Kepel REIT's net property income jumped 7% to $34.3m

Here's what caused the boost.

According to DBS, Keppel REIT (K-REIT) reported a 5% rise in distributable income to S$54.1m (DPU of 1.97 Scts, +0.5% y-o-y), on the back of a 7% increase in net property income to S$34.3m.

The better performance was attributed to higher rental income from Ocean Financial Centre (OFC) and the maiden contribution from 8 Exhibition Street in Melbourne.

Here's more from DBS:

Share of associates also increased 26% y-o-y, due to higher contributions from Marina Bay Financial Centre (MBFC) Phase 1 and One Raffles Quay (ORQ).

The associates enjoyed increased rental income from higher occupancy and positive rental reversions, while the conversion of MBFC Phase 1 to a Limited Liability Partnership ("LLP") resulted in higher tax transparency.

For 9M13, K-REIT reported a DPU of 5.8 Scts, forming 75% of our FY13F estimates. Gearing remains steady at 43.5%.

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