Distributable income up at Keppel Reit

KEPPEL Reit posted a record quarterly distributable income of $55.1 million, up 5.5 per cent year on year, for its first quarter ended March 31, 2014.

This translated into a distribution per unit of 1.97 cents for the quarter, unchanged from a year ago. Net property income rose 14.7 per cent to $39.5 million.

The commercial Reit said yesterday that this was due to improved performances from Ocean Financial Centre and Prudential Tower, as well as the additional income from 8 Exhibition Street in Melbourne, in which it acquired a 50-per-cent stake in last August.