Keppel REIT has achieved distributable income of SGD47.3 million for 1Q 2020, unchanged from the previous year.

This is despite the absence of rental support, and lower income contribution following the divestment of Bugis Junction Towers in November 2019.

The REIT’s distributable income was maintained year-on-year due mainly to the acquisition of T Tower in May 2019, higher capital gains distribution, as well as lower borrowing costs.

DPU for 1Q 2020 was 1.40 cents, marginally higher than the 1.39 cents reported in 1Q 2019.

Keppel REIT’s aggregate leverage for the quarter was 36.2%.

All-in interest rate was 2.58% per annum, with interest coverage ratio at 3.2 times.

Amid the coronavirus outbreak, Keppel REIT’s properties in Singapore, Australia and South Korea remain accessible to tenants that are operational during the outbreak.

In Singapore, to ease tenants’ cash flow and cost pressures during the COVID-19 outbreak, Keppel REIT has extended approximately SGD9.5 million of tenant support measures.

These include the full pass-through of property tax rebates of 30% to its office tenants, and 100% to its retail tenants.

It also includes a full rental waiver for April 2020 to eligible retail tenants.

As at 31 March 2020, portfolio committed occupancy was at 98.9%.

The portfolio and top 10 tenants’ WALE was at approximately 4.7 years and 6.7 years respectively.

Keppel REIT was last done on the Singapore Exchange at SGD0.99.