Keppel REIT books 20.7% increase in Q1 net property income
POSTED: 15 Apr 2013 9:24 PM
Keppel Real Estate Investment Trust (REIT) booked a 20.7 per cent on-year increase in its first quarter net property Income at S$34.4 million.
SINGAPORE: Keppel Real Estate Investment Trust (REIT) booked a 20.7 per cent on-year increase in its first quarter net property Income at S$34.4 million.
Keppel REIT said the growth was primarily driven by higher occupancies and improved performance from Ocean Financial Centre and 77 King Street which contributed to the increase in property income.
In Q1, Keppel REIT saw property income rose by 13.2 per cent on-year to S$41.4 million.
In a statement, the trust said its distributable income for 1Q 2013 increased 7.6 per cent to S$52.2 million, compared to the previous year.
Its distribution per unit (DPU) for 1Q 2013 stood at 1.97 cents, up by 3.7 per cent on-year. On an annualised basis, its DPU was 7.99 cents -- that is 4.6 per cent higher than the previous year.
Looking ahead, Keppel REIT said it remains confident of the performance of its property portfolio. It added that as at end Q1 2013, its portfolio occupancy was nearly 99 per cent.
The trust manager said all refinancing for 2013 has been completed and the refinanced sum for 2013 has been termed out to 2018 and the weighted average term to expiry has been extended to 3.2 years.
Apart from focusing on efforts to maintain a high occupancy for its properties, Keppel REIT said it will also selectively pursue opportunities for strategic acquisitions to drive growth.
- CNA/ac
- wong chee tat :)
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