Keppel REIT’s net property income slipped 8% in Q4 on back of Prudential Tower divestment

Gross revenue dropped 11%.

Keppel REIT reported an 8% year-on-year decline in net property income (NPI) for the first quarter, on back of lesser income from its divestment of 16-year-old Prudential Tower in the third quarter.

KREIT’s net property income stood at $34.2m in Q4, while its revenue slipped 11% year-on-year to $42.3m.

Its distribution per unit (DPU) crashed 23% year-on-year to 1.51 cents for Q4, bringing its full-year DPU to 7.23 cents, a decline of 8% compared to the previous financial year.

KREIT’s full-year NPI climbed 10% to $151.4m due to better performance of Ocean Financial Centre (OFC) and contributions from the 50% interest in 8 Exhibition Street, which was acquired in August 2013. Full-year gross revenue also rose 6% to $184.1m.