Keppel REIT H1 NPI rises 13.1% to $122.5m, divests Ginza asset

DPU slips 4% to 2.61 cents on enlarged unit base.

Keppel REIT’s net property income (NPI) rose 13.1% year-on-year to $122.5m in the first half of the year, driven mainly by contributions from Top Ryde City Shopping Centre.

Excluding the shopping centre, NPI grew 2.5% from a year earlier, according to a bourse filing.

Property income increased 16.7% to $159.3m. Distributable income from operations grew 25.2% to $119.6m.

However, distribution per unit fell 4% to 2.61 cents due to an enlarged unit base during the period.

Separately, Keppel REIT is divesting KR Ginza II in Tokyo, Japan for $90.9m (JPY11.52b), representing a 28.4% premium over its November 2022 purchase price and 9.7% above its latest valuation.

Following the sale, portfolio committed occupancy is expected to hit 96%, whilst its weighted average lease expiry will remain at 4.5 years.

The transaction is expected to be completed in the third quarter of the year.

$1 = JPY126.69

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