Keppel REIT NPI up 17.6% to $33.17m in Q3

It recorded higher income from Ocean Financial Tower and 275 George Street.

Keppel REIT's net property income (NPI) rose 17.6% to $33.17m YoY in Q3, the company announced. Its distribution to unitholders likewise climbed 2.5% to $47.51m, translating to a 2.9% growth in distribution per unit (DPU) to 1.40 cents.

The growth was attributed mainly to higher property income and NPI from Ocean Financial Centre and 275 George Street, as well as income contribution from T Tower.

Also read: Keppel REIT NPI dropped 28.1% to $31.06m in Q2

For 9M 2019, NPI fell 4.5% to $122.31m, whilst distribution to unitholders dipped 0.5% to $142.13m. This was mainly attributed to lower one-off income, and lower property income and NPI from Bugis Junction Towers.

The REIT's portfolio committed occupancy stood at 98.8% on 30 September, and its weighted average lease expiry (WALE) remained at 5.1 years.

“The Manager will continue its ongoing portfolio optimisation strategy, while driving operational excellence in its asset and capital management efforts,” the REIT’s manager wrote.

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