Distribution per unit (DPU) came to 1.68 cents for the three months ended March 31 - a tad lower than the 1.7 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 leases, the manager said.
Net asset value per unit fell from $1.44 at Dec 31 to $1.43 at March 31.
AT A GLANCE
PROPERTY INCOME: $41.2 million (-2.9%)
NET PROPERTY INCOME: $32.9 million (-4.8%)
INCOME AVAILABLE FOR DISTRIBUTION: $54.4 million (+0.8%)
DISTRIBUTION PER UNIT: 1.68 cents (-1.2%)
Keppel Reit units closed one cent higher at $1.005 yesterday. The results were posted after markets closed.