Keppel Reit H2 2024 DPU falls 3.4 per cent to S$0.028; manager confident of strong Singapore office demand

DPU fall comes despite a 13.6% increase in H2 FY2024 net property income to S$105.1 million

THE manager of Keppel Real Estate Investment Trust (Reit) reported distribution per unit (DPU) of S$0.028 for the second half ended Dec 31, 2024, falling 3.4 per cent from S$0.029 in the corresponding year-ago period.

It will be paid on Mar 17, after the ex date of Feb 5 and record date of Feb 6, said the Reit’s manager in a bourse filing on Monday (Jan 27).

Revenue for the period was S$136.5 million, up 15.5 per cent on-year from S$118.2 million. Net property income rose 13.6 per cent to S$105.1 million, from S$92.5 million year on year.

The increase was attributed to higher property income from T Tower, KR Ginza II, 2 Blue Street and 255 George Street. This was partially offset by lower net property income from Ocean Financial Centre and 8 Exhibition Street, due to higher property tax and a lower one-off income for 8 Exhibition Street.

Despite the increase in property income, distributable income from operations for H2 FY2024 fell 2.1 per cent to S$97.6 million from S$99.7 million in H2 FY2023. This was due mainly to higher borrowing costs, lower rental support, offset by better NPI and higher share of results of associates.

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