Keppel REIT's revenue fall 1% in first quarter

Keppel REIT's revenue fall 1% in first quarterKeppel REIT has said that its total revenue has fallen 1 per cent during the first quarter of the year to S$46.8 million due to a smaller contribution from its operations in Australia.

On the other hand, NPI recorded a growth of 6 per cent to S$39.5 million on a quarter to quarter basis. The earnings improved mainly due to a stronger contribution from Ocean Financial Centre (OFC). The company's distributable income remained the same on a quarter to quarter level. The NPI was smaller due to lower rental support and higher amortization expense.

Its gross revenue and NPI grew 13 per cent during the first quarter of the year and 15 per cent, respectively because of higher property income from OFC and Prudential Tower and 8 Exhibition Street sice 1 August 2013 when it was acquired by the company.

The company also reported that it has maintained the occupancy at 100 per cent for its Singapore portfolio and 99.8 per cent for the entire portfolio. Sydney's 8 Chifley Square now has a occupancy of 97 per cent.

The company's gearing increased to 42.4 per cent compared to 42.1 per cent in the fourth quarter of 2013 and borrowing cost rose to 2.18 per cent from 2.15 per cent.



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