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 disclosure is in the Singapore REITs table.

Keppel REIT has reported gross revenue of SGD54.5 million for its 1Q 2022, which represents an increase of 6.7% year-on-year.

Subsequently, the REIT’s net property income (NPI) increased by 8.6% over the corresponding period of 2021 and came in at SGD44.2 million.

Accordingly, distributable income was recorded at SGD53.8 million, a 4.3% year-on-year growth.

Keppel REIT has attributed the rise in distributable income mainly to the acquisition of Keppel Bay Tower in May 2021.

But the increase was partially offset by the impact of the divestment of 275 George Street in July 2021.

Keppel REIT was last done on the Singapore Exchange at SGD1.19, which presently implies a distribution yield of 4.89% according to data on the Singapore REITs table.

Related: Keppel REIT sees SGD14.6 million fund inflow from institutional investors as offices open up

By Shariffa Al-Habshee

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