Keppel REIT's 9M23 property income rises 5.0% YoY to $172.6m

The REIT attributed the increase to higher rentals and portfolio occupancy during the period.

Keppel REIT ended the first nine months of the financial year 2023 (9M23) with a 5.0% YoY higher property income of $172.6m.

In a bourse filing, the REIT attributed the increase to "higher rentals achieved and portfolio occupancy."

In 9M23, the REIT's portfolio occupancy reached 95.9%, higher than the 94.9% recorded in 1H23.

Given the higher property income, the REIT also recorded a 0.3% YoY higher net property income (NPI) attributable to unitholders of $120.4m.

Despite the increase in NPI, the REIT's distributable income including anniversary distribution still fell by 1.1% YoY to $163.6m.

The REIT said higher borrowing costs, property tax, and utility costs drove the decline.