Saturday, April 20, 2013

Keppel Reit's net property income up 21%

The Straits Times  |  16 April 20, 2013

Higher occupancies from Keppel Reit's property assets helped the trust post stronger quarterly results yesterday.

The firm posted a distributable income of $52.2 million for the three months ended March 31, up 7.6 per cent from the same period last year.

Net property income rose 20.7 per cent to $34.4 million.

Keppel said that occupancy at its Ocean Financial Centre (OFC) had risen to 96.6 per cent.
This was partly because of the trust's additional acquisition of 12.4 per cent in OFC in June last year, increasing its stake in the office building to 99.9 per cent.

Higher contributions from the Marina Bay Financial Centre (Phase 1) also underpinned the trust's performance, on the back of a rise in occupancy to 100 per cent during the quarter.

Distribution per unit (DPU) for the fourth quarter is 1.97 cents, up 3.7 per cent from 1.9 cents in the same period last year.

The firm's distribution yield fell from 7.9 per cent to 5.9 per cent for the full year, owing to the unit price running up from $0.965 to $1.36 in the same period.

Keppel said that it had a portfolio occupancy of 99 per cent, with four out of seven of its completed properties fully committed.

Late last month, Keppel also acquired a 50 per cent interest in an office tower located at the Old Treasury Building site in Perth, Australia.

It said that 98 per cent of the net-lettable area of the building has been taken up by the government of Western Australia for 25 years, with the option to extend the lease for an additional 25 years.

The firm also said construction of 8 Chifley Square in Sydney and the OFC retail and carpark podium is on track for completion in the third quarter of this year.

The Australian property's pre-committed occupancy had recently increased to more than 56 per cent, said Keppel.

Keppel's unit price rose by one cent to close at $1.42 yesterday.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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