Keppel REIT’s 1HFY2025 property income and net property income (NPI) increased 9.1% and 11.8% y-o-y to $136.5 million and $108.3 million respectively. The increase was mainly due to contribution from 255 George Street, which was acquired in May 2024, and higher occupancy at 2 Blue Street.
Keppel REIT achieved a 1HFY2025 distribution per unit (DPU) of 2.72 cents, down 2.9% y-o-y, translating into an annualised DPU yield of 5.7% as of the closing price on July 29.
Distributable income for 1HFY2025, including an anniversary distribution, decreased by 1.3% y-o-y to $105.5 million, which is primarily due to the payment of 25% of management fees in cash. Assuming management fees were fully paid in units, distributable income from operations would have increased by 5.9% y-o-y, bolstered by the strong portfolio performance despite the higher borrowing costs.
