Keppel REIT net property income up 0.3% to $31.31m in Q1

It was saved by higher one-off income that was offset by lower incomes from properties.

Keppel REIT’s net property income (NPI) marginally rose by 0.3% YoY from $31.22m in Q1 2018 to $31.31m in Q1 2019, according to its financial statement. Distribution per unit (DPU) fell 2.16% from $1.42 to $1.39.

Property income rose 0.7% to $40.02m, saved by higher one-off income that was offset by lower incomes from Ocean Financial Centre and Bugis Junction Towers, after excluding attributable one-off income.

Property income contributions from 275 George Street, Ocean Financial, and 8 Exhibition Street fell 4%, 1.7%, and 2.2% to $3.59m, $25.66m, and $4.70m respectively. Contributions from Bugis Junction Towers rose 19.4% to $6.07m.

“Whilst the operating performances of 275 George Street and 8 Exhibition Street have improved year-on-year, a weaker Australian dollar contributed to the decrease in property income and net property income of these properties,” the REIT added.

Share of results from associates fell 6.5% to $19.27m whilst results from joint ventures fell 8.5% to $7.17m.

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