Robust 1Q 2022 Portfolio Performance
Higher Distributable Income from Operations
Distributable income of $53.8 million, a 4.3% year-on-year growth due mainly to the acquisition of Keppel
Bay Tower in May 2021
The increase was partially offset by the impact of the divestment of 275 George Street in July 2021
Distributable Income
from Operations ($m)
1Q 2022
1Q 2021
+/(-)
Property Income (1)
$54.5m
$51.1m
+6.7%
+4.3%
Net Property Income (NPI)
$44.2m
$40.7m
+8.6%
Less: Attributable to Non-controlling Interests
($4.2m)
($4.3m)
(2.3%)
NPI Attributable to Unitholders
$40.0m
$36.4m
+9.9%
51.6
53.8
Share of Results of Associates (2)
$23.0m
$24.9m
(7.6%)
Share of Results of Joint Ventures (3)
$5.8m
$7.7m
(24.7%)
1Q 2021
1Q 2022
Distributable Income from Operations
$53.8m
$51.6m
+4.3%
(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 after it was acquired on 18 May 2021 and 50% interest in 275 George Street before it
was divested on 30 Jul 2021.
(2) Share of results of associates relates to Keppel REIT's one-third interests in One Raffles Quay and Marina Bay Financial Centre.
(3) Share of results of joint ventures relates to Keppel REIT's 50% interests in 8 Chifley Square and David Malcolm Justice Centre.
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