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Keppel Reit's distributable income from operations in Q3 up 4.6%

KEPPEL Reit on Monday announced that its distributable income from operations was S$47.6 million for the third quarter, up 4.6 per cent increase year-on-year.

This is due mainly to the commencement of income contribution from 311, Spencer Street in Melbourne, which achieved practical completion on July 9, and lower interest expenses.

Distributable income from operations for the third quarter excludes any distribution of capital gains, which will be disclosed at the full year 2020 results announcement.

Net property income attributable to unitholders went up 7.9 per cent to S$31.3 million from a year ago.

The Reit lengthened its portfolio weighted average lease expiry (WALE) to 7.1 years from 4.6 years as at June 30, and maintained its committed occupancy of 98.3 per cent.

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As at Sept 30, Keppel Reit had completed all its rent reviews for the year, and had less than 1 per cent of expiring leases remaining.

According to the manager, Keppel Reit's tenant relief measures were estimated at S$13.8 million, including the full pass-through of property tax rebates and cash grants from the Singapore government amounting to approximately S$10 million, as well as rental waivers for eligible tenants.

Rental collection for the third quarter was at 97 per cent, with only approximately S$1.7 million in rent deferrals as at end September 2020.

Keppel Reit had about S$894 million of undrawn credit facilities available, including S$426 million of committed facilities. Keppel Reit also has capital gains available from prior divestments that can be used to enhance the stability of distributions, said the manager.

The manager said that it remains focused on maintaining stable and sustainable distributions to unitholders, and achieving long-term growth.

Keppel Reit units remained flat at S$1.06 on Monday, before the results were announced.

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