Keppel REIT distributable income up 3.4% to $165m
The REIT promised to distribute an additional $100m over the next 5 years.
Keppel REIT’s distributable income for the first nine months of 2022 jumped to $165.4m, 3.4% higher compared to the same period last year, according to its latest bourse filing.
The increase was mainly driven by the acquisition of Keppel Bay Tower in May 2021, adjustments of income tax expense for previous years, the REIT reported. This was partially offset by the divestment of 275 George Street in Brisbane in July 2021 and lower contribution from 8 Chifley Square.
ALSO READ: Keppel units acquires 80% of 800 Super’s shares
The REIT has promised to distribute an additional $100m from accumulated capital gains over the next five years as a lead up to its 20th anniversary in 2026.
Portfolio committed occupancy and weighted average lease expiry or WALE is at 96.8% and 6.1 year, respectively. Aggregate leverage or the ratio of a REIT's debt to its total deposited property value, is at 38.4%.
As of end-September, Keppel REIT has a portfolio of $9b Grade A commercial properties is strategically located in business districts of Singapore (78.6% of portfolio), Australia (18.2% of portfolio) and South Korea (3.2% of portfolio).
A 1970s Oil Crisis replayed in modern days
Workplace 3.0: Transforming work environments to support innovation and meaningful work
The race to gender equity for Asia’s startups
How Many Apps Does It Take to Change a Workplace?
In an era of zero-sum thinking, business leaders must unlock a mutually beneficial future