Impacted by higher borrowing costs, however, distributable income, including a $10 million anniversary distribution, decreased 1.9% y-o-y during the period to $106.9 million.
Keppel REIT has reported distribution per unit (DPU) of 2.8 cents for 1HFY2024 ended June 30, 3.4% lower y-o-y, despite net property income (NPI) attributable to unitholders growing 8.0% y-o-y to $87.2 million over the same period.
In a July 30 announcement, the manager of Keppel REIT says growth was driven by higher occupancy from Ocean Financial Centre and KR Ginza II, as well as contributions from 2 Blue Street and 255 George Street, a Grade A office property that was acquired on May 9.
