Keppel REIT's NPI rose 15.3% to $36.24m in Q4

Thanks to higher income from Bugis Junction Towers and Ocean Financial Centre.

Keppel REIT's net property income (NPI) rose 15.3% YoY from $31.42m to $36.24m in Q4.

According to a financial statement, the favourable variances were mainly attributable to higher property income from Bugis Junction Towers and Ocean Financial Centre.

Keppel REIT also saw improved results from joint ventures, higher interest income, and higher fair value gain on investment properties.

Property expenses dipped by 5.3% to $8.13m.

However, distributable income (DI) dipped by 1.1% YoY to $48.2m. Distribution per unit (DPU) also fell 3.4% from 1.48 cents to 1.43 cents.

The gains were partially offset by lower rental support, lower share of results of associates, higher borrowing costs, net foreign exchange differences, as well as net change in fair value of derivatives.

For the full year, NPI rose by 2.2% YoY to $131.2m, whilst DPU slumped 10.5% YoY to 5.7 cents.