Investor Presentaiton
Increase in Property Income from Higher Rentals and Portfolio Occupancy
Property Income for 9M 2023 increased 5.0% year-on-year due to higher rentals, increased portfolio occupancy and
contribution from KR Ginza ||
9M 2023 Distributable Income from Operations was lower due to increased borrowing costs, and higher property expenses
mainly as a result of higher property tax and utility costs, offset partially by higher property income and rental support
Distributable Income ($m)
9M 2023
9M 2022
+/(-)
Property Income (1)
$172.6m
$164.4m
5.0%
165.4m
163.6m
Net Property Income (NPI)
$134.0m
$132.6m
1.0%
Less: Attributable to Non-controlling Interests
($13.6m)
($12.7m)
7.7%
15.0m i
NPI Attributable to Unitholders
$120.4m
$119.9m
0.3%
Interest Income(2)
$5.6m
$16.1m
(65.4%)
165.4m
148.6m
Share of Results of Associates (3)
$60.5m
$63.3m
(4.3%)
Share of Results of Joint Ventures(4)
$17.9m
$17.2m
4.4%
Borrowing Costs
($48.8m)
($40.5m)
20.3%
9M 2022
9M 2023
Anniversary Distribution
From Operations
Distributable Income from Operations
Anniversary Distribution (5)
$148.6m
$165.4m
(10.1%)
$15.0m
100.0
Distributable Income Including Anniversary Distribution
$163.6m
$165.4m
(1.1%)
(1) Property income relates to income from directly-held properties including Ocean Financial Centre, 50% interest in 8 Exhibition Street office building and 100% interest in the three adjacent
retail units, 50% interest in Victoria Police Centre, Pinnacle Office Park, T Tower, Keppel Bay Tower and KR Ginza II after it was acquired on 30 Nov 2022.
(2) Includes interest income from advances to associates. The decrease is due mainly to repayments of advance by an associate in Jan 2023 and Apr 2023.
(3) Share of results of associates relates to Keppel REIT's one-third interests in One Raffles Quay and Marina Bay Financial Centre. The decrease is due mainly to higher borrowing costs.
(4) Share of results of joint ventures relates to Keppel REIT's 50% interests in 8 Chifley Square and David Malcolm Justice Centre.
(5) In appreciation to Unitholders for their support and to celebrate Keppel REIT's 20th anniversary in 2026, Keppel REIT announced on 25 October 2022 that it will distribute a total of $100 million 5
of Anniversary Distribution over a 5-year period. $20 million will be distributed annually with such distribution to be made semi-annually.View entire presentation