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

It was dragged by the lower one-off income from Ocean Financial Centre.

Keppel REIT’s net property income (NPI) crashed 28.1% YoY to $31.06m in Q2 from $43.21m during the same period a year ago, an announcement revealed. NPI attributable to unit holders dropped 37.8% to $26.86m from $43.17m a year ago.

“The decrease was mainly attributable to lower one-off income from Ocean Financial Centre and lower property income and net property income from Bugis Junction Towers,” the firm said in a statement.

For H1 2019, NPI fell 16.2% YoY to $62.37m from $74.46m in H1 2018. NPI attributable to unitholders shrank 27.2% YoY to $54.12m from $74.37m in the same period a year ago.

The firm noted that distributable income for H1 dipped to $94.6m from $96.6m mainly due to the lower one-off income received from the early surrender of leases, the absence of rental support in Q2 2019, and the impact from the divestment of a 20% stake in Ocean Financial Centre. The decrease was partially offset by income contribution from the newly acquired T Tower in Seoul CBD, as well as capital gains distribution of $6m for H1 2019.

Keppel REIT’s distribution per unit (DPU) dipped 2.1% YoY to $0.139 in Q2 2019 from $0.142 in Q2 2018. DPU also slipped 2.1% YoY in H1 2019 to $0.278 from $0.284 in H1 2018.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit