Keppel REIT's (SGX:K71U) distributable income from operations slipped 3.5% to SG$48.4 million in the first quarter of 2025 from SG$50.2 million a year earlier.
Distributable income, including anniversary distribution, was down 3.2% to SG$53.4 million, according to a filing with the Singapore Exchange.
Net property income rose 13% to SG$54.6 million from SG$48.2 million a year ago.
Property income was up 12% year over year to SG$68.7 million from SG$61.3 million, due to strong contributions from 255 George Street.
The REIT reported a portfolio occupancy of 96%, thanks to a robust rental reversion of 10.6%.
Shares of the REIT were up nearly 2% in recent trading.
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