Keppel REIT's property income down 1.7% to $31.9m

Due to the absence of income from 77 King Street.

Keppel REIT's net property income for 2Q this year declined by 1.7%, mainly due to the lack of income from properties in 77 King Street, Sydney, which was sold in 2016.

According to the group, it achieved a distribution income (DI) of $47.4m this year, 9.7% lower than last year's $52.5m. Its distribution per unit was declared at 1.42 Singapore cents for the quarter.

The group was also hurt by the lower income contribution from Bugis Junction Towers and the absence of other gains distribution.

Here's more from Keppel REIT:

• All-in interest rate of 2.59% and interest coverage ratio of 4.4 times. The company has an aggregate leverage at 38.5%.
• Strengthened footprint in Australia with the acquisition of a 50% stake in Melbourne’s 311 Spencer Street development.
• Portfolio committed occupancy rate of 99.8% as at end-June 2017. Tenant retention rate of 85% for 1H 2017.
• Completed all review leases, with only 2% of the net lettable area (NLA) of leases expiring for the rest of 2017.