Keppel REIT's Ocean Financial Centre, in which a stake was sold to Allianz Real Estate in 2018. (Photo: REITsWeek)

Data from Keppel REIT’s latest results have been updated into the Singapore REITs table.

Keppel REIT has reported distribution per unit (DPU) of 5.73 cents for its FY 2020, an increase of 2.7%.

Distributable income for the full year of 2020 was SGD194.6 million, including capital gains distribution of SGD10.0 million, which represents an increase of 2.8%.

The improvement in distributable income for FY 2020 was due mainly to contributions from T Tower and Victoria Police Centre, as well as lower borrowing costs, said the REIT.

However, the year-on-year increase was partially offset by the absence of income from Bugis Junction Towers, which was divested in November 2019, the impact of COVID-19 tenant relief measures and the cessation of rental support.

Aggregate leverage was 37.3% and all-in interest rate was lower year-on-year at 2.35% per annum.

The REIT’s committed occupancy was at 97.9% with weighted average lease expiry (WALE) at 6.7 years.

“The COVID-19 pandemic continues to present numerous multifaceted challenges to the community”, said the REIT in a statement on the results.

“Keppel REIT’s high portfolio committed occupancy, long WALE and established tenants from diversified sectors will continue to support the REIT’s income resilience”, it added.

Keppel REIT’s full presentation on the results can be viewed here.

Keppel REIT was last done on the SGX at SGD1.18, which implies a distribution yield of 4.8% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.