Keppel REIT profits down 8% in Q314

Largely attributable to lost income from Prudential Tower divestment.

Lost income from the divestment of Prudential Tower may be covered by the full-year contribution from MBFC Phase 2, but additional income is not expected to cover the lack in rental support, a report by DBS suggests.

Keppel REIT (K-REIT) reported 4Q14 revenue of S$42m (-11% y-o-y) and NPI of S$34m (-8%), largely attributable to lost income stemming from the divestment of Prudential Tower in 3Q14.

DPU of 1.51 Scts was 23% lower y-o-y on the back of a dilution in share base post-placement and a delay in the completion of the MBFC Phase 2 acquisition.

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