Advertisement

Keppel REIT posts 14.5% increase in net profit

Keppel REIT posted an increase on net property income of S$39.5 million, an increase of 14.7 percent year-on-year in Q1 2014.

The increase is attributed mainly to the better performance from Ocean Financial Centre and Prudential Tower, and the additional contribution from 8 Exhibition Street in Melbourne which was acquired in August last year.

The REIT's share of income from its associates also posted an increase of 12.6 percent to S$16 million for the quarter due to its interest in 33.3 percent of Marina Bay Financial Centre and One Raffles Quay.

Notably the REIT also posted an increase in its distributable income, up 5 percent to S$55.1 million. This translated to a distributable per unit (DPU) amount of 1.97 cents for the said quarter. This remains unchanged from the same period last year due to the increase in the REIT's number of outstanding units

Looking ahead, Keppel REIT said it will l continue to focus on maintaining the strong occupancy for its portfolio of properties and proactively manage leases due for rent review and renewal. Furthermore, the REIT will also monitor interest rate and foreign exchange exposures so as to manage financial risks.

"At the same time, it will selectively pursue and review opportunities for strategic acquisitions and divestments to deliver long-term growth for unitholders," it added.



Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg



Related Stories:


Office rents to increase up to 3% in Q2

Office space pre-selling in the Philippines on the uptick


Investors still bullish on office, hotel assets

More from PropertyGuru:
CCT saw a 7.2% DPU increase in Q1
Far East consortium wins Woodlands Square site tender
3 tenants to occupy 12% of CapitaGreen
Second Sofitel Hotel in Singapore to open in 2015
Wheelock, Ong Beng Seng to buy HPL