Keppel REIT's income fell 5.4% to $31.6m in 3Q

Blame it on recent sale of Sydney property.

Keppel REIT reportedlower gains in 3Q on sale of a Sydney building.

In a statement, Keppel REIT announced that its net property income dipped by 5.4% YoY to $31.6m for the three months to Sept 30 due to the absence of contributions from 77, King Street, which it sold in late January for $160m.

Consequently, the firm also posted distribution per unit (DPU) of 1.60 Singapore cents for the quarter, down from 1.70 Singapore cents in the same year-ago period.

On a positive note, other properties posted better results which help buoy the company's earnings.

Marina Bay Financial Centre, for instance, contributed $24.7m, up 33.2% from a year earlier.

Keppel REIT's net asset value per unit stood at S$1.42 as at Sept 30, 2016, lower than S$1.44 as at Dec 31, 2015.