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Keppel REIT's net property income rises 7.2% YoY to $48.2M in 1Q24

The REIT attributed the increase to strong operating performance.

Keppel REIT recorded a 7.2% YoY higher net property income (NPI) of $48.2m in 1Q24, driven by robust operational performance.

In the same period, the REIT saw its NPI attributable to unitholders rise by 7.1% YoY to $43.4m and its property income increase by 6.3% YoY to $61.3m. 

The REIT attributed its improved property income to higher rentals from Ocean Financial Centre and contribution from 2 Blue Street. 

Despite a stronger 1Q24 operating performance, distributable income, including anniversary distribution, held steady at $55.2m, primarily due to increased borrowing costs.

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