Keppel REIT reports 1Q22 net property income rose nearly 9 percent

Keppel REIT’s Ocean Financial CenterKeppel REIT’s Ocean Financial Center. Photo taken pre-Covid.

Keppel REIT reported Wednesday its first quarter net property income rose 8.6 percent on-year to S$44.2 million, boosted by the acquisition of the Keppel Bay Tower in Singapore in May 2021.

The increase was partly offset by the divestment of the 275 George Street property in Brisbane in July 2021, the REIT said.

Property income for the three months ended 31 March rose 6.7 percent on-year to S$54.5 million, the REIT said in a filing to SGX.

Distributable income from operations for the quarter grew 4.3 percent on-year to S$53.8 million, the REIT said.

The additional tenant relief measures given in the first quarter amounted to around S$200,000, to some ancillary retail tenants, the REIT said.

Keppel REIT said the portfolio’s committed occupancy was at 95.1 percent as of end-March.

In its outlook, Keppel REIT noted global economies were showing progress on Covid-19, but cited other geopolitical uncertainties.

“Keppel REIT’s well-managed Grade A properties are expected to benefit from improved office market fundamentals. The manager will continue to focus on proactive asset and capital management,” the filing said.

Read more details on Keppel REIT’s first quarter update.