Keppel REIT's net property income down 12% to $34.6m in Q1

Blame it on lower contributions from three key properties.

Keppel REIT reported that its net property income declined 12% on a year-on-year basis to $34.6m in the first quarter.

The decline was mainly due to the expiry of rental support from its 87.5% interest in Ocean Financial Centre in January 2015, the absence of income contribution from Prudential Tower and the absence of rental support from Marina Bay Financial Centre Phase One.

Keppel REIT's distributable income remained stable year-on-year, but its DPU declined to 1.70 cents from 1.97 cents in the same period last year.

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