Keppel REIT reports 6.7% lower distributable income from operations of $50.2 mil during 1QFY2023

Including the anniversary distribution of $5 million, however, the REIT’s distributable income grew by 2.6% y-o-y to $55.2 million

Keppel REIT K71U has reported distributable income from operations of $50.2 million during the 1QFY2023 ended March, 6.7% lower y-o-y.

The lower distributable income was attributed to the higher borrowing costs.

Including the anniversary distribution of $5 million, however, the REIT’s distributable income grew by 2.6% y-o-y to $55.2 million.

During the quarter, Keppel REIT reported property income of $57.7 million, up 5.9% y-o-y.

Net property income (NPI) increased by 1.8% y-o-y to $45.0 million as the REIT reported higher NPI for most of its properties during this period.

NPI attributable to unitholders grew by 1.3% y-o-y to $40.5 million.

As at March 31, the REIT’s portfolio occupancy stood at 96.3%. Its weighted average lease expiry (WALE) stood at 5.8 years as at the same period.

The REIT’s aggregate leverage stood at 38.7% with 75% of its borrowings at fixed rate as at March 31.

Units in Keppel REIT closed 0.5 cents lower or 0.56% down at 89.5 cents on April 19.

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