Keppel REIT declared distribution per unit (DPU) of 2.80 cents in 1H24, 3.4% lower than 1H23
Summary of Keppel REIT's 1H24 results
Keppel REIT reported its results and dividends for the first half of 2024.
- Keppel REIT declared distribution per unit (DPU) of 2.80 cents in 1H24, 3.4% lower than 1H23, due to an increase in borrowing costs by 29.8% to S$41.3m.
- This translates to an annualized yield of 6.4%.
Source: Mapletree Logistics Trust
Net property income (NPI) rose 7.7% year-on-year to S$96.8m. Including the assets held at associates and joint venture level, net property income attributable to unit holders was 5.7% higher year-on-year, mainly due to the addition of 255 George Street and 2 Blue Street in Australia.
The Singapore office assets lifted occupancy by 0.1% point to 98.9%. Average signing rent in 1H24 was S$12.63 psf per month, above CBRE’s estimate of S$11.95, and cap rates were stable.
Despite the looming upcoming supply in CBD, the pressure on Keppel REIT's occupancy and...
