Keppel REIT has announced a positive set of results in the first half period ended June 30, 2021.
Its distribution per unit (DPU) rose 5% to 2.94 cents, from 2.8 cents a year ago.
Its income available for distribution jumped 11.5% y-o-y to $105.7 million from $94.8 million.
Keppel REIT’s property income also leapt 40.2% to $105.8 million from $75.5 million a year ago.
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Meanwhile, its net property income surged 43.1% y-o-y to $84.4 million from $58.9 million.
According to Keppel REIT, the higher property income and net property income were due to contributions from Victoria Police Centre, Pinnacle Office Park and Keppel Bay Tower.
These came as Victoria Police Centre had achieved practical completion on July 9, while the latter two properties were acquired on Dec 31, 2020 and May 18 this year, respectively, it notes.
The higher property income and net property income were also enhanced by a stronger Australian dollar and Korean Won on the back of contributions from its foreign assets, such as 275 George Street, 8 Exhibition Street and T Tower.
This is despite a lower contribution from Ocean Financial Centre recorded in the current half-year period compared to a year ago.
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Looking ahead, the manager of Keppel REIT says it remains focused on ensuring stable and sustainable distributions to unitholders, including achieving long-term growth.
The manager says it will continue its portfolio optimisation strategy and proactive tenant engagement to build a robust portfolio that meets diverse tenant needs.
On July 27, Keppel REIT closed flat at $1.20 with 3.9 million units changed hands.
