Higher borrowing costs impact Keppel REIT's DPU, down 3.4% YoY

The REIT reported lower REIT despite higher NPI.

Keppel REIT reported a 3.4% YoY lower distribution per unit (DPU) of $0.0280 in H1 2024 despite achieving a higher net property income (NPI) of $125.1m.

Distributable income, which includes the REIT’s anniversary distribution, also fell in the first half, dropping 1.9% YoY to $106.9m

The REIT explained that its DPU and distributable income were affected by higher borrowing costs.

Meanwhile, the REIT attributed its improved NPI to higher occupancy from Ocean Financial Centre and KR Ginza II and contributions from 2 Blue Street and 255 George Street.

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Keppel REIT

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