- Keppel REIT delivered a stable set of FY24 results, with revenues and net property income (NPI) rising by approximately 12.2% and 10.7% q-o-q to S$ 261.6mil and S$ 201.9mil, respectively. This performance was mainly attributed to higher portfolio occupancies (97.9%) and the income contribution from its recent acquisition, 255 George Street (acquisition completed on 9 May 2024).
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Distributable income (before anniversary dividend) was down 2.1% y-o-y.
- Distributable income (before anniversary dividend) was down 2.1% y-o-y to S$194.5mil, mainly due to a 32.2% y-o-y rise in overall borrowing costs, due to a higher amount of loans taken for the acquisition of 255 George Street and also higher portfolio interest costs of 3.4% (+0.5% compared to a year ago).
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- For 2H24, we note that Keppel REIT's distributable income was marginally stronger h-o-h, despite a ~8.5% h-o-h rise in NPI. The slower rise in distributable income is largely due to higher interest costs, which eroded a large part of the gains in operational performance.
The REIT also reported stable overall valuations for the year ended 2024.
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