Keppel REIT reports 2.1% dip in distributable income from operations in 9MFY2024 from higher borrowing costs

Keppel REIT has reported a property income of $193.7 million for the 9MFY2024 ended Sept 30, 12.3% higher y-o-y. Net property income (NPI) for the same period was up by 10.8% y-o-y to $148.5 million. The increases in both figures were mainly due to the higher occupancy at Ocean Financial Centre in Singapore and KR Ginza II in Japan. Contributions from 2 Blue Street and the newly-acquired 255 George Street, both in Australia, also led to the increases.

However, distributable income from operations of $145.6 million for the 9MFY2024 fell by 2.1% y-o-y as borrowing costs were up by 33.3% y-o-y to $65 million.